Mortgage term life insurance

kathleen_woods

I have only recently realized that the life insurance policy my husband and took out only lasts for term of mortgage I am really worried that when this runs out I will have no cover I have been diagnosed with terminal cancer but might live until after mortgage is paid off Is there anything I can do

dunstonh

People have different financial needs in different stages of their life. It is normal to have multiple policies (or multiple segments on the same policy) to cover your different needs. e.g. A decreasing term assurance for the mortgage. A level term assurance or family income benefit for income replacement and family provision etc.

Due to your unfortunate position, you may not be able to remedy that cost effectively (There are providers that deal with high-risk cases but the premiums reflect the life expectancy and increased risk).

Do you have a pension?
Does that pension come with death in service or death grant?

Trickzyy

Hi Kathleen,

I am sorry to hear of your situation and wish you and your family the absolute best of luck.

Most life insurance policies include a terminal illness cover automatically, which will payout if you are diagnosed with a terminal illness and given less than 12 months to live. Have you checked with your current provider to see if you have this?

kathleen_woods

Thank you for your reply We did not take out critical illness cover

kathleen_woods

unfortunately I do not have a pension or critical illness cover The policy is fixed term life insurance Thanks for your reply

kingstreet

Trickzyy is not talking about critical illness cover.

Terminal illness is an automatic free bolt-on to many life-only/term assurance policies. You should get your policy documents out and scrutinise them, or speak to the provider to establish exactly what you have.