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Life Assurance

If you have dependants you need life assurance. When you die, the mortgage should die with you so that your family do not lose their loved one and then shortly afterwards lose their home as well.

The mortgage has to be paid each and every month until it is completely repaid. If it is not paid the lender can repossess the property.

Mortgage Protection Assurance is designed to match the mortgage debt and to repay the mortgage completely if you die. It can be written in two names so that the mortgage is repaid in the event of whoever dies first. The monthly cost can be fixed.

It makes sense.

Redwoods Financial Services will advise you on this matter and make recommendations to fit your circumstances and your pocket

Maybe you have death in service cover with your employer, but if you change employer you lose the cover, so ignore that in your calculations and if your mortgage starts at £100,000 make sure that your life cover also starts at £100,000.

No dependants? You might not need traditional life assurance, but you will almost certainly need to consider Critical Illness Insurance.