Hi,
I was searching for an answer in other posts but I couldn't see the exact scenario and I just wanted some advice.
I took out a mortgage on an apartment in 2006 and got a reducing mortgage life cover with accelerated specified illness cover. There is approximately 300,000 left on the policy.
If I sell the apartment in the next few years and completely cover the remaining amount left on the mortgage, can I continue to hold the life/specified illness cover? In essence , do I have to cancel the life cover when the mortgage it was taken out on has been paid off?
Thanks very much in advance,
Barry
I was searching for an answer in other posts but I couldn't see the exact scenario and I just wanted some advice.
I took out a mortgage on an apartment in 2006 and got a reducing mortgage life cover with accelerated specified illness cover. There is approximately 300,000 left on the policy.
If I sell the apartment in the next few years and completely cover the remaining amount left on the mortgage, can I continue to hold the life/specified illness cover? In essence , do I have to cancel the life cover when the mortgage it was taken out on has been paid off?
Thanks very much in advance,
Barry