We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Question on Mortgage Life Insurance with Critical Illness when overpaying...
drewwa
Posts: 107 Forumite
All,
Wonder if you could answer this one.
Originally I took out "Mortgage life insurance and critical illness cover" according to the term of my mortgage. About £100/month, decreasing term.
Original MF date was 2028.
Given my OPing, I suspect to be MF in around 2014-2016. Difficult to predict accurately.
An online quote for MLI+CI from now until 2016 for the remaining mortgage not covered by the offset is significantly less than my current payment. Only about £25/month.
A quote for MLI+CI for 6 years for the total outstanding mortgage (not counting the offset) is £50/month.
Question is. I'm I missing something here? What's the advice on balancing MLI+CI with a mortgage that is reducing much quicker than originally planned? Should I revisit this?
Cheers,
Drew.
Wonder if you could answer this one.
Originally I took out "Mortgage life insurance and critical illness cover" according to the term of my mortgage. About £100/month, decreasing term.
Original MF date was 2028.
Given my OPing, I suspect to be MF in around 2014-2016. Difficult to predict accurately.
An online quote for MLI+CI from now until 2016 for the remaining mortgage not covered by the offset is significantly less than my current payment. Only about £25/month.
A quote for MLI+CI for 6 years for the total outstanding mortgage (not counting the offset) is £50/month.
Question is. I'm I missing something here? What's the advice on balancing MLI+CI with a mortgage that is reducing much quicker than originally planned? Should I revisit this?
Cheers,
Drew.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards