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    • bod1964
    • By bod1964 16th Apr 19, 9:29 AM
    • 1Posts
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    bod1964
    MortgageLife Insurance
    • #1
    • 16th Apr 19, 9:29 AM
    MortgageLife Insurance 16th Apr 19 at 9:29 AM
    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.
Page 1
    • Quentin
    • By Quentin 16th Apr 19, 9:53 AM
    • 38,637 Posts
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    Quentin
    • #2
    • 16th Apr 19, 9:53 AM
    • #2
    • 16th Apr 19, 9:53 AM


    I have also been told that cancelling a life policy effects my credit score, is this correct?


    Any advice welcome.
    Originally posted by bod1964
    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 there
    • dunstonh
    • By dunstonh 16th Apr 19, 9:53 AM
    • 97,994 Posts
    • 66,155 Thanks
    dunstonh
    • #3
    • 16th Apr 19, 9:53 AM
    • #3
    • 16th Apr 19, 9:53 AM
    , 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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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