Life Insurance News
Increased lending could boost mortgage life insurance take-up
Mortgage life insurance providers could be experiencing increased activity following revelations that there have been "modest" hikes in gross and net mortgage lending due to more approvals of house purchase loans.
Figures from the British Bankers' Association (BBA) show that slightly more than 35,000 home loans received a green light in June, with the average value of each mortgage being £136,000.
Commenting on the data, BBA statistics director David Dooks said: "Numbers of new home loans approved by the high street banks are recovering from the very low level last November and so far this year, gross mortgage lending has topped £50 billion."
Mortgage life insurance is ideal for anyone getting such loans because it ensures that in case a policy holder dies, dependants will not have the burden of having to pay off the remaining debt.
This is because the policies are designed to continue servicing the loan, thereby ensuring that the lifestyles of dependants are not disrupted by bills they may not be able to afford.
Most lenders do offer such protection together with their loans but those wishing to get cheap mortgage life insurance are advised to shop around to ensure they get the best deal.
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