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Life Insurance News
'It makes sense' to get life insurance with first mortgage - 31/10/2007
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Taking out a life insurance policy along with a mortgage is something that should be considered by first-time buyers, particularly if they have dependents, Key Financial Consultants has said.
According to Dominic Mansley, managing director of the independent financial advisory firm, life insurance is often more affordable for younger people so it makes sense for them to consider a policy when they buy their first property.
He added that life insurance is advisable for young buyers, especially if they are married or have children, in order to provide support to their dependents in the event of their death.
"If it's a single person looking to buy a flat by themselves and they've got no dependants, then we wouldn't really worry about a lack of life cover," he explained. "However, if it's a young family with children then we would very much make them aware of the need for [life insurance]."
Mr Mansley added that his company finds that people who do not take a life insurance policy out with their mortgage are less likely to buy a policy later on.
According to figures from the Association of British Insurers, one in three people in the UK does not have a life insurance policy.
© Adfero
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