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Mortgage Life Insurance Question
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jheskett89
Posts: 3 Newbie
Hi,
I think this is a bit of a stupid question but can't find a definitive answer for it in any guides! Here goes...
I am a first time buyer and will need mortgage life insurance. Question is for mortgage life insurance, when calculating a quote for the amount of cover required, should I just include the mortgage amount I am borrowing or should the figure also include the amount borrowed plus interest over the mortgage period?
So for example which one is correct to quote for:
100k (mortgage amount) OR 170k (100k mortgage amount + 70k interest)
Thanks for any help in advance!
James
I think this is a bit of a stupid question but can't find a definitive answer for it in any guides! Here goes...
I am a first time buyer and will need mortgage life insurance. Question is for mortgage life insurance, when calculating a quote for the amount of cover required, should I just include the mortgage amount I am borrowing or should the figure also include the amount borrowed plus interest over the mortgage period?
So for example which one is correct to quote for:
100k (mortgage amount) OR 170k (100k mortgage amount + 70k interest)
Thanks for any help in advance!
James
0
Comments
-
£100k. Interest is added daily not at the start. You want it decreasing for repayment or level cover for interest only.0
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