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“Even though mortgage conditions might improve if we accept the life insurance offered by banks,” Palazon explains, “the higher premium costs make it a less advisable option in the long run.”
Instead, the most popular and recommended option is to use an insurance comparison tool to find a personalized policy at the best price. With this approach, policyholders can save more than AUD 300 a year.
Statistics clearly show that the smart move is to cancel the bank’s insurance and shop around with different insurance companies.
