Due to surging house prices, it can now take longer than ever to save to buy a property. However, the average age of a first-time buyer in the UK is still in early adulthood at 32-years old (having risen over the last 3 years[5]).
Whilst it isn’t a legal requirement to have life insurance when purchasing a property, it’s usually recommended.
Even if you have no dependants who are reliant on a family home, if you’ve purchased a property with a partner, friend or family member a pay out from a life insurance policy can help them to keep up with mortgage payments after your passing.
Without life insurance, your death could mean that the house is repossessed or sold to cover any outstanding debt.
Taking out life insurance at the point of purchase means you’ll benefit from locking in low premiums due to your age, allowing you to safeguard this large asset for any children you may have in the future.
Therefore, you can rest assured that if the worst were to happen, your mortgage would be covered.
Contact Reassured for your free mortgage life insurance quotes.