If you have a mortgage then it is essential that you cover the mortgage with life insurance mortgage cover. This is insurance that is taken out which, in the event of you dying, will pay out a lump sum which will cover the total amount of your mortgage so that your dependants are left financially worry-free.
There are different types of life insurance mortgage cover. If you have a mortgage in just one name then you will of course only need to cover your own life but if you have a joint mortgage then you should cover both lives. If you are covering a joint mortgage then you have the option of just taking out one policy that covers both of you or taking out two single policies.
The difference between the two is that if you take out one single policy with both names on it, if one partner should die the insurance will pay out enough to cover the mortgage but then it will stop there. However if you take out two separate polices and one partner should die the mortgage would be paid off but the other policy would still run. So if you have children then this could be your best option.
If you go with a broker for your life insurance mortgage cover then they will...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
