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Life Insurance after Mortgage Paid
Hi
I have been able to pay my mortgage off early, due to some inheritance (15 years early).
Currently there is a life insurance with critical illness running, that decreases which was attached to the mortgage.
I am thinking of swapping this to a life insurance policy, as I have no other debts, no partner and in several years my dependents will be self sufficient.
What are people thoughts on this? Anyone else done similar?
Thanks
Comments
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Get quotes for the life only cover… at the time you bought you CI almost all the premium will have been for the CI however you are now 10 years older and so Life cover is likely to be more than it was back then. Only when you know the saving can you determine if its worth it or not.
What would be the plans if you fell ill tomorrow and you never recover enough to return to work?
What do you need Life cover for now? Who's going to have financial difficulties if you die in 10 years time?
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