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Life insurance
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[Deleted User]
Posts: 0 Newbie
Hello
We have jus exchanged contracts today and my solicitor asked me for a copy of life insurance before completion.We have just applied yesterday for that and we are not sure if it will be ready before completion date, which is next week. Does it has to be done before completion? In my mortgae booklet it says that I only need to take house insurance
We have jus exchanged contracts today and my solicitor asked me for a copy of life insurance before completion.We have just applied yesterday for that and we are not sure if it will be ready before completion date, which is next week. Does it has to be done before completion? In my mortgae booklet it says that I only need to take house insurance
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Comments
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We have just applied yesterday for that and we are not sure if it will be ready before completion date
if you picked a provider with online underwriting it could be. if you didnt then it wont.Does it has to be done before completion?
No. Just make sure you dont die.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 -
The "book" answer is that life cover and buildings insurance should be started at exchange of contracts.
In practice these days, the life cover can start any time, but you should remember until acceptance terms are issued and you have instructed your broker or insurer to commence cover, you remain uncovered.
Simply tell your solicitor you won't have the cover in force just yet and to proceed anyway and that you understand and accept the consequences - that on death you currently have no way to repay the mortgage.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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