Do i need life assurance b4 applying 4 mortgage?

silverdog

Hi I was hoping someone can advise please. I've got my full mortgage app date coming up and received a list of documents to take, which included copies of life assurance. I don't have any,would this go against my mortgage app?
I've started to look at life assurance and possibly get the decreasing one that would cover the mortgage,but it seems more sense to get this AFTER my mortgage is agreed?

ACG

Having life insurance/assurance wont make the slightest difference on your mortgage application. Take it out if you want/need it but otherwise you are fine without.

silverdog

Many thanks x

dimbo61

The difference between decreasing and a sum assured is very little each month ( when you are younger)
I would take out a set amount of life cover to cover the mortgage and maybe a little more over say 20/25 years.
I still have my life cover even though the mortgage is nearly finished.
Your lender will offer life cover but shop round you can get it cheaper

Annisele

They just want to see your life assurance documents because it's easier to advise people when you know what they've already got.

If you go in and say "I don't have any life assurance", that's easy. If you go and say "I do have life assurance, here's my documents showing exactly what I've got", that's easy too. If you say "Yeah, I did take out some sort of policy some time, not sure exactly what it covers" it's pretty hard to work out where the gaps in your cover are.