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Is there any investment value in your policy?
No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!
Hot Topics
- How much should you insure for?
- The rate you pay is charged per £100 of income you need. So, you should insure for the next £100 above the cost of your monthly mortgage repayment.
- How long should I insure for?
- It makes sense to keep the insurance in place for as long as you have a mortgage.
- You have an Interest Only Mortgage. What sort of Life Insurance do you need?
- You need normal, level cover, Life Insurance.
- Should I include Terminal Illness Insurance?
- Terminal Illness Insurance is generally included at no extra cost on all Mortgage Life, Life and Critical Illness policies.
- Will your mortgage lender accept a Life Insurance policy bought online?
- All your mortgage lender will want is evidence that your life is insured for the correct sum and term. A copy of your Acceptance letter will normally suffice but some lenders may want to see a copy of your policy.
If you want your policy to have an end value, you need a Life Assurance policy. Life assurance is different to Life Insurance. A Life Assurance policy combines a guaranteed sum insured with a form of investment. The longer you pay the premiums the more, all being well, your policy will be worth. However, the monthly premiums may be quite steep.
A Frequently Asked Question related to the above topic.
Click below if you wish to read it: -
- What is mortgage life insurance ?
- What happens if you need mortgage cover quickly for a house purchase ?
- Why are the insurance prices on the Internet so low?
- Can you keep on your life policy after you pay your mortgage ?
- When would normal life insurance be used in connection with a mortgage ?
- How much should you insure for? How long should you insure for?