Decreasing Term Life Assurance

mary.d1601

I want to take out an insurance policy to cover a mortgage in the event of my death. The mortgage is only in my husband's name so can I take out Mortgage Protection (otherwise known as decreasing term life assurance) even though I am not named on the mortgage? Is this type of policy purely to pay off a mortgage? If this type of policy wouldn't be valid in my circumstances, I guess I'll have to take out level term assurance. Thanks.

kingstreet

You can do it on a joint basis and you can use the money for any legal purpose, you don't have to use it to repay the mortgage if you choose not to.

InsideInsurance

You could also get a standalone decreasing term policy in your own right and "coincidently" match it to the mortgage amount.

At the end of the day your estate/ trust would receive the money and the beneficiary of your estate/ trust can chose to use the money as they want