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
New Life policy or increase Pension?
fryinberry
Posts: 1 Newbie
Hi,
I'm a bit green with all this so please bear with me
I need to increase my life cover so that our mortgage is fully covered in case i kick it before my partner does. I already have a "smallish" private pension with enough life cover for half the mortgage. My pension and life cover is with The Pru and has been running for over 20 years.
My question is this - Would it be more beneficial to get a whole life policy to cover the rest of the mortgage?
or
Would it be better to increase my pension payments?
My partner works for HMRC so she is WELL covered
Cheers the noo!
I'm a bit green with all this so please bear with me
I need to increase my life cover so that our mortgage is fully covered in case i kick it before my partner does. I already have a "smallish" private pension with enough life cover for half the mortgage. My pension and life cover is with The Pru and has been running for over 20 years.
My question is this - Would it be more beneficial to get a whole life policy to cover the rest of the mortgage?
or
Would it be better to increase my pension payments?
My partner works for HMRC so she is WELL covered
Cheers the noo!
0
Comments
-
Would it be more beneficial to get a whole life policy to cover the rest of the mortgage?
Do you intend to have your mortgage for your whole life?My partner works for HMRC so she is WELL covered
Not really. Death in service is there to make up for some of the lost income and pension benefit that you wont get if your partner dies. If you use it for rebt cover then you leave yourself short in the other areas.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