THE money TIP
If you take out a new home loan, you will be offered mortgage protection cover from your bank. This is insurance that will cover the amount owing on the home loan if you die.
However, mortgage protection cover offers you decreasing cover so as the home loan reduces, so does your cover.
If you take out a life assurance policy to cover your home loan when you die, the life policy will still pay out the full amount when you die, regardless of how much you owe on the home loan.