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life cover for interest only mortgage
madchicken
Posts: 1 Newbie
i noted in the article on life assurance that policies are for repayment mortgages. What if you have an interest only mortgage? If I have a joint policy with my wife is the mortgage still cleared in the event of one of our deaths?
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Comments
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There are many different types of life insurance. For repayment mortgages Decreasing Term Assurance is usually used as the sum assured reduces in line with the mortgage over time. For interest only mortgages Level Term Assurance is used as the sum assured remains constant). Just check your policy document to see which version you have, it should also be in your joint names and pay out on the first death of either of you .I am a director of Torquil Clark Life Insurance (formerly Life Policies Direct), a specialist protection broker. Posts on this forum do not constitute or imply advice and are for discussion purposes only containing generic information. If you need individual guidance please seek advice from a suitably qualified, registered and authorised financial adviser0
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