We all need extra financial assistance from time to time, and sometimes it just isn’t practical to have to wait in order to try and save up cash, and this is where loans can help. For example, if you need a more reliable vehicle to get to and from work, it’s unlikely that you will want to wait for several years or more whilst you try and save up cash. Perhaps your home is desperately in need of improvements, in which case you will want to get work done straight away not several years down line. The great deals available on loans will enable you to get what you want when you want it, and without breaking bank.

There are many different types of loans available on market these days, all of them more accessible and affordable than ever before. You can select from loans such as:

Secured loans Personal loans Business loans Car loans Mortgage loans Consolidation loans

With so many loans to choose from, there is a finance package available to suit every need and budget these days. Approval for loans is based upon a number of factors, such as your age, employment status and credit rating. For secured loans, your property value would also be taken into consideration, and for business loans you would need to provide accounting information, business plans and various other financial figures and forecasts as specified by lender.

Having a good life insurance policy in place to protect your property in event of your death is vital. When you die, your family will have enough to worry about without added stress of how they are going to hold on to family home. Your life insurance policy will ensure that this problem is eliminated, with mortgage balance being paid in full upon your death.

The main types of mortgage life cover

The type of mortgage life insurance cover that you require will depend upon what type of mortgage you have, a repayment or an interest only mortgage. There are two main types of mortgage life insurance cover, which are:

* Decreasing Term Insurance * Level Term Insurance

Decreasing term insurance

This type of mortgage life insurance is designed for those with a repayment mortgage. With a repayment mortgage, balance of loan decreases over term of mortgage. Therefore, sum of cover with a decreasing term insurance policy will also go down in line with mortgage balance. So, amount for which your life is insured should match balance outstanding on your mortgage, which means that if you die your policy will hold sufficient funds to pay off remainder of mortgage and alleviate any additional worry to your family.

With decreasing term insurance, cover is usually taken out over term of mortgage, and payment is made should you die during term of policy. Once policy has expired, it becomes null and void, so you will receive nothing at end of your policy if you are still living. There is no surrender value on this type of cover, but it does provide a cost effective means of protecting your home and family during life of your mortgage.

Level term insurance

This type of mortgage life insurance cover is for those that have a repayment mortgage, where principle balance remains same throughout term of mortgage and repayments made by property owner cover interest payments on mortgage only.