Mortgage Life Assurance

loobylee

Hi Everyone - hoping someone will be ably to clarify somthing for me!

I currently have decreasing term assurance on my mortgage and 2 homeowner loans with my bank. These combined add up to around £80000

I am looking to change my insurance to a stand alone provider and my question is would I need 3 differnt policies or can I just add them together and get 1 policy for £80000?

I am worried if I only get the one policy and if any thing happens they will only pay out for the mortgage and not pay the 2 homeowner loans.

Currently they are all under 1 policy but as I said this is from the original lender.

Thanks

dunstonh

I am looking to change my insurance to a stand alone provider and my question is would I need 3 differnt policies or can I just add them together and get 1 policy for £80000?

You can do either. Usually its best to pick a segment for each need and not have a single policy. Modern plans can have multiple segments within one plan so its still fairly easy to sort out.

I am worried if I only get the one policy and if any thing happens they will only pay out for the mortgage and not pay the 2 homeowner loans.

They will pay out the lump sum due to your estate. Your executor of the estate will deal with the repayments. Not the insurer.