Is it Compulsory to have a Life Insurance Policy for your Mortgage!

Let’s be honest here, if you mention anything to do with mortgage life insurance, or in fact anything personal finance related, and we all know that it is as dull as dishwater. However, without things like mortgage life cover - life could be a lot harder financially.

So, what is mortgage life insurance and what is so great about it!

In a nutshell, in the event of you or your partner dying, mortgage life insurance can mean that it is the difference between keeping a roof over your head or ending up having your home repossessed, which, let’s be honest, is a really frightening thought.

Discussing the need for life insurance is never a pleasant topic, and certainly combined with talk of mortgage payments, it can be downright distasteful. However we would suggest that it is the responsibility of the main breadwinner in the home to consider what might happen if they or their spouse were to die unexpectedly.

For example, would the remaining spouse be able to meet the most basic needs of food and shelter, one of the most basic things to be carefully considered in that sad situation. Even though the income which would be necessary to pay for basic amenities like food and transportation, could be attainable through a single income source, most families simply cannot afford to meet their most basic requirement, namely the payment of the mortgage, without the income from both spouses.

You can read the full article here
https://www.financedirect.info/insurance/is-it-compulsory-to-have-a-life-insurance-policy-for-your-mortgage/