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Life insurance with mortgage ‘good for parents’

October 31, 2007 by admin  
Filed under News, News-Insurance

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People with dependants are advised of the benefits of getting life insurance when taking out a mortgage.

According to Key Financial Consultants Ltd, many neglect to take out life insurance due to other expenses.

It advised that, as life insurance is cheaper the younger the applicant, it would be beneficial for people to take it out when getting a first mortgage.

Managing director of the independent financial advisory firm, Dominic Mansley, commented: “If it’s a single person looking to buy a flat by themselves, and they’ve got no dependants, then we wouldn’t really worry about a lack of life cover.

“However, if it’s a young family with children then we would very much make them aware of the need for [life insurance].”

Furthermore, he said, if people fail to take out life insurance along with their mortgage, they do not tend to take it out later.

The Association of British Insurers states that as many as one in every three Britons does not have life insurance.

Tags: Key Financial Consultants, three britons, life, Key Financial Consultants Ltd, first time buyers, Consultants, person, family

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