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Mortgage Life Insurance
tp023
Posts: 33 Forumite
Sold my house and will be moving into rented until a suitable purchase comes along (all the houses we wanted have been sold, typical). What do I need to do with my mortgage life insurance? Do I just cancel it?
Thanks
Thanks
0
Comments
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on no account cancel your life insurance.
1. This covers you with or without a mortgage in place
2. You are insured on rates for your age when you took the cover
3. Replacement cover will most likely cost more
4. You may not be able to get cover to replace what you have if your health has deterioratedI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Thanks. I was thinking this as a possibility. Took out the life insurance back in 2003. Do I have to notify them about the mortgage being paid off?0
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No you do not.
Just keep as is and review everything as your are buying the new property.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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