Question re mortgage/insurance

Pa_Ja

Looking to take out life assurance and possibly critical illness cover for the first time, FTB.
When entering the relevant data about amount left on mortgage, do you key in the value with added interest or less interest?

Weighty1

The outstanding balance withOUT interest added.

It's worth noting that many mortgage providers have repayment penalties, however, often these are waived if the mortgage is being repaid due to a life insurance claim but this is not guaranteed.

ACG

The balance as it stands.
One important thing a lot of people miss when doing themselves is what rate will the plan cover you til? A lot of them will only cover the mortgage up to an assumed interest rate of 5-6%. If you end up paying more than that, you could find the payout is not enough to cover the mortgage.