Term life insurance is a life insurance product that pays out a cash lump sum upon death of the insurance policyholder or at the point that the insurance policyholder is diagnosed as terminally ill. But, despite it being a low cost term life product – insurance cover can be acquired from as little as 5-10 per month – surprisingly few of us have term life insurance in place.
For people with a mortgage and family to support, not having a term life insurance policy exposes them to a large financial risk. This risk becomes apparent when you consider how the mortgage and household bills would be paid if the main income producer were to die or to become terminally ill. The end result could be that loved ones who are left behind find their home is repossessed because they cannot keep up the mortgage repayments.
Some people prepare for such an eventuality by taking out a mortgage life insurance policy. This is all well and good for covering off the remainder of the mortgage loan, but where will the money come from to pay the gas & electricity bill and the council tax bill every month, let alone the money needed to cover the policyholder’s funeral...
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