Does Life Insurance have to be associated with a mortgage?
No it does not. Many policies are used to provide additional financial security for the family.
Many people consider Life Insurance to be a vital aspect of financial protection. Many people simply want it to help provide a tax-free lump sum for their family or relatives if they were to die. This provides some financial peace of mind if the worst were to happen.
Whilst there is no legal requirement to protect a mortgage with Life Insurance, it nevertheless makes great sense. The insurance is there to repay the mortgage lender if the mortgage holder were to die. Sometimes it is one of the mortgage lenders conditions that you take out Life Insurance to cover a mortgage.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
| 