It can seem impossible to get a fair result when you are battling a financial issue alone. But never fear! The AOL Money Fixer is here to help.
I recently applied for a mortgage to buy my first home. I found the mortgage through a broker, who has advised me to take out life insurance to cover my mortgage.
However, I will be stretching my finances buying this flat anyway, so I want to know whether I really need life insurance to cover my mortgage or whether I can manage without it. Can you help?
A Brown, Newcastle
Dear Mr Brown,
As a single, 29-year-old man with no children, you do not need life insurance - unless your mortgage lender insists on it as a means of guaranteeing that it will get its money back should you die unexpectedly.
However, you may want to take out life insurance to cover your mortgage if you would like your property to go to a family member, for example, after your death.
The cost is likely to be quite minimal at your age - the most basic policies will cost just a few pounds a month - but will rise as you get older, which is another reason to consider taking out a policy now.
Don't just accept the policy your mortgage lender or broker recommends, though. Both the price and the level of cover you receive vary widely from one provider to another, so shop around to make sure you get the best deal.
Comparison websites such as Compare the market and MoneySupermarket are a good place to start. Enjoy your new home.
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