Life Insurance News
Mortgage life insurance sales could pick up as lending increases
Demand for mortgage life insurance could be increasing following the publication of new data showing that 47,584 house purchase loans were approved in June, up from 44,169 in May.
The Bank of England has published the latest figures on lending to individuals, which show the June figure is the highest level that lending has been since April 2008.
Commenting on the latest figures, Council of Mortgage Lenders economist Paul Samter said that despite the positive news there are factors such as the "continuing deterioration in the labour market", which may hamper growth.
Mortgage life insurance is recommended for those taking out new loans as a means of ensuring a house purchase loan is paid off even if the borrower passes away.
This type of cover alongside products such as life insurance or critical illness protection is vital because it ensures dependants are not left shouldering debts they may not be able to handle.
People getting their loans approved are advised to avoid obtaining mortgage life insurance from the same source but to instead shop around if they wish to get the best deal.
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