What is mortgage life assurance?

First off, let’s define this: we’re talking about assurance (meaning you will die at some point) rather than insurance (which is works on the risk of death rather than the eventuality).
It’s a type of policy that will pay off any remaining debt on your mortgage should you die. This leaves your dependents safe in the knowledge that they won’t be left with crippling debts. If you already have an endowment mortgage there’s no need to take out mortgage life assurance as it is included in your existing policy.

Is Mortgage Life Assurance right for you?

Having some form of cover is a pretty good idea, especially if you have a family. On top of this, most lenders do recommend that you buy a policy when you get a mortgage but, in most cases, the lender will attempt to sell you one of their own insurance products. On one hand, keeping all your payments with one lender may make life easy but doesn’t necessarily mean you’ll get the best deal out of them.
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