| |
Newsroom /
Insurance
/
Insurance
/
Home Loan applicants now seeing the need for Life Insurance
Home Loan applicants now seeing the need for Life Insurance
What most applicants for home loans do not seem to be aware is that in order to get approved for a loan they need a life insurance policy.
Worcester,
Mpumalanga,
South Africa
(prbd.net)
17/09/2010
"What most applicants for home loans do not seem to be aware is that in order to get approved for a loan they need a life insurance policy."
What most applicants for home loans do not seem to be aware is that in order to get approved for a loan they need a life insurance policy. Without one, banks will not approve the loan. The biggest advantage of having life insurance is for the peace of mind it gives you by knowing that you have provided for the family if something were to happen to you suddenly.
Although there are many insurance companies in South Africa, they don’t all provide the same services. Finding the best out of the lot depends on your personal requirements and your budget. Before you start, it’s advisable to make a list of what you need to be included in your life insurance coverage and then start your search. You can also visit http://life.insurancequotesa.co.za that has provided life insurance to many satisfied South Africans who managed to save 22% on their life insurance by approaching the company direct instead using brokers to do so.
Life.insurancequotesa.co.za is one of the most reputable life insurance companies in South Africa, saving their clients thousands on life insurance premiums. Their main difference they said was that obtained the best possible life insurance quotes for their clients by dealing direct with the insurance company in question thereby cutting down on the costs that were added on due to the intervention of a middle man.
There are apparently three basic types of life insurance which are categorized as 1. Decreasing Term, 2. Level Term and 3. Annual Renewable Terms. According to them the easiest is to purchase term life insurance on an annual basis because the premium payable is only on the probability of the insured in question dying within that year. Insurers however can decide on whom they want insured and it is generally thought that the chances of that person dying are quite low and therefore the policy itself will be not be very costly.
One of the main reasons for home loan lenders requiring life insurance cover before approving a home loan they say, is also to protect themselves in case of the death of the borrower. Apart from the death placing a burden on the family by creating a financial hole, it would also mean their inability to make the mortgage payments undertaken by the deceased at the time he was granted the loan. Life insurance however would relieve the family of having to worry about loan payments apart from paying household bills and other expenses and that is why a life insurance policy is essential when granting a home loan to anyone.
They were also eager to point out the benefit of providing long term security for the family, especially in case the breadwinner was to die leaving a family of young children. While a lump sum payment could help the family with the funeral expenses it would also be a means of paying the loan mortgage on the house so that those remaining would not have to worry about being left without a roof over their heads.
All this goes to prove how essential a life Insurance policy is for anyone; but especially for those with a family. By contacting http://lifeinsurancequotesa.co.za they will send you a ‘no obligation’ quote that will save you up to 22% of your hard earned savings.
Contact: David Bester
Email: pr@insurancequotesa.co.za
P.O. Box 1234, Worcester, 6849, South Africa
Tel: 281 973-6659
Website: http://www.insurancequotesa.co.za
###
About
For anyone who is looking for insurance in south Africa and wants to save as much as they can on the best coverage for their needs, insurancequotesa.co.za is a must visit site.
|