Can I still get life insurance?
Many homeowners will take out life insurance at the time they apply for a mortgage, and if you are looking to release equity in your home by obtaining a lifetime mortgage, you may be thinking about doing the same.
Even though these mortgages are available to those later in life (over the age of 55), you can still apply for life insurance while taking out this long term secure loan. Indeed, there is special coverage available for Over 50’s from most lenders, and we can help you compare the different policies to see which best suits your requirements.
Do I need life insurance?
If you are investigating the possibility of releasing equity, you are likely thinking about succession planning and the financial state of your later years.
When you die or your home is sold, your loved ones will receive money in a payout from the profits of the sale if you have put in place a lifetime mortgage. While these payments may be able to help cover basic costs, they may not be enough to live on – especially after things like funeral costs are taken into account. By having life insurance in place alongside this mortgage, you can truly make sure that your dependants are provided for.
We all want to make sure that our loved ones are financially secure and taken care of when we are no longer here, and that’s why taking out insurance even in the later stages of life is so important.
My Mortgage Finance can help
At MMF, we specialise in providing a comprehensive array of services when it comes to mortgages and protection.
We make it easy for you not only investigate your options regarding equity release, but also to compare life insurance policies at the same time all in one convenient place. This saves you the hassle and time of having to visit separate lenders to compare, and also provides you with reassurance that the policy and loan you secure will be compliant and the right fit for your needs. We have many years of experience connecting customers with the appropriate financial products, whether it be for wealth generation, long-term borrowing or protection. With our help, you can make sure that both your loved ones and your home is protected when you’re gone, something that can provide invaluable peace of mind.
To find out more about life insurance for individuals over 55, contact My Mortgage Finance today.