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Buying mortgage life insurance - News 2009
The increasing number of consumers who are being money-wise by opting to stay on their lender's standard variable rates (SVR) may want to ensure they go one step further by having mortgage life insurance.
According to data from professional advice website Unbiaseed.co.uk, more than one in four (27 per cent) homeowners are now on their lender's SVR, up from only 23 per cent earlier in 2009.
However, if recent data on employment from the Office for National Statistics (ONS) on the performance of the economy is anything to go by, mortgage life insurance is something that consumers may want to ensure they have in place.
This cover is designed to guarantee the repayment of the loan even if the policy holder passes away, ensuring that dependants are not left shouldering a debt that they may not be able to deal with.
Some form of income protection insurance is also worth considering as it can be catered for with products such critical illness or accident, sickness and unemployment cover.
According to the ONS' data, the total number of people without a job is now 2.43 million, putting unemployment in the UK at its highest level since 1995 and the figure is projected to continue rising.
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