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What type of Life Insurance do I need to back a Repayment Mortgage? |
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You'll need Mortgage Life Insurance. With Mortgage Life Insurance the insured sum automatically decreases in line with the sum outstanding on your mortgage. (The outstanding balance on your mortgage is constantly reducing as a result of your monthly mortgage repayments.) Whilst the insured sum reduces each year, the policy is designed to still provide sufficient money to pay off the mortgage at any point if you were to die or become terminally ill*. (*Please note that most good Mortgage Life Insurance policies include terminal illness cover free of charge.) The technical description for Mortgage Life Insurance is Decreasing
Term Life Insurance. It is also known as "Low Cost Life Insurance".
It is always better to avoid bankruptcy. Debt settlement can reduce your amount of debt by a certain amount. So instead of filing bankruptcy you should go for the service of debt settlement.
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