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Life insurance for a Mortgage

moneysaver
moneysaver Posts: 846 Forumite
Part of the Furniture 500 Posts Name Dropper
in Insurance & life assurance
Hi,
Can anybody tell me if life insurance is compulsory to cover a mortgage?. A friend of mine got told today that it is not compulsory but advisable, is this right.

Thanks
Moneysaver

Comments

  • poppy_f1
    poppy_f1 Posts: 2,637 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    its not compulsory, however in some instances it is advisable to have it
    it will depend if theres a financial need for it
  • moneysaver
    moneysaver Posts: 846 Forumite
    Part of the Furniture 500 Posts Name Dropper
    poppy_f1 wrote: »
    its not compulsory, however in some instances it is advisable to have it
    it will depend if theres a financial need for it

    What do you mean instances? can you give me any examples please.

    Thanks
    Moneysaver
  • homer_j_3
    homer_j_3 Posts: 3,266 Forumite
    The only time you would probably not need life cover is if you had no dependents.

    If you have a mortgage with someone else or have children then its advisable to have it.

    There may be other insurances that are advisable to have also.
    I am a Mortgage Adviser
    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.
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