Do I need life insurance?

Your mortgage deal has been accepted but now it’s time to think about your insurance policies.

Life insurance isn’t required when taking out a mortgage. It is however advised you take out life insurance if there are people that depend on you financially. This could be your children, a partner or possibly a family friend; life insurance is there to protect them.

Is life insurance necessary to get a mortgage?

It may come as a surprise, but life insurance isn’t needed when taking out a mortgage. Many people take out life insurance to ensure their mortgage would still be paid on the event of their death.

The only insurance that is required when taking out a mortgage is buildings and contents insurance. We can help find the right deal on this and ensure you are on the correct policy.

Why do I need life insurance?

It isn’t a topic that we all love to talk about however it is important to ensure you have the right life insurance cover and can stay in your home if anything were to happen to you. 

Staying in your home is important but having the right life insurance can also help maintain your current lifestyle, this means your family will still have holidays, Christmas and birthday presents and there are no monthly bills to worry about.

Life can be unpredictable and unfortunately, things can take you by surprise, such as;

  • Unemployment
  • Illness
  • Accidents
  • Death

Our expert protection advisers in Woking and Camberley can help relieve any pressure and ensure your policy covers everything necessary.

How much life insurance do I need?

Your cover will depend on your individual needs, you should aim to take out enough cover to pay off any outstanding mortgage payments, debts, and your general living costs.

What do I need to think about when buying life insurance?

  1. Don’t hide anything

Be honest about your medical history to ensure your insurance covers what’s necessary.

  • Read all the information

Make sure you know exactly what your insurance is covering and ensure to ask any questions if there are parts of the cover you don’t understand.

  • You can change!

If you are not happy with your policy, you have 30 days to change your mind.

  • Is there a life insurance deal for you?

If you are younger and healthy there may be better policies out there, meaning you can save money each month. However, if you are older or have medical problems it is best to stick with your current policy. We can take a look at your circumstances and help advise on this.

How can we help?

We can look at your current protection policy and see if it is covering what you need. Or you may not have a policy in place at all, which ever option we can help.

No two people are the same, which means no two policies are the same! We can find a solution to suit your circumstances, we offer packages that include:

  • Specialist healthcare
  • BUPA Healthline
  • 24 hrs personal nurse adviser

If you are based in Woking, Camberley, or Surrey and are unsure of your insurance options, get in touch to discuss. We are always more than happy to help with any of your mortgage and protection needs.

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