The first time that many of us will think about life assurance is when buying our first home. Many mortgage lenders insist that life cover is taken out when offering a mortgage, to ensure the loan will be repaid if the borrower dies. Even if this is not the case, it is prudent to do so if you have a partner or family who will suffer from losing your income to help make monthly mortgage repayments should you die.
Sainsburys Bank this year warned that there are up to 4.2 million people that do not have life assurance with their mortgage. This equates to an estimated 217 billion worth of mortgages not protected by life cover.
There are different types of life cover. Cost depends on many things such as amount covered, term, age, smoker or non-smoker and general health. Monthly premiums can vary in price dependent on provider, so shopping around is a good idea. However, when comparing prices you should consider the fact that the amount could actually increase after youve completed the application details.
Term life assurance is the most common type of life assurance used in conjunction with a mortgage. Term assurance pays out a lump sum should the life assured...
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