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Can you keep your Life policy on if you pay your mortgage off early?
Yes, you can.
Hot Topics
- How long should I insure for?
- It makes sense to keep the insurance in place for as long as you have a mortgage.
- What happens if you need cover quickly in order to complete a house purchase?
- You need to take action now. Complete the quotation form now and within 24 hours ClickLife will phone and sort everyting out for you.
- How Much Should You Insure For?
- For mortgage protection purposes the initial sum insured must always equal the capital sum outstanding on your mortgage. You should also insure yourself for the same number of years that are remaining on your mortgage.
- How long should you insure for?
- For mortgage protection purposes you should also insure yourself for the same number of years that are remaining on your mortgage. The initial sum insured should always equal the capital sum outstanding on your mortgage.
- Should you have a “Guaranteed” or a “Reviewable” policy?
- A Guaranteed policy is usually better value overall but a Reviewable policy will be cheaper at the outset.
Whilst many people decide to remain insured through a normal Life Insurance policy, fewer decide to keep their Mortgage Life Insurance policy on. This is because with a Mortgage Life Insurance policy, the sum insured is steadily decreasing and, towards the end of the policy’s term, the sum insured may be very low and hardly worth keeping.
All payments from insurance policies are tax-free.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- What is mortgage life insurance ?
- What happens if you need mortgage cover quickly for a house purchase ?
- Is there any investment value ?
- When would normal life insurance be used in connection with a mortgage ?
- You want to ensure that your mortgage is paid off if you were to die or become seriously ill and could not work again. What sort of life insurance do you need?
- How much should you insure for?
- How long should you insure for?
- Should you have a “Guaranteed” or a “Reviewable” policy?
- Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
- Go to menu of Frequently asked Questions about Mortgage Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance