When taking out a mortgage to buy a property, whether on an interest only or a repayment basis, it is essential to ensure that there is adequate protection for the outstanding liability in event of death.
Many lenders will insist that there is sufficient life cover in place before lending the money.
An interest only mortgage can appear to cost less than a repayment one however, the life cover required will probably also need to include an element of investment in order to pay off the lump sum at the end of the term of the loan so overall, it could end up costing more.
A repayment mortgage could be simpler as although repayments may be higher, life cover can be provided by a straightforward reducing term assurance.
There are many types of life cover available and choosing the right one can seem difficult, especially for someone with a pre-existing medical condition.
Our diabetic life insurance specialists can help find the best solution, whatever the circumstances and they are experienced in dealing with the life companies that provide the best value. One provider may take a different stance from another depending on the situation.
So rather than spending time applying to a number of companies to compare costs, which could become a very drawn out and potentially stressful process, let us find the best deal available, as quickly as possible.