urgent advice needed

crispess

A few years ago when I took out a mortgage, I took out some life insurance with critical illness cover. Two years ago I re-mortgaged my house in joint name with my son, to do some building works and had to take out a different life insurance. The mortgage broker who arranged my mortgage said that if possible to keep my first insurance with critical cover going if I can afford it as he said it would cost a lot more to pick up an insurance like that nowadays. The thing is I seem to spend half my money each month paying insurances. I guess though if I stop it I'll get nothing back I'm in a catch 22 situation, I can't afford to keep it going but can't afford to stop it. Help I'm confused

Debt_Free_Chick

OK

So you've got life assurance and CI for the first mortgage - how much is covered on this policy? Was it a reducing policy too i.e. does the cover fall to match the fall in the amount outstanding on the mortgage?

And you now have a new policy. What does this cover? The full amount of the new mortgage? And is this just life assurance? Or CI too?