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Decreasing life insurance question
brucieboy
Posts: 10 Forumite
I have decreasing life insurance,£19 monthly to cover an existing £128k mortgage until 2031 ,when I will be 65
I will hopefully be able to pay off my mortgage in 2 years time
Can I still continue to keep up this insurance after my mortgage is settled ?
If so,will it still pay out when i die,even though I won't have a mortgage ?
I will hopefully be able to pay off my mortgage in 2 years time
Can I still continue to keep up this insurance after my mortgage is settled ?
If so,will it still pay out when i die,even though I won't have a mortgage ?
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Comments
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I have decreasing life insurance,£19 monthly to cover an existing £128k mortgage until 2031 ,when I will be 65
I will hopefully be able to pay off my mortgage in 2 years time
Can I still continue to keep up this insurance after my mortgage is settled ?
If so,will it still pay out when i die,even though I won't have a mortgage ?
I have a similar policy that has been running for about 3 years as my life insurance I have been using for 23 years runs out March 2020.
Mine policy has no details of my Mortgage. I just took it out as a back up with the amount of cover decreasing over the remaining term of the mortgage.
Nothing stopping me keeping mine.3.795 kWp Solar PV System. Capital of the Wolds0 -
Yes and yes.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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It is decreasing and will continue to do so - so those premiums may start to feel expensive as the sum assured falls away.0
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