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Why take out life insurance and critical illness with a mortgage?

Taking out life insurance and critical illness insurance when you take out a mortgage can provide important financial protection for you and your family in case of unexpected events.
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Here are a few reasons why it is important to consider these types of insurance:

 

  • Protection for your family: Life insurance can provide financial support for your family if you were to pass away. It can help them to continue paying the mortgage and maintain their standard of living, even if you are not around to provide for them.
  • Protection for your mortgage payments: Critical illness insurance can help you pay off your mortgage if you are diagnosed with a serious illness. This type of insurance can provide you with a lump sum payment, which can be used to pay off your mortgage or cover other expenses. 
  • Protection against unexpected events: Life and critical illness insurance can provide protection against unexpected events that could have a significant impact on your finances. These types of insurance can help ensure that you and your family are not left with a large debt or financial burden in case of an unfortunate event. 
  • Peace of mind: Knowing that you and your family are protected against potential financial risks can give you peace of mind and help you to feel more secure in your property. 

 

It’s important to note that these types of insurance are not mandatory, but they can provide valuable protection for homeowners.  

 

It’s always a good idea to consider the risks and benefits of different types of insurance when taking out a mortgage and consult with a mortgage and protection adviser to understand the most suitable options for you and your family. 

 

At The Mortgage Branch, we are here to help you secure the most suitable mortgage for you, whatever your situation.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT 

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