Keep your family home

It’s enough coping with the loss of a loved one. But without a regular income to cover a mortgage, your family could lose their home as well. For anyone who has struggled to get a deposit together for the biggest purchase of their life, this is a nightmare scenario. And it can happen all too easily.

If you were to die and had no life insurance in place, your family may not be able to meet the mortgage repayments. Your mortgage lender will need to recover the money they gave you for the property. So they may repossess it, evicting your family from their home.

Taking on a bigger mortgage

As families grow, many look to move to a larger home. While you’ve upgraded to a bigger home, have you updated your life insurance for a bigger mortgage? It’s worth mentioning as many buying a home for the second or third time neglect this step – one that certainly gets attention for first-time homebuyers.