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MortgageLife Insurance
bod1964
Posts: 1 Newbie
Hi. I have an insurance with Scottish Provident that pays a lump sum that reduces over the life of my mortgage. I have repaid my mortgage 5 years early, is it prudent to cancel this policy and replace it purely with a death policy? I pay £67 per month.
I have also been told that cancelling a life policy effects my credit score, is this correct?
Any advice welcome.
I have also been told that cancelling a life policy effects my credit score, is this correct?
Any advice welcome.
0
Comments
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I have also been told that cancelling a life policy effects my credit score, is this correct?
Any advice welcome.
You have been misled. No detriment to your credit status if) when you cancel any insurance policy
As you no longer need cover to pay off your mortgage, then no need for this policy
Decide on whether you want life cover now and take it from there0 -
, is it prudent to cancel this policy and replace it purely with a death policy?
It may make sense to replace the life assurance with another life assurance policy if the old one no longer does what is needed for you. i.e. old one is a decreasing term assurance and you have a level term assurance need now.
It is difficult for us to say as we do not know your financial needs.I have also been told that cancelling a life policy effects my credit score, is this correct?
No. that is complete rubbish.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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