Mortgage Protection when trading up.

[cms]

We're in the process of selling up and buying a new house and have been told we have to have morgage protection in place. When we bought our current apartment we took out Dual life convertible term assurance which I believe covers the total amount of the mortgage on the apartment over the term of the mortgage.
My question is, do we now need to take out a new policy or can we just increase the amount and term of our current policy? We only took out the policy 2.5 years ago and the amount of the new mortgage has increased by €76,000.

 

[ClubMan]

According to a recent thread (can't find it at the moment) some life assurance providers may facilitate topping up an existing policy but normally one would need to take out new or additional cover for the increased amount so that the total LA assigned to the new lender adds up to the amount borrower. Talk to your lender and existing life assurance provide but bear in mind that you should also shop around independently for advice and cover and not take any hard sell that might arise.