First-time buyers 'should consider life insurance'

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Adults with young children who are looking to take their first steps on the property ladder should consider investing in life insurance, according to a financial advice firm.

Key Financial Consultants' managing director, Dominic Mansley, stated that by doing so, dependents that are left to pay off mortgage debt after a death in the family will be better supported.

He added that it was best for people to buy the cover at a young age when it is most affordable, before suggesting that people should consider taking it out when they get their first mortgage.

Discussing life insurance, Mr Mansley said: "If it's a single person looking to buy a flat by themselves, and they've got no dependants, then we wouldn't really worry about a lack of life cover.

"However, if it's a young family with children then we would very much make them aware of the need for [life insurance]."

Based in Manchester, Key Financial Consultants is a Financial Services Authority-regulated and authorised independent financial advice firm.

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