Mortgages are not linked to our life insurance protection. So usually when we set up the life insurance we mirror the loan amount and duration the loan will be paid back over. In the event of a claim the monies would be paid to family not the bank, building society or lender of the Mortgage.
Usually families Mortgages get a fixed, introductory, deal for say 3 4 or 5 years on then they look at switch providers for the best mortgage deals at that time. This can bring in re-mortgaging and changes to the amounts of monies to be repaid and duration. Importantly this does not change the historic life insurance, Mortgage protection or illness protection(s) .
Therefore to ensure our homes are protected we should review our life insurance, Mortgage protection and illness protections regularly. After all we don't want to be ill (or worse) and we cant make the financial commitments of home and have our home repossessed! or struggle to add food to the table
Golden Rock Solutions gives FREE independent advice so families life insurance and illness protection is affordable, relevant and importantly safeguarding their home
