Do I still need these once mortgage paid off?

moomi

Hi, just double checking that when our mortgage is paid off, we won’t need to pay :

• the mortgage

• any overpayments

• accident & sickness insurance

• unemployment insurance

But we would still need Life Assurance? This would need updating anyway as the current policy expires in July this year. Thank you 

user1977

Depends what financial position the survivor is likely to be in if the other dies. You might not need it, but it could be handy to keep. Was it only for the original mortgage term?

Veteransaver

Obviously you won't need to pay any more mortgage payments
You don't have to have life insurance, unemployment insurance or sickness insurance anyway as part of a mortgage, but it's up to you whether you carry on paying them.

grumpy_codger

moomi said:

Hi, just double checking that when our mortgage is paid off, we won’t need to pay :

• ...

• accident & sickness insurance

• unemployment insurance

But we would still need Life Assurance? 

In fact, all the above are optional and none of these were required for your mortgage. You either need them or don't need regardless - if you rent a house or have it mortgaged or own outright.

Nearlyold

It's up to you what protection products you buy. 

I'd suggest running through some "What If" scenarios in regard to one or other of you dying or becoming long term sick etc.and the impact that would have in terms of family security.

Brie

My parents kept their life assurance even after they were reasonably well off but my siblings and I were still in education.  Once we were all working they stopped their cover and got sickness/accident cover for us instead.  

FlorayG

You're not required to have life assurance, I've never had any.
In fact, once you own the house outright, you're not even required to have buildings insurance ( although of course it would be a bit silly not to)

grumpy_codger

FlorayG said:

In fact, once you own the house outright, you're not even required to have buildings insurance ( although of course it would be a bit silly not to)

AFAIK, even insurance isn't required by all banks. At least my friend doesn't have it and says that that his lender doesn't require it.

user1977

grumpy_codger said:

FlorayG said:

In fact, once you own the house outright, you're not even required to have buildings insurance ( although of course it would be a bit silly not to)

AFAIK, even insurance isn't required by all banks. At least my friend doesn't have it and says that that his lender doesn't require it.

Sounds more like your friend has misunderstood something. I've never heard of a mortgage lender deciding they don't care about buildings insurance.