Advice needed

tiger1957

Hello everyone
I'm looking for some guidance on life insurance

I have a mortgage for 150,000 over 17 years, repayment, and two dependent children
I have death in service insurance through work of 100,000 and a policy for 190,000 mortgage that costs me 49.00 per month , this was taken out 5 years ago when I had a much bigger mortgage and will pay out if I die, it pays nothing out at the end of term.
Im going money saving mad at the moment as everything save I want to pay off a credit card debt of 7800.00 and after that start to make additional payments to my mortgage and the 49.00 per month I think is too high

I need to figure out what kind of insurance I need to cover my mortgage, but I am getting confused between the different types
Do I need decreasing term, or straight mortgage cover?whats the best kind and the best provider?

Thank you

ACG

Its difficult for anyone to advise without seeing everything that is needed.

But It would seem that there is scope to reduce the sum assured of your life policy. It would always be worth having cover for your mortgage and any other potential debts.

kingstreet

Concentrating purely on the mortgage life cover, decreasing cover is the cheapest form of cover as the amount payable reduces each year as the mortgage is repaid.

Set out;-

Sex
DoB
Smoker
Amount
Term

and I'm sure a few of us can confirm the possible savings.

You appear to have death sorted. What happens if you're off work sick?

tiger1957

Thak you

I am 54,
26.05.57
Mortgage for 150,000
17 years
Femail
Smoker struggling to quit

Thank you for your time

ACG

I get quotes of about £47-56 so it seems your about right.