Life insurance provides a lump sum to clear the mortgage balance in the event of a mortgage holder passing away and usually for the benefit of their spouse or partner. Policies can be set up to pay each other directly without the need for a will which means the funds can be paid out quickly to the necessary party on death. The are several types of life insurance with the most popular being a decreasing term assurance policy which will decrease alongside the mortgage balance ensuring it will be cleared should the worst happen. Imagine losing a partner and then having to continue paying the mortgage and all the bills in their absence.
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