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X2 critical illness & death insurance policies
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Mary11
Posts: 1 Newbie
PLEASE can anyone offer somehelp
about 15 years ago we took out a mortgage via a local Financial Services Firm they arranged out mortgage and we took out insurance to cover critical illness and death to cover the mortgage. Then with the same Financial Advisor we took out another policy of LIfe Insurance to again cover critical illness and death which covered the mortgage on a sliding scale so at the end of 25 year we could not get any monies back.
My Question really is did we need to take out both policies which bascially seems to cover both things. We are still paying both at the moment
about 15 years ago we took out a mortgage via a local Financial Services Firm they arranged out mortgage and we took out insurance to cover critical illness and death to cover the mortgage. Then with the same Financial Advisor we took out another policy of LIfe Insurance to again cover critical illness and death which covered the mortgage on a sliding scale so at the end of 25 year we could not get any monies back.
My Question really is did we need to take out both policies which bascially seems to cover both things. We are still paying both at the moment
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Comments
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FInd out exactly what cover the policies are. Are they both in joint names or a single name?Non me fac calcitrare tuum culi0
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You can have as many policies as you like (upto typically around £500k)My Question really is did we need to take out both policies which bascially seems to cover both things.
We dont know your needs but it is normal for people to have different ones for different needs. ie. one for mortgage and one for family protection (normally one being level and the other decreasing).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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