Mortgages Life Insurance
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When you take out a mortgage you are entering into a long term financial commitment to repay the loan to the lender over an agreed term.The term is typically 25 years although terms up to 35 years are not uncommon.
Under the Consumer Credit Act you are obliged to take out a life policy if you are under 50 when taking out your mortgage.If you are over 50, it is not a statutory requirement, although in practice lenders will insist on you taking out cover and assigning the policy as security for the loan.
In any event it makes sense to have the life policy as security as it protects your estate. This is very important in times of falling home prices where homes may have values less than the outstanding mortgage balance.