Life insurance

1984_82

Hi, I am 62 and have just taken out a £67000 mortgage over 8yrs. Although it is a smallish amount as it is over a 8yrs the payments are quite high. I have not bothered with life insurance in the past as my children are grown up and moved out sometime ago and was under the impression that when I passed away my daughters could just sell the house, pay off any existing mortgage and have any equity for themselves. I had a few calls from the mortgage bureau giving me quotes for life insurance. So I am now worried that I should take out life insurance as I do not want my daughters to have to pay the monthly payments until the property is sold . So I just want to know if this is how it works. Basically will they still have to keep up payments ?       

SaverRate

Most Life Insurance pays out a lump sum of money. This can then be used by the beneficiaries however they like.
The house could be sold then the mortgage paid off or the house paid off with the life insurance and kept.


If you are wanting to get life insurance, Speak to Cura Insurance Brokers. Life Insurance | Critical Illness Cover | Income Protection (curainsurance.co.uk) My partner had health issues and they were brilliant. (I do not work for Cura or receive any payback just simply recommending them due to the great service received). I dealt with Alan Knowles their MD

user1977

1984_82 said:

I do not want my daughters to have to pay the monthly payments until the property is sold

In an executry, nobody's expecting the executors to have ready access to cash - the mortgage lender will (assuming there appears to be progress with marketing etc) be satisfied that they'll just get the overall balance due at completion of the sale . No need for life insurance.