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Life Insurance
Clarityrequired
Posts: 1 Newbie
Hi,
I'm looking for some advice in regards to Life Insurance cover.
I have been paying £102 per month for Life Insurance. I have since separated from my husband but I am still paying this for both of us in addition to the mortgage which is in both of our names. The mortgage is repayment.
1. I want to know if you are required to pay for life insurance in both names until such times that I get his name taken off the mortgage?
2. I want to reduce the payments each month and quotes have been much cheaper but what should I do if he is not in a position to take out insurance in his own right and I take out a new plan?
3. Any advice on which company is best would also be appreciated.
I'm looking for some advice in regards to Life Insurance cover.
I have been paying £102 per month for Life Insurance. I have since separated from my husband but I am still paying this for both of us in addition to the mortgage which is in both of our names. The mortgage is repayment.
1. I want to know if you are required to pay for life insurance in both names until such times that I get his name taken off the mortgage?
2. I want to reduce the payments each month and quotes have been much cheaper but what should I do if he is not in a position to take out insurance in his own right and I take out a new plan?
3. Any advice on which company is best would also be appreciated.
0
Comments
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Clarityrequired wrote: »Hi,
I'm looking for some advice in regards to Life Insurance cover.
I have been paying £102 per month for Life Insurance. I have since separated from my husband but I am still paying this for both of us in addition to the mortgage which is in both of our names. The mortgage is repayment.
1. I want to know if you are required to pay for life insurance in both names until such times that I get his name taken off the mortgage?
2. I want to reduce the payments each month and quotes have been much cheaper but what should I do if he is not in a position to take out insurance in his own right and I take out a new plan?
3. Any advice on which company is best would also be appreciated.
Based on that price I would suspect it is Life and Critical Illness cover you have and not pure life unless the numbers are very high, you;ve a lot of medical conditions etc
1) There is no requirement to have life insurance
2) As per (1), there is no requirement for insurance to be in place but the question is simply "what happens if he dies first?" if the answer is you just keep on paying the mortgage as you currently do then its questionable why you need insurance on his life
3) If you arent up on this class of insurance then go for an IFA or protection broker for an advised sale. Get recommendations for someone local to you is the norm for IFAs0
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