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Why You Should Have Life Insurance If You Have A Mortgage

September 1, 2020 4:15 pm

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If you have a mortgage, then the chances are that you want to protect your investment. You want to ensure that when your mortgage is due for the repayments you have some protection against possible loss of property or income. When you first take out your mortgage, the lender will normally offer you a standard level of cover which may not be sufficient. Many people will decide to increase the level of cover by taking out additional life insurance policies. For life insurance for mortgages, visit https://www.cavendishonline.co.uk/life-insurance-for-mortgages

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The reasons that people may choose to take out additional policies include a need to protect against the possibility of them having an unexpected accident or illness, or a need to protect against any eventuality that could result in their death. When you are at the time of taking out your mortgage you may already have several insurance policies with the lender such as a car or home insurance policy. Of course, as you get older you will need to review this type of cover. There are various factors that need to be taken into consideration before taking out extra life cover.

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The first thing you need to consider is whether you have ever needed any protection against the possibility of losing your job. It may well be that you have worked in a job that is no longer secure and you must make sure that you have adequate life insurance cover. This type of cover is also very useful for people who have been laid off from their jobs in the past. When you have a mortgage then you will want to make sure that you have some form of income protection.

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