Critical Illness Cover

libf

I currently have critical illness cover linked to my small mortgage, but I will be completing on my sale in September and not completing on my new purchase until December which is much larger amount of lending.

Is it possible to transfer the policy to the new mortgage? Or will that be more hassle than it's worth and I should just cancel and then get new cover? (Policy is with Legal and General, if that makes a difference.)

ACG

Critical Illness is not linked to the mortgage.
Most people take it out at the same time as the Mortgage but they are completely different policies so one can run without the other.

Think of it in the same way as car finance and car insurance.

libf

Linked was a bad way to phase it. The pay out is decreasing in line with my current mortgage, as it was intended to pay the mortgage off if required. My new mortgage will be much higher, so although at the moment the insurance would cover my payments for a couple of years, it will become less effective over time.

I think a policy to cover my whole mortgage will be prohibitively expensive for me at the moment, so I will look into covering a couple of years worth of mortgage and bills at a fixed level instead.