bought a property as friends, is joint or single mortgage assurance better?

Lucyparts

Hi,
I have recently completed on my first property. Me and a friend have gone in together 50:50 - we have a declaration of trust in process but we are also looking at getting mortgage assurance/life insurance to cover us in case something happens. I think it’s best to each take out a single policy that will cover either half of the mortgage if one of us does die but also means we can carry it on when we eventually part ways, but my friend thinks joint might be better. Does anybody have any advice? Thanks

csgohan4

Single is better, joint means it ends when one of you dies, least single means it carries one regardless of what happens to your friend.


The earlier you have life assurance the cheaper it is. You don't want to be looking at policies years down the line


but I think your friend wants some assurance, you could have life assurance for the mortgage amount as joint, but have your own single policy as well if you have dependents