One of the biggest financial commitments for any person is the mortgage payments and the last thing you would want is to burden your family with them if you were to suddenly die. I know, I know, a little bit morbid right? But, like the old cliche says about death and taxes, you can be certain that you need to plan for it.
You could argue that this is even more important when the family is young and the children are small – where will they get the money to pay regularly for the mortgage? This is where mortgage protection life insurance helps because if you were to die during the term for which you are insured, the company will pay the mortgages. What you need to ensure is that the term extends up to the last mortgage payment.
The premiums for this policy are usually very affordable – around £5 a month and you would fix the term for which you need the cover. You can choose between a fixed cover and a decreasing cover. This means if your mortgage is a fixed amount, you will need a fixed cover and if it is a decreasing amount, then you need the decreasing amount. This policy is very clear-cut – it pays off your mortgage payments in case you die.
