You’ve had your offer accepted on the house you want to buy, and you’ve just had confirmation of your mortgage approval (great news!), so now all that’s left to do is sort out the insurances that you need to make sure nothing delays you from getting the keys to your brand new home!
With so many different insurance policies available, it’s not always clear which ones you definitely need as a legal requirement to get a mortgage and those that are optional.
Contrary to popular belief, you do not need to take out life insurance in order to get a mortgage.
One of the main reasons why people take out life insurance is to ensure that their families are able to carry on paying the mortgage in the event of your death. The consequences of not being able to pay your mortgage could end in your family being forced to sell their home and move out, which wouldn’t be the prefered option at all.