Mortgages are a significant financial commitment. If one or more of the main earners in unable to work, you could be looking at not being able to make your payments anymore. This could put significant strain on the other partner, just as they need to grieve or adjust to the new circumstances of supporting a critically ill spouse. Book My Mortgage advisors can help you find an affordable life insurance policy to ensure that your family is protected.
Life Insurance FAQs
What is Life Insurance?
Life insurance provides individuals with a lump sum payout or monthly income after a high-earner is no longer able to work.
Do I Need Life Insurance?
If you are taking out a mortgage we highly recommend purchasing a life insurance policy.
How Does Life Insurance Work?
Usually you take out a specific policy according to your needs and pay a certain percentage every month. How this pays out for you and your family depends on the type of policy you take out.
How Much Life Insurance do I Need?
This depends on your age, your debt, your savings, your outgoing payments and what you hope to provide for your family in the future. If you travel a lot or participate in extreme sports this will also affect the policy.
Types of Life Insurance
Standard Life Insurance
Your family will receive a lump sum in the event of your death.