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Mortgage life insurance 'keeps family protected'
September 09, 2010
Mortgage life insurance and critical illness cover is a good idea for anyone taking on the financial commitment of buying a home.
Homebuyers should take out mortgage life insurance in order to protect their family from debt.
This is the advice of an Economic Times article, which underlined the benefits of purchasing such protection.
"Life insurance policies provide monetary benefit on death of the borrower and ensure that the family members inherit the home, not the home loan," it stated.
The article went on to suggest that it is a good idea to purchase a critical illness cover policy with the mortgage life insurance.
It said that this will help to take care of home loan liabilities should the policyholder be unable to work after suffering from a serious medical condition.
Last month, Defaqto pointed out that hundreds of thousands of people in the UK may be in need of mortgage life insurance.
It stated its concern that around 925,000 new mortgage advances were recorded by the Council of Mortgage Lenders last year, but fewer than 640,000 mortgage-based life insurance policies were written in the same period.
Published by Sue Clarkson
Mortgage Life Insurance
