Life Assurance/mortgage Cover Help Needed

49clare

Hi

We have the outstanding cost of our mortgage covered with our existing bank incase one of us dies, and this also covers critical illness.

As we are paying nearly £27.50 a month for this, I wondered if anyone hear can advise where to start looking for apropriate cover at a fraction of the cost?

I am not bothered about critical illness as my husband is registered disabled and we have tried to claim on our existing policies but he does not qualify.

We just want a pay-out of the mortgage amount of £55,000 if one of us dies. Can ordinary life assurance cover this amount???

Thanks

lisyloo

If you really aren't bothered about critical illness and your husbands disability is chronic rather then life threatening then you should look for standard life cover.
If you have a repayment mortgage and your main concern is paying off the mortgage then you could look at decreasing cover as this decreases in line with your outstanding mortgage capital.

I woud check out Martins articles on how to find life insurance.

If your husband disability (statistically) affects his life expectancy then that may be an issue so check that you can get the cover you want before cancelling your existing policy.

At the moment we have no info about the nature of his disability but some condition (like MS) do affect life expectancy and therefore make life insurance more risky for the insurer.

49clare

He has Rheumatoid arthritis so as far as i know it doesnt affect his life expectancy.