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Insurance for a mortgage
Willspireite
Posts: 218 Forumite
We got out a mortgage 2 years ago, and with this, also ended up getting building and contents, life insurance for my wife and I, and I got an income protection policy from Liverpool Life insurance.
Our plan is to move to Canada in the next couple of years, as my wife is originally from there.
Our house has doubled in price, we live in Northern Ireland.
I was reading the mortgage details earlier today, and under the insurance section if the agreement it simply said ... insurance you MUST take out as a condition of this mortgage ... insurance product ... buildings insurance.
No mention of life insurance, or income protection!
I work for a charity where our income is guaranteed for 6 months if the company went bust, which is incredibly unlikely, and in that unlikely scenario we would go to Canada, stay with my wife's parents, and sell the house in NI.
So ... here's my thinking ... if I don't NEED life insurance and income protection ... is there any point in paying the extra 60quid a month we're currently shelling out?
I WOULD stick with the insurances IF we were staying in NI, but as we're not ... could this be 60 quid a month we can keep?
Our plan is to move to Canada in the next couple of years, as my wife is originally from there.
Our house has doubled in price, we live in Northern Ireland.
I was reading the mortgage details earlier today, and under the insurance section if the agreement it simply said ... insurance you MUST take out as a condition of this mortgage ... insurance product ... buildings insurance.
No mention of life insurance, or income protection!
I work for a charity where our income is guaranteed for 6 months if the company went bust, which is incredibly unlikely, and in that unlikely scenario we would go to Canada, stay with my wife's parents, and sell the house in NI.
So ... here's my thinking ... if I don't NEED life insurance and income protection ... is there any point in paying the extra 60quid a month we're currently shelling out?
I WOULD stick with the insurances IF we were staying in NI, but as we're not ... could this be 60 quid a month we can keep?
£10 a day in November = £593.31 / £300
0
Comments
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If there is no financial need, then there is no point paying the insurance.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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