Most banks will require you to have life insurance to cover your mortgage as a minimum, however, what most banks don’t tell you is that when they arrange this insurance for you, they are not actually providing the cover.
What they are actually doing is getting the cover from a provider but then adding a ‘loading’ to the premium which they then take every month as a profit. This loading can often be an extra 50%!
You are not obliged to take out life insurance with your bank so why not speak to a Professional Adviser who can arrange the right level of cover for you without any extra loadings to the premium to make sure you are only paying the amount you should.
Mortgage Magpie can introduce you to a Professional Mortgage Adviser who can get you the cheapest possible cover and who will help you for FREE!