Other products YOU may need to look into when buying YOUR ideal home.

There are a few other products that may be recommended to you when taking out a mortgage to buy a property, some mortgage lenders may also insist that you take some of the financial product, especially life insurance.

The kind of policies which you decide to take will depend on your circumstances and it is recommended that you look into each individual product and find out if you will really need them.

Some of the financial packages that you may be offered include the following:

Life insurance: A life insurance policy provides covers in the case of death. This policy will pay out a sum, this is usually set to the value of the mortgage. Mortgage lenders may insist that you take out life insurance. It is also advisable that if you have dependants that you consider taking out life insurance as this will ensure that if the worst happens they will have a roof over their heads.

Income protection insurance: This form of insurance covers you by replacing any lost income from employment as a result of a long term illness.

Critical illness cover: A critical illness cover will pay out a sum that you are insured for which should be set to the value of the mortgage for maximum protection. It is designed to protect you if you suffer from a long term illness. It is advisable to read what the insurance company defines as long term illness before signing any contract for critical illness cover. There are also certain factors which are taken into account by insurers to decide what your premiums will be. These factors will include your age, health and also the amount of your loan.

Accident, sickness and unemployment cover: This is designed to pay out a regular income if you are made redundant or suffer from a form of sickness. This policy will only cover your mortgage payments and may also be limited to cover a set period. Always read the small print to ensure that you are aware of what you will be covered for.