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Can you cash in Mortgage Life Insurance?
carab1974
Posts: 1 Newbie
Before any body has a heart attack, I no longer have a mortgage but carried on paying the premium for the life insurance and critical illness cover. I'm just wondering if you can cash in a mortgage life insurance policy like you can with a life insurance policy, or at least access the cash. I have never claimed on my policy and have had it for over 11 years. Times are incredibly tough for me at the moment and am wondering if I'm entitled to any of the cash that I've paid in? If I can access the money I will be setting up a new policy so that I will not be leaving my child without any financial protection when I'm gone.
Thanks in advance
Cara
Thanks in advance
Cara
0
Comments
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What do your policy documents say?0
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It depends what type it is. You need to read the documents. However the chances are it has no cash value. The most you could do if that is the case is save the premiums, however that would mean you no longer had cover.0
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I'm just wondering if you can cash in a mortgage life insurance policy like you can with a life insurance policy, or at least access the cash.
Does your life assurance have a value or is a pure term assurance?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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