My Mortgage Lender Wants Me To Take Out Life Insurance – Should I Be Worried?
Lenders sometimes insist on you taking out life insurance cover as a condition of the mortgage.
This may apply in cases where applicants are of a certain age or have an exciting medical history. Or it may simply be a back-door way of subsidising a competitive headline interest rate.
Either way, the cover may depend on obtaining a medical report, which should take up to about ten days to arrange. Even if your health is poor, most risks can be insured at a price. A specialist insurance broker’s advice will be needed.
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