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Life insurance and mortgages
FlacosFloozie
Posts: 830 Forumite
Hi there,
As you can see from my signature we've been paying off debts and will, hopefully, soon start saving towards a house deposit. With a view to the future I'm starting to read up a bit about mortgages but I've hit a bit of a stumbling block and can't find an answer and am hoping you wise people might be able to help.
Is it a requirement for someone to have life insurance if they are named on a mortgage? The reason for asking is that Mr F had cancer a number of years ago. He's done well and is in remission but the consultants have said that it will come back at some point... possibly a very long time in the future but it will happen. In light of this I think we'll really struggle to get cover for him. If we don't can we still have a joint mortgage?
Does anyone have any experiene of this type of situation? Am I worrying over nothing- is insurance just a recommendation? Grateful for any advice.
As you can see from my signature we've been paying off debts and will, hopefully, soon start saving towards a house deposit. With a view to the future I'm starting to read up a bit about mortgages but I've hit a bit of a stumbling block and can't find an answer and am hoping you wise people might be able to help.
Is it a requirement for someone to have life insurance if they are named on a mortgage? The reason for asking is that Mr F had cancer a number of years ago. He's done well and is in remission but the consultants have said that it will come back at some point... possibly a very long time in the future but it will happen. In light of this I think we'll really struggle to get cover for him. If we don't can we still have a joint mortgage?
Does anyone have any experiene of this type of situation? Am I worrying over nothing- is insurance just a recommendation? Grateful for any advice.
MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.14
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Comments
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Life insurance is a sensible option, but it isn't something you must have.0
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In the 1980s / early 90s it was very common for lenders to insist on borrowers taking life cover as a condition of mortgage. It's possible that some still do, but I don't know of any.0
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Many thanks for your replies. That should make things a bit easier for us
MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.140 -
It might be worth looking at some sort of insurance to cover his health - critical illness, income protection on top of life insurance.
Although there are pre-existing conditions, depending on how old they are you may still be able to get cover of some sort. If you know its coming back and it will have some sort of an affect on finances etc its probably worth seeing what can be done.I am a Mortgage AdviserYou 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.0 -
FlacosFloozie wrote: »Does anyone have any experiene of this type of situation? Am I worrying over nothing- is insurance just a recommendation? Grateful for any advice.
Are you in financial position to afford the mortgage yourself?
Any decisions you make need to be fully thought through. As difficult as they are. Don't kid yourselves.0
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