A couple of months back I posted this in the mortgages section but didn’t get any responses so maybe this section is more appropriate.
Separate to my current mortgage life insurance policy I also have a term assurance plan.
I will soon be taking out a second mortgage.
Is it possible to assign an interest in my term assurance policy to the bank instead of taking out a third life policy?
The remaining term on the existing term plan is longer than the new mortgage term and the sum assured is five times the loan amount.
Thanks.
Separate to my current mortgage life insurance policy I also have a term assurance plan.
I will soon be taking out a second mortgage.
Is it possible to assign an interest in my term assurance policy to the bank instead of taking out a third life policy?
The remaining term on the existing term plan is longer than the new mortgage term and the sum assured is five times the loan amount.
Thanks.