Term Assurance

nordic-viking

Hello all, firstly I apologize if this is a naive question but I'm not very money minded (hence this site is a god send). I took out a mortgage in 2001 and was told at the time that I had to get Term Assurance in case of critical illness. It's costing me almost £250/year but I'm not sure I need it. Is it right that it could be a CONDITION of my mortgage that I have it, or could I cancel it without repercusions? Please help. NB: I actually thought I'd cancelled this (over the phone) some time ago but have just checked my statements and I'm still paying it ;-(

yelf

you do notneed this cover as part of the mortgage condition. It is very wise to have such cover though.

koexelek

I'd be loathe to cancel it unless you really cannot afford it.

I hate paying out for insurances as much as the next person, but am also quite supersticious.
I dare say if I cancelled my critical illness cover today ( to save money), I'd probably end up being diagnosed with cancer next week :eek:

I actually know of a lady where the above scenario actually occurred.

Mrs_Bumble

I agree with the above comments, it is very wise to have this type of cover to offer some financial support should you be diagnosed with one of the critical illnesses covered by the policy, my background is in mortgage collections and these things crop a lot more often than people think.I lost a friend recently to bone cancer she was only 42, makes you stop and think.