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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.
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