My wife and I have critical illness cover paying the mortgage, it costs £121/month. About to pay mortgage off what cover do I neeed?
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174JoeEasedale postedIf your critical illness cover, which is now paying the mortgage, will it continue to pay out if you redeem the mortgage? If so don't pay off the mortgage just yet.
Posted on 17 July 2010 |
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1englishman999 posted
Yes, will pay out even if mortgage has been paid off fully. Amount of pay out decreases over time - any advice?
Posted on 17 July 2010 | Love 0 loves
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878MikeGG1 posted
Do you still need the cover? If not that is a lot of extra income. You originally took it out to cover the mortgage, so if the mortgage has gone so has the original need. Subsequent needs may have arisen, though.
If you do still need it and it is decreasing then check how much it would cost to get what cover is left now. In the second half of a decreasing term assurance, the cost of replacement cover can decrease because of the shorter term and lower sum assured.
Mike
Posted on 17 July 2010 | Love 0 loves
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63TheWelshman posted
Hi Englishman999 ( great name by the way )
I have just looked at this question and dont know if I am late but if you would like me to have a closer look at your scenario and see what insurances are available for you or even look at a cheaper policy for you.
Let me know, you can email me tim@lovemoney.com or call me direct on 0207 297 8163.
Regards
TheWelshman ( a member of the lovemoney.com team)
Posted on 18 August 2010 | Love 0 loves
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