Life Cover insurance is usually bought to cover a mortgage, so that in the event of your death your family can pay off your mortgage.
The amount you are covered for decreases over the term of your policy, similar to the way a repayment mortgage decreases. Typically, mortgage life insurance is cheaper than a level term policy but you can get quotes for both and decide which best suits your needs.
When you buy a house your mortgage lender may attempt to sell you life cover. You’re under no obligation to buy from them, so take the time to compare life insurance quotes and find a policy that best suits you.
Whatever type of mortgage you have, the policies we provide ensure your property and family are protected. If you’re buying jointly, you need to consider carefully what would happen if one of you died or became critically ill and required care.
A life assurance policy can clear your mortgage debt, whilst still being affordable, and you can even arrange for it to pay out extra for added stabilty. Whether you’re looking at a remortgage to raise capital or simply moving home, it’s and important time to review the amount of life cover you already have in place.
It’s recommended that you review your life cover on a regular basis. But it becomes more important when there are major changes to your life, a birth of a child, a marriage, a new job or home – speak to us about how we can help with the right cover for you.
When looking at Life Cover with the Cornwall Mortgage Center things that we will discuss with you and that you should consider are:
