I wasn't sure if this would be better in the insurance section or here.
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.