Can I cancel life insurance but guarantee wife gets house should something happen to me?

fitzykev

The mortgage is under my name only. Can I cancel life insurance but guarantee my wife gets house in a will should something happen to me? 

BarelySentientAI

You mean you want your widow to take over the mortgage on your death?

Emmia

If you cancel the insurance then the mortgage presumably wouldn't be paid off. 

Do you have enough in savings / death in service / etc. that would pass to your wife to clear the mortgage? Does she earn enough to pay it off without you?

If not, then the house would need to be sold to clear the mortgage 

fitzykev

Yes she would have enough to pay the mortgage monthly 

fitzykev

BarelySentientAI said:

You mean you want your widow to take over the mortgage on your death?

Yes that's right

Flugelhorn

she would be able to apply for a mortgage and be assessed to see if she can afford the payments - but TBH she would have a lot on her hands if you died, why not just continue the life insurance?

Emmia

Wouldn't it be better to own the house jointly, and have a joint mortgage on it if the intention is the survivor gets it?

fitzykev

Emmia said:

Wouldn't it be better to own the house jointly, and have a joint mortgage on it if the intention is the survivor gets it?

At the time of the aplication she had a bad credit score so the mortgage was applied under my name only. Her credit score has improved now tho. 

sheramber

fitzykev said:

Yes she would have enough to pay the mortgage monthly 

Remebr she would have all the running costs  for the house to pay aas well as any repairs/maintence.  She may not be able to work for a while after being bereaved.

Would the mortgage company agree she would pass their  affordability test?

What does she fell about the idea?

Hoenir

If you wife's credit rating has improved. Why not apply to change the mortgage into joint names. The issue of the property ownership would then at least be resolved. 

Mark_d

Hoenir said:

If you wife's credit rating has improved. Why not apply to change the mortgage into joint names. The issue of the property ownership would then at least be resolved. 

If I were you @fitzykev I would have the property (title deed) put in joint names.  You should also add your wife to the mortgage (her credit rating shouldn't matter as you can be pursued for any unpaid debts).

Would your wife be able to afford the mortgage payments, along with the entirety of all other bills, if something happened to you?

I have never paid for life insurance as I get a death-in-service benefit though my employer (4 times salary).  My pension fund would also pass to my partner if anything happened to me.  All my investments would also pass to my partner.