Life Insurance - Friends Buying Together

Sweet Pea

Registered User
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139
Hi,

I've bought an apartment with a friend - equal deposits, mortgage will be paid 50/50 etc. I am looking for life insurance quotes for myself. Our mortgage is €380,000 so effectively we have a mortgage of €190,000 each (although I know that we are both liable for the full mortgage should one person default on payments!).

I filled in an online quote request with one of the brokers mentioned on this site and asked the question 'would I need life cover for the full mortgage amount of €380,000 or just my share which is €190,000?'

I got a reply saying they were unable to quote as I required a level of advice they were unable to provide. They suggested contacting a financial adviser.

Does anyone have any ideas? Surely, I only need cover for my share of the mortgage i.e. €190K, as if she dies, her half of the mortgage will be covered by her own life insurance and vice versa?

Thanks
 
Hi

I would check with your specific lender to make sure what they require.
But generally you would have to take out a mortgage protection policy on the 380K.
1 mortgage protection policy in joint names to cover the 380K will probably work out the cheapest.


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