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Mortgage life insurance?
Elleda
Posts: 3 Newbie
Hello, we have paid off our mortgage, but we still have life insurance that we took out at the beginning of the mortgage, this is ongoing until 2026, when we should have finished paying, but have paid it off early. Do we still need to keep paying this life insurance, or can we claim any back? It was for critical illness and death cover. Hope someone can help.
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Comments
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You can't claim anything back, as you've already been provided with the cover.
If you no longer need it, you can cancel it, but bear in mind the likely increased costs of starting a new policy.0 -
There's one guaranteed way of getting money from the insurers, but it's rather drastic...0
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Do we still need to keep paying this life insurance, or can we claim any back?Why do you think you can claim anything back?
It continues to do the job it was set up for - i.e. pay out if either of you die (or suffer a CI).
If you have a financial need for the policy then you should keep it. If you dont then you should end it.
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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