Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • jctate3
    • By jctate3 16th Apr 19, 3:58 PM
    • 1Posts
    • 0Thanks
    jctate3
    Do I still need my life cover
    • #1
    • 16th Apr 19, 3:58 PM
    Do I still need my life cover 16th Apr 19 at 3:58 PM
    Hello, I am new to this and new to being quite good at managing money (although still not debt free) so looking for ways to save and cut monthly expenses. I am looking for advice about life cover for my mortgage. I borrowed 86 in 2000 for my mortgage and I took life cover incase I was critically ill and unable to make payments (or for my children to pay it off if I die). 3 years later I increased the mortgage to 124K to build an extension. As my cover was only for 86K I was advised to take additional cover for the rest - which I did. So ever since, I have been paying two policies, one to L&G and one to Aviva. However, the total owed on the mortgage is now down to less than the original amount (currently 74K) so I wonder if I should still keep paying the additional policy (it's 54 per month and theres no benefit unless I die or become ill but the original policy will cover whats owed)
    Last edited by jctate3; 16-04-2019 at 4:15 PM. Reason: to remove post
Page 1
    • dunstonh
    • By dunstonh 16th Apr 19, 4:06 PM
    • 98,002 Posts
    • 66,164 Thanks
    dunstonh
    • #2
    • 16th Apr 19, 4:06 PM
    • #2
    • 16th Apr 19, 4:06 PM
    Easy way to work out if you have a financial need for it is to look at what would happen if you died or suffered a claimable event.
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,479Posts Today

7,121Users online

Martin's Twitter
  • Have a great Easter, or a chag sameach to those like me attending Passover seder tomorrow. I?m taking all of next? https://t.co/qrAFTIpqWl

  • RT @rowlyc1980: A whopping 18 days off work for only 9 days leave! I?ll have a bit of that please......thanks @MartinSLewis for your crafty?

  • RT @dinokyp: That feeling when you realise that you have 18 days of work and only used 9 days of your annual leave! Thanks @MartinSLewis h?

  • Follow Martin