There is no legal requirement for you to take out life insurance when you get a mortgage, however it can make sense to have financial protection in place. If you are a homeowner, a mortgage is likely to be the biggest debt you leave behind should the worst happen, so having a policy in place can help give you peace of mind. Life insurance can help protect the family home by paying out a cash sum if you die during the length of the policy. This could be used by your family to help clear the outstanding mortgage debt. Your loved ones could then continue living in your family home without worrying about the mortgage. Please remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made. Find out more about the types of life insurance we offer.