Do I need life/mortgage insurance??
Aly28
Posts: 10 Forumite
I'm a first time buyer and I'm looking into insurance. It's got me a bit confused to be honest.
I'm currently not married and have no other dependents. So do I actually need life insurance? What would happen to my home if I die before it is paid off?
I'd like to get insurance incase of unemployment/illness etc but that's obviously different.
Any help would be greatly appreciated!
I'm currently not married and have no other dependents. So do I actually need life insurance? What would happen to my home if I die before it is paid off?
I'd like to get insurance incase of unemployment/illness etc but that's obviously different.
Any help would be greatly appreciated!
0
Comments
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If you want someone to have the unencumbered property on your death, take out life cover.
If you don't, the administrator/executor of your estate will have to sell the property to repay the mortgage and settle any other debts you left.
Income protection is far more sensible for those single with no dependents as it ensures you can carry on paying your bills and mortgage if you are unable to work due to accident/illness.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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