Mortgage Life Assurance help needed

49clare

I am hoping to pay off my mortgage earlier than the 19 years i've got remaining.

We are hoping to complete in 6 years.

I am shopping around for a new life assurance quote to cover the existing mortgage in case on of us dies. Can and should I alter the number of years i wish to cover to last for? I understand the risks incase we dont meet our targets but theres no way we need it for 19 years.

What is the difference between ordinary life cover and mortgage life assurance???

Help needed and greatfully received...

lisyloo

Can and should I alter the number of years i wish to cover to last for?

You often cannot alter policies, they aren't flexible.
So it might mean cancelling an exisitng policy and getting a new one.
You are now older so depending on how long you've had it, the new policy could be more expensive.

I understand the risks incase we dont meet our targets but theres no way we need it for 19 years.

By all means shop around, but if policies are now more expensive (because you are older) then why not just continue with it and cancel it when you have paid off the mortgage.

What is the difference between ordinary life cover and mortgage life assurance???

Not a lot really.
Both pay out if you die.
Many people (like yourself) want to have their main and biggest outgoing covered, but you can have life cover for the preiod and amount of your choosing.
For some people (with children perhaps) then they might feel they need more.
So the only difference is that the latter is normally matched to the mortgage term and amount.