What length of level term life insurance?

yobt

Dear all

I have a 140k mortgage with 25 years to go.

I am looking at taking out 2 level term policies (wife and I).

I have established that I can get 140k cover for 25 years for about £10 each (my max. by the way). So no problem.

But would I be better off getting £72,000 cover for 40 years which also comes out at £10 each?

This would not pay off the mortgage in full but we plan to sell anyway. I think it would offer enough finanical options to whoever remained.

It would have the added advantage of giving cover beyond the repayment of the mortgage (when I guess the odds of dying increase).

Would there be anything stopping me at a later date from taking out an additional policy to enhance my life cover? For instance, could I take out 2 additional policies for £70,000 each for 25 years so thereby covering the mortgage in full for its term?

Robin

dunstonh

I would have thought two or three term assurance policies would have been better.

one joint life decreasing term assurance for £140k for 25 years and then a level term assurance or family income benefit to cover family protection for whatever period is required. Possibly a split in two if the financial need is different for each spouse/partner (as is so often the case).