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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Keeping on multiple term life cover policies
nogoodwithmoney11111
Posts: 73 Forumite
Hi everyone, we have recently become debt free (see threads on DFW section if interested) but while i was in debt i kept up various insurances etc.. in case anything happened. We moved to a smaller house to help release some equity for the debt but what we did do was keep paying our life insurance. This was a separate policy that is a term policy i believe - so i pay £22 a month for the life of the policy (25 years) and it pays out an ever decreasing amount of money as time goes on. We also have a similar product with our current mortgage so I am paying 2 lots of "mortgage related" life insurance.
My question is that I cant see anywhere that I can keep this original policy open after the house was sold (3 years ago in fact), but cant see anything to the contrary either. My thoughts are its also quite a good deal - £22 a month for 200k of cover although we are non smokers, quite young etc.. so wouldnt want to gibe it up but equally i dont want to spend £264 on somethign that is invalidated and wouldnt pay out.
Any advice or suggestions greatly received.
many thanks.
My question is that I cant see anywhere that I can keep this original policy open after the house was sold (3 years ago in fact), but cant see anything to the contrary either. My thoughts are its also quite a good deal - £22 a month for 200k of cover although we are non smokers, quite young etc.. so wouldnt want to gibe it up but equally i dont want to spend £264 on somethign that is invalidated and wouldnt pay out.
Any advice or suggestions greatly received.
many thanks.
Debts paid off now :j after a life changing journey :money:
0
Comments
-
Life assurance plans are not linked to mortgages. Even when taken for that purpose. So, you can keep them if you want.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards