Life Assurance Query(s)

Dithering_Dad

No takers?

Cazza

Hi!

A) Depends on who you have your insurance with! Check with the provider, Norwich Union often appear to have very cmpetitive quotes, because they will pay out enough to pay off the mortgage - hence in your situation they'd be on a winner! Other companies will se a nominal interedt rate of, say, 8% and will pay out whatever you have outstanding on the mortgage based on that rate. If you call them, they'll be able to tell you. It should be in your policy booklet, but it might take some finding!

As above really!

C) With this type of cover, you're best talking to a good IFA about the likely amount of investment income you'd receive from £60,000. Although it sounds like a lot of money, it might not be as much as you think. Obviously, this depends on your current earnings and the standard of living you have, the ages of your children and you wife's earnings, if she were to work if something happened to you.

It might be worth thinking about getting this cover on a joint basis - how would you cope as a single Father???

I believe the maximum age is 70 for life insurance, so if you're 35 now, the maximum term for the policy would be 34 years, as it will need to end before your 70th birthday.

Hope this helps!