Life assurance question

mrbadexample

I am currently paying £17.50 a month for life assurance (taken out when I got my mortgage). I am single, and have no dependants at this time. So, when I'm dead, I'm not likely to be concerned about anything. At all. Ever.

Is there any reason why I shouldn't or couldn't cancel this policy?

Cheers,

MBE

whiteflag_3

no

What was the justification for selling you it in the first place ?

dunstonh

Does it include Critical illness cover or is it just pure life protection?

mrbadexample

whiteflag wrote:

no

What was the justification for selling you it in the first place ?

Err...first mortgage, completely clueless, I just did what the bloke told me....
Since I found this (great) site I've been attending to the much needed business of sorting my finances out. Is it something my lender (Northern Rock) will insist on as part of the contract?
Cheers,
MBE

mrbadexample

dunstonh wrote:

Does it include Critical illness cover or is it just pure life protection?

Yes, it provides critical illness cover, with the exception of "any disease or disorder of the spine, sacro-iliac joint or relating supporting muscles and ligaments" because I had a back op to correct sciatica 10 years ago. So basically, yes unless it's the one thing that is remotely likely to incapacitate me. :mad:

I reckon that if I'm critically ill (as they define it), then I'll have more to worry about than the house. They can have it - I won't care! (I'll probably be so messed up I won't even notice).

Cheers,
MBE

Gibblestick

It may well be a condition of the mortgage although it would be a bit unfair.
If you could no longer pay the mortgage, they'd repo the house anyway, so asking you to pay extra to insure the value of the mortgage (for their benefit, not yours) seems a bit OTT.
Check with the lender.