Is £21 a month too much for mortgage life insurance?

LiveOnce

I am currently paying £21 a month for life insurance apparently because it's important to have it when you have a mortgage.

It hasn't changed for the last 3 years. Am I paying too much?

It's just standard life insurance, I am no king or living in a mansion.

dunstonh

Life assurance pricing is based on a range of things. £21 could be cheap or expensive depending on the terms and the options.

Aretnap

Impossible to say without knowing:

How much the cover is for
How old you are
How long the policy lasts
whether you have any underlying health issues, or smoke or are overweight
Whether it's purely a life insurance policy or whether it includes critical illness cover too

There are plenty of comparison sites which will give you a ballpark figure for what you should expect to be paying, though the exact figure will depend on answers to detailed medical questions.

Of course, you may need it at all if you're unmarried and have no dependants.

fromtheshires

It all depends on factors such as age, smoking status, medial history, illnesses and disabilities you have, risk factors that insurers ask about.

It also depends on if its decreasing insurance or fixed value and if its designed to be a fixed price paid by you or can vary.

Your only option is to look at comparisons and decide if its too expensive or not compared to other insurance companies.

ACG

Having life insurance is not important if you have a mortgage.
Having life insurance is important if someone would be financially worse off if you were to die. As an example, my girlfriend could not afford our house if I were to die, so it would be wise for me to have life insurance so she can clear the mortgage if I die.