Consider mortgage life insurance to protect your home
Whilst not every customer needs the financial security of a full life insurance policy, there are cheaper options available which cover just one aspect of your financial responsibilities.
One example is mortgage life insurance, which a customer will take out when they first buy their home. The mortgage life insurance policy will run alongside your mortgage, and will pay off your mortgage in full in the event of your death. Whilst a normal life insurance policy will carry a payout, which is often far more than the value of a customer’s mortgage, particularly when they’ve paid most of it off, a mortgage life insurance policy, just pays off what’s left.
This makes it far cheaper, because as you get older, and subsequently the risk of your dying increases, your mortgage gets smaller, as you have paid more and more of it off. You have the peace of mind that should the worst happen to you, you’ll be able to leave a fully paid off home to your loved ones, and your mortgage provider will have the same peace of mind as well, with some offering lower interest rates as a result.