First Time Buyer

[Deleted User]

I have made an offer on a house and hopefully tomorrow I will find out my bid will be accepted.

House Price £120,000
Deposit: £13,000 approx
Mortgage £107,000 approx

Single 30 Year Old. No kids or Gf/Wife.

Should I look into life Insurance any recommendations ? Compared a few quotes online ranging from £4 - £10.  

Brie

Why do you need life insurance?  If you pop off the bank can have the house and your estate will get what's left after the bank sells it.  

Meanwhile check if your employer provides life cover of some sort.  Might be as part of an occupational pension scheme.  

Of course if you decide that you want a cousin or nephew or sibling to inherit the house ensuring it's paid off might be nice.  Or you might want someone to inherit from you whatever the situation with the house so they just get a nice bundle of ££.  

You might want to look into income protection of some sort.  Often linked to life insurance but covering you if you are made redundant or have a long term illness thus providing you with income which can then be used to pay your mortgage.  

No recommendations I'm afraid.  We got a product through an ex employer at a discount 20 odd years back and I'm not convinced it was a good deal.  

mgfvvc

If life assurance is required by the mortgage provider, then yes, get life assurance. If not, then what purpose would life assurance serve?

Flugelhorn

I think it is cheaper to get life insurance now than if you suddenly decide you need it in 15 years time

cymruchris

If life circumstances don't change - who would the beneficiary of your estate be?