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Do You Need Life Insurance for a Mortgage? Is It Compulsory?

To take out a mortgage is it also compulsory for me to take out Mortgage Life Insurance so the bank would get the loan back if I died?

Question asked by Ben Pound

Although it usually makes sense to consider taking out Life Insurance to cover your mortgage loan it is not normally compulsory.

It is important to have a think about how your loved ones would cope with the mortgage debt if you were to pass away.

  • Could they meet the monthly mortgage repayments?
  • Would they have sufficient income to maintain such a mortgage?

Given the cost of Life Insurance if you have a partner or family it is often worth considering irrespective of whether it is compulsory or not.

A simple Mortgage Term Insurance policy would pay out a cash lump sum equal to the outstanding mortgage debt allowing your loved ones to pay off the balance and remain in their family home.

If you are buying a house on your own and do not have a family to protect then Mortgage Life Insurance may not be as important.

If you want to get an idea of the cost of Life Insurance simply pop in your details below and get instant online Mortgage Life Insurance quotes from the Top 10 UK insurers.

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We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2335 and growing independent client reviews rating us at 4.92 / 5.

Good interaction between client and advisor. Drew knew his brief; articulated and explained the issues clearly and answered questions fully. This all helped me clarify what I wanted and so we agreed on our action swiftly. I am a very satisfied client. Thank you.

Ronald Lofkin
25/07/2019
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