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By (user no longer on site) OP
over a year ago
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Someone at work the other day was incredibly shocked that I didn't have life insurance. She seemed to think it was imperative to obtain a mortgage. If it is then that's news to me and I've been cracking on with my mortgage for years!
Is this something that most people have??
Everyone at my place in a pension has a "death in service" payout so it doesn't seem necessary? 
(another joyful topic! Ha) |
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By (user no longer on site)
over a year ago
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"Someone at work the other day was incredibly shocked that I didn't have life insurance. She seemed to think it was imperative to obtain a mortgage. If it is then that's news to me and I've been cracking on with my mortgage for years!
Is this something that most people have??
Everyone at my place in a pension has a "death in service" payout so it doesn't seem necessary?
(another joyful topic! Ha)"
It depends if you have a partner or family who would be out on their ear if you had the misfortune to shuffle off this mortal coil XXX |
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By *ENDAROOSCouple
over a year ago
South West London / Surrey |
We were told we had to have it to obtain our mortgage. Mind you, that was around 17 years ago, so might have changed now.
Yes we still have it, plus Mr B has a workplace one too with his company.
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By (user no longer on site)
over a year ago
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"Idea is with your income no longer coming in, the mortgage is cleared off, leaving them secure in that repect. "
Unlike my husband who refused to be insured and left his family unsecure in that aspect when he died. X |
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By *ynecplCouple
over a year ago
Newcastle upon Tyne |
Some lenders ask you to have life cover but it is your choice, however the lender will want there money back and if you die and your dependants (assuming you have some) can't afford to repay the mortgage or keep up payments then the property has to be sold. The risk is your to make. |
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By (user no longer on site) OP
over a year ago
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"Some lenders ask you to have life cover but it is your choice, however the lender will want there money back and if you die and your dependants (assuming you have some) can't afford to repay the mortgage or keep up payments then the property has to be sold. The risk is your to make. "
My death in service pension will cover that and leave enough left for a few nice holidays to get over missing me.  (I'm being lighthearted as I don't have dependants ot anyone affected financially) thanks for the comments. |
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By *ynecplCouple
over a year ago
Newcastle upon Tyne |
"Some lenders ask you to have life cover but it is your choice, however the lender will want there money back and if you die and your dependants (assuming you have some) can't afford to repay the mortgage or keep up payments then the property has to be sold. The risk is your to make.
My death in service pension will cover that and leave enough left for a few nice holidays to get over missing me. (I'm being lighthearted as I don't have dependants ot anyone affected financially) thanks for the comments. "
If you are happy that you are covered then you don't need life cover. As said earlier the choice is yours, only you know what your circumstances are. |
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By (user no longer on site) OP
over a year ago
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Thanks for the responses. The reason I ask is I'm remortgaging to another lender and the whole "you've GOT to have life insurance you won't get a mortgage without it" put the heebie-jeebies in me! |
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