Do You Really Need Life Insurance as a First-Time Buyer?

First-time buyers often ask: do I really need life insurance? Here’s why it matters and how it protects your new home.

When you’re buying your first home, costs are everywhere. Deposit, solicitor fees, moving expenses — so it’s natural to question whether life insurance is really necessary.

The truth? Life insurance is one of the most important protections a first-time buyer can have.

Why life insurance matters

If the worst happened, your loved ones wouldn’t be left with a mortgage they can’t afford. It provides financial security and peace of mind.

It’s not just for families

Even if you don’t have children, if you share the mortgage with a partner, life insurance ensures they won’t face the debt alone.

Affordable peace of mind

Life cover can be surprisingly affordable, especially when you’re young and healthy.

Alternative protections

Alongside life cover, critical illness and income protection can also support you in different scenarios.

The Bottom Line

For first-time buyers, life insurance isn’t just a ‘nice-to-have’. It’s a safeguard for your biggest investment.

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.

• Is life insurance compulsory for a mortgage?

  No, but most lenders strongly recommend it to protect your loan.

• How much cover should I take?

  At minimum, enough to repay your mortgage balance.

• Is life insurance expensive for first-time buyers?

  It can be very affordable, especially if arranged early.