Moving home is one of the most exciting times in our lives. But on top of buying new furniture, it’s often one of the most expensive times, with council tax and mortgage payments.
Life and critical illness insurance can be a good idea to help cover these costs if you were to die or suffer from a serious illness. It’s designed to help you, your partner and your family financially through the most difficult times. Life insurance could pay off your mortgage if you were to die, while critical illness cover could pay off your mortgage if you were to suffer from a serious illness covered by your policy.
Without insurance, you could leave yourself or your family in financial difficulties. You don’t have to take out this type of insurance with your mortgage, but some mortgage lenders may recommend that you do. You can do this with any life insurance company, not just your mortgage lender.
Having no life or critical illness insurance in place could result in you and your family losing their home if you die or suffer from a critical illness, so it’s recommended that you get the right cover in place to provide the security that this won’t happen.
To find out what level of cover works best for you, Scottish Widows can help. For more information, visit their website (www.scottishwidows.co.uk) or speak to a financial adviser.