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Mortgage life assurance - newbie help
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Hi some years ago we took out a level term life assurance with Cavendish online as it was 2/3 of the cost of taking the same cover with the same provider but Via our lender !!!
The difference in costs between the LTA and DTA was very little per month and we are happy as we now have most of the mortgage paid off but still have good life cover in place just in case.
The monthly premium has not increased as it was set but if we set up a new policy now we would pay more due to age.0 -
do we 'legally' need to get any sort of life mortgage assurance with our mortgage.
No. Not legally required in most cases nowadays. However, it is a common sense thing where you are buying as a couple and have a financial need.We feel a bit rushed as the seller has a court order to sell by a certain time so would prefer to sort this out (as I can see the benefit) at our own pass.
What if one of you dies before you sort it out?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
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