When to commence Mortgage Protection

R

Renter27

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Apologies if this has been covered before , I'm just wondering can anyone tell me when you should commence the life assurance policy for a mortgage ?

I have arranged cover through a broker & paid in advance for the first year - but Im probably still a few weeks away from drawing down , contracts from vendor still not received by my solicitor yet . Do I try and synchronise the drawing down date with the commencement date as much as possible ? I understand that the cheque wont be handed over until my lender receives my policy ? Its probably more complicated as I didnt go with my lenders' life assurance .

I dont want my policy to start now when I have no loan to insure ! But I cant figure out when to tell them to start it , plus if its more than 30 days from offer of policy I may have to get more doctors letters etc .

Any suggestions/experience appreciated !
 
If you have a birthday coming up it might make sense to enact the policy while you are a year younger.
 
Synchronise as close as possible.

bank won't release cheque until they get confirmation that Life cover is in place.

30 days seems short ... you should at least have 3 months. Check again to see how long quote remains valid.
 
Thanks everybody . Dont have a birthday until april so hopefully I'll be ok on that issue.

The quote is only valid for 30 days , I'm not sure whats involved if I need to extend it , but I will hold off until i have a draw down date .

Thanks again people:)
 
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