Life Insurance News
Mortgage life insurance vital as house prices pick up
Mortgage life insurance is one of the protective measures that people interested in investing in the property market should consider when obtaining house purchase loans.
The latest figures from Nationwide show that house prices continued to rise in July for the third consecutive month, signifying increasing confidence in the property market.
Prices rose by 1.3 per cent during the month bringing some positive news to current owners, some of whom are in negative equity, although the values are still 6.2 per cent lower than they were 12 months ago.
Commenting on the data, Nationwide's chief economist Martin Gahbauer said that "this represents another sharp improvement from the 9.3 per cent year-on-year decline in June".
However, he added that "even if prices were to remain unchanged for the rest of 2009, the year-on-year rate would continue to improve since prices were falling very sharply in the second half of last year".
Alongside mortgage life insurance, those obtaining loans should also consider putting in place cover such as unemployment or income protection insurance, which could come in handy in the current precarious job situation.
Such cover will not only offer peace of mind, but provide a financial cushion for tough times.
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