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Life Insurance and Home Mortgage

BailMeOut · 2019-06-16 13:12:21

Quick question before I call bank tomorrow. I am about to close on a new home and I have life insurance that would easily cover the loan amount should something happen to me. Can I use this instead of taking out a separate policy which the bank will require? Prefer to keep the policy I already have as the rate is really…

16-06-2019 2:12pm

#1

BailMeOut

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Quick question before I call bank tomorrow. I am about to close on a new home and I have life insurance that would easily cover the loan amount should something happen to me. Can I use this instead of taking out a separate policy which the bank will require? Prefer to keep the policy I already have as the rate is really good.

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#2 16-06-2019 5:13pm

phormium

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Provided it's for the full amount and term of the mortgage you are getting and is not assigned to anyone else or a death in service benefit then no reason why you can't use an existing policy.

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