The answer is yes, you should have both a life insurance policy and a
mortgage run side by side. To understand why, you have to understand
what they are. Life insurance is insurance for your dependants. Should
you die, they will be able to continue with their current lifestyle.
They will not, for example, be forced to move because they cannot afford
the mortgage. Another good example is your kids’ school – they can keep
going to the same school because they can afford the fees.
The kind of insurance policy that you take out depends on when you take
it out. That said, it is always better to buy a term policy that allows
you to opt out after a number of years. If you take out a policy when
your kid is 5 years old, for instance, and you estimate that they will
be independent by the time they are 20, you can take out a life
insurance policy for 15 years after which you can cash out. That said,
you should think about your wife or husband especially if they doesn’t
have a source of income.
A mortgage is something completely different. It is a loan to buy a
home. Mortgages tend to be long term, usually more than 20 years. When
you have finished or are close to finishing your mortgage, you can take
out another mortgage or a re-mortgage.
Most people are usually not sure of whether they should have life
insurance and mortgage payments running side by side because of the
expense. They imagine that it would be quite a bit of money that they
don’t have. The great news is that this doesn’t have to be the case. A
company like Mortgage Advise Services can show you how to do it. They
have been helping people all over the UK get mortgages and also life
insurance for years now. They have experts on hand who can show you how
to rearrange your finances so that you can afford both. The good news is
that although a mortgage may be quite a bit of money, life insurance
isn’t. You can get a policy for just a few pounds that would take care
of your family quite well in the event of your passing.
You shouldn’t struggle financially when Mortgage Advice Services can
help you. Call them now on 01332 257 087 or visit their website,
http://www.mortgageadviceservices.co.uk/Labels: benefits of re-mortgaging, equity release, independent mortgage advisers, insurance advisor nottinghamshire, insurance policy, life insurance, Nottingham life insurance advice
