Hi folks,
Quick question please...
Recently, we became lucky enough to be able to pay off our mortgage a good few years early.
We have 'Life home cover' as mortgage protection in place; so I thought naturally to contact the provider to cancel this policy (Irish Life).
However, they informed me that I could actually leave the mortgage protection policy in place (*Despite the mortgage having been paid off now and fully vacated).
i.e. continue the monthly payments for the next couple of years, as an additional cover/protection, should anything happen to my wife or I.
Is this standard/usual?
It just initially seemed illogical to me to have the Mortgage protection in place, given the absence of a mortgage now.
The value/benefit of the (if it was to be needed) Life Home cover is gradually declining over time, until the Life home cover policy ends I know.
We do have a separate "Life Insurance" policy in play also and the total benefit (for both lives) appears much smaller on this Life Insurance rather than on the Life Home cover; but the monthly payments are pretty comparable.
So, my question is - would this be usual to leave a mortgage protection policy in place (without a mortgage)?
Regards,
ru4n1.
Quick question please...
Recently, we became lucky enough to be able to pay off our mortgage a good few years early.
We have 'Life home cover' as mortgage protection in place; so I thought naturally to contact the provider to cancel this policy (Irish Life).
However, they informed me that I could actually leave the mortgage protection policy in place (*Despite the mortgage having been paid off now and fully vacated).
i.e. continue the monthly payments for the next couple of years, as an additional cover/protection, should anything happen to my wife or I.
Is this standard/usual?
It just initially seemed illogical to me to have the Mortgage protection in place, given the absence of a mortgage now.
The value/benefit of the (if it was to be needed) Life Home cover is gradually declining over time, until the Life home cover policy ends I know.
We do have a separate "Life Insurance" policy in play also and the total benefit (for both lives) appears much smaller on this Life Insurance rather than on the Life Home cover; but the monthly payments are pretty comparable.
So, my question is - would this be usual to leave a mortgage protection policy in place (without a mortgage)?
Regards,
ru4n1.