Life insurance comes in many different formats to allow people to choose best type of cover for themselves. The types of life insurance available include:

Mortgage Life Insurance

Designed to pay off your mortgage in event of your death, or death of your partner.

Level Term Life Insurance

Designed to cover fixed repayment loans.

Whole of Life Insurance

Policy continues until policy holder dies when a lump sum is paid out. As long as payments are kept up to date, sum assured, which is level of life insurance cover, will be paid to your estate.

Family Income Benefit Life Insurance

This form of insurance can provide an income for your family or a lump sum if you die during term of family income insurance policy.

Your personal circumstances will affect premiums for life insurance policies, with most important factors being age and medical history. Which life insurance company you choose can also have an impact on level of premium required as different life insurance companies treat clients differently.

Life Insurance products have now become very cost effective. Life cover is so cheap to obtain that you have virtually no reason not to obtain a policy.

Getting life insurance can be complicated due to different types of policies available. If you are unsure about which life insurance to go for, then you should seek some financial advice.

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If you are looking to purchase a joint mortgage with a partner or friend, then income multiplier may be worked out differently. Some lenders will offer two-and-a-half times joint salaries, or three times higher salary, and one times lower salary, whichever is higher.

Most lenders will also take into account amount that you are looking to borrow, and total value of property. Although some lenders will allow you to borrow full value of property, most will only lend a certain percentage, say 95%.

When applying for a mortgage, there are certain points that you will need to consider before you sign on dotted line.

First of all you need to consider how much you can afford. You should complete a budget, and work out how much money you have coming in, and how much money you spend each month. This should then give you an idea to how much you can afford to pay a lender each month for your mortgage.

You should also consider whether your income would allow you to afford property you are after.

You also need to think about how long you will need to borrow money for. A mortgage is a major financial commitment and will require that you can keep up repayments for full term.

If you repay your mortgage before end of designated term you may well be charged a penalty. Penalties are particularly common in first few years of a loan or if you are taking advantage of a fixed rate or a discounted rate and can be very significant in size. Sometimes it is possible to serve notice to avoid these penalties.

Furthermore, some lenders will charge interest until end of month in which redemption occurs so it may pay you to time redemption of your mortgage to avoid this charge. Some lenders also make additional charges such as vacating fees, deed release fees or other administration charges.

All of these costs should be highlighted in mortgage offer or in standard Terms and Conditions provided with that offer. Before committing to your mortgage, please check redemption penalties which will be mentioned in mortgage offer.

Getting a mortgage can be very complicated. If you are unsure about which mortgage to go for, then you should seek some financial advice.

You may freely reprint this article provided author's biography remains intact: