Generally, no.
Mortgage life insurance, whether that be via decreasing or level term cover, although a very good idea is not usually compulsory.
However, some mortgage lenders may request that you have life cover in place before agreeing to release funds, ensuring their risk is protected.
DON’T automatically buy life insurance through your mortgage lender.
From our experience, many homeowners are encouraged to take out cover either through their lender or their lenders preferred insurer.
Normally you can secure a much better deal if you compare multiple quotes yourself or use a life insurance broker.
Even if you have taken out a policy and now think you could have secured a better deal elsewhere, you can always replace it and get a new one.
This could make you a significant saving in the long-term.
Contact Reassured today to find the most cost-effective way of protecting your mortgage.