30/10/2020
You've heard of Mortgage Protection, a life assurance policy required before you can drawdown your mortgage. In the event of premature death the mortgage is cleared in full for the surviving partner.
Well you should know about Renter Protection, a similar life assurance policy taken out by Renters. In the event of premature death the surviving partner receives a lump sum which can then be used to buy a house, no mortgage required
TOP TIP: By setting up your renter protection policy correctly at the start you can convert your Renter protection policy into a Mortgage protection policy when you buy your new home, no new Life Assurance cover required, and as you were younger taking out Renter assurance the cost is lower. Makes sense!
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