Combine mortgage and life insurance for first time

Thu, 01 Nov 2007

When it comes to buying your first home, one financial adviser makes it clear that buying life insurance alongside it should be a given.

Key Financial Consultants claim that although buying life insurance together with getting a mortgage loan is not essential, those who do not take out a life insurance policy with their mortgage are less likely to do so.

Life insurance, particularly once a consumer has a debt like a mortgage loan or dependents like a family, should be considered essential the expert advises.

Dominic Mansley, the managing director of Key, reportedly commented: "It's very much a case of priorities and affordability, and if we see people very much struggling to afford a mortgage then we do see quite often they will neglect to take out cover ."

A recent study by the Association of British Insurers indicated that around 30 per cent of people in the UK have no life insurance at all.
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