Continuing MPP as Life Assurance

[lettermac]

Hi,

My folks are shortly due to pay off their mortgage on their PPR. They have no life assurance policy other than the mortgage protection policy they took out when they bought the house.

Ideally, I'd like them to keep on this policy as a life assurance policy. I'm not sure if they need to do another health check but I don't think so.

Is this achieveable?

Does it make good sense?

Many thanks,

 

[steveyd]

I think you should check out the terms of the life insurance policy, some life mortgage policies may only cover the value of the mortgage left on death, so if there is no mortgage balance, the life insurance payments may not be necessary. Other types of policy may be a life insurance policy for a sum assured and can be kept. But I would look into exactly ehat type of policy you have.