Life Insurance

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mkem

Registered User
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Hi, just wondering about life insurance. I have an insurance policy on my mortgage which is quite expensive every month. However, I also have a life insurance policy which is more than twice what I owe on my mortgage. Would it be possible to use my work policy as cover. Thanks
 
I imagine you're talking about your death at work benefit. Not a very good idea at all. That is becuse you could lose your job, fingers crossed, and then you'd have zero cover and have the added headache of being older and finding it nigh on impossible to get life cover at a reasonable price (due to age/health problems)

How much is your mortgage, how much is the insurance. What type is it?

What you can do is switch to 'term' insurance, this is the type that reduces each year in line with your mortgage reduction and is the cheapest type of insurance. With your work benefits this is most likely all you need. But it does also depend on your family situation.
 
Policies provided specifically by employers for death in service are not assignable and would not be accepted by banks for mortgage cover!
 
Thanks for replies, think I'll look into a term type policy. Current policy seems expensive compared to our mortgage.
 
Life cover is usually quite cheap. Did you have your premium increased at the time of taking it out for medical reasons?

...or did you get it from a bank? A lot of people who got their life cover from banks got cover that increased over time instead of the cheaper version that decreases over time.

Steven
www.bluewaterfp.ie
 
mkem said:
Thanks for replies, think I'll look into a term type policy. Current policy seems expensive compared to our mortgage.
Click to expand...

And still you won't post the figures - mortgage amount remaining and how much your policy is covering and how much are the premiums. That way you'll get an idea if it is expensive. The actual name of the Insurance company and type would also be helpful. There are posters on here who work in that area and will immediately know what product you have.
 
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