ihaveaquestion2
New Member
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Hello, I was hoping someone could help me with a couple of questions.
I'm aware that when it comes to mortgage protection prices there are 2 types:
1) remains the same price every month for the length of the mortgage
2) reduces in price as the principle goes down
I currently have the first. I asked my mortgage protection provider about this and they said that in the event of death
1) will pay beneficiaries the market value of the property
2) will pay the bank whatever is left on the mortgage
Is that correct?
Secondly, having thought about this I remembered that through work I currently have a Life Assurance policy.
Is it true that in the event of death 1 of these policies will be invalid, ie money would be paid only once? And if so would it be better for me to try to switch to 2) above?
Thanks for the help in advance.
I'm aware that when it comes to mortgage protection prices there are 2 types:
1) remains the same price every month for the length of the mortgage
2) reduces in price as the principle goes down
I currently have the first. I asked my mortgage protection provider about this and they said that in the event of death
1) will pay beneficiaries the market value of the property
2) will pay the bank whatever is left on the mortgage
Is that correct?
Secondly, having thought about this I remembered that through work I currently have a Life Assurance policy.
Is it true that in the event of death 1 of these policies will be invalid, ie money would be paid only once? And if so would it be better for me to try to switch to 2) above?
Thanks for the help in advance.