To insure, or not to insure

Gibboc

Hi All

I am in a quandry. My ex husband and I still own a house in joint names (which we're trying to sell, and have been for 3 years). We've just renewed the mortgage and are both still contributing equally to it but there is no term insurance on it i.e. if either of us loses our job or, dies, the other will be left with the full mortgage to pay. I'm quite sure he will have his own insurance as he now has another family and I very much doubt it would cover me were he to die, but I'm trying to decide whether it's sensible (and possible) for me to insure my interest in the mortgage so that if he were to die of lose his job then I wouldn't be saddled with the cost of a large mortgage. The alternative would, I guess, be to simply hand the house back to the mortgage provider and redeem what equity was left after sale. I have no other insurance in place.

Any thoughts or advice greatly appreciated.

Senior_Paper_Monitor

You clearly have the necessary 'insurable interest' so as long as he co-operates with underwriting interview it can be done.

If he has his own ASU (income protection) there is a limit to how much total he can have in place on him. Life insurance and critical insurance are comparatively unlimited.