Life insurance for mortgage policy

39steps

I'll finish paying my mortgage during the summer and wonder if I should stop paying for life insurance?

Are there any benefits or disadvantages to me in cancelling the policy? I'm single and have no dependents, closest relatives are nieces and nephews living on the US.

Dempo1

Congratulations re Mortgage.

Is your policy linked to your mortgage 🤔, my own is as in, it has three aspects to it, Mortgage protection, Life and critical illness, but its value decreases in line with mortgage balance and ceases when mortgage is cleared automatically.

Or is your Policy stand alone and maintain its value 🤔

I'll be in your position in a few years, single with no dependents and have had no contact with relatives ever (long story).

If you have a private life policy with Critical illness benefit, I would maintain it, if not and based on your circumstances, I wouldn't but this is a personal opinion.

I have however insured (Given my situation and no Dependents) a detailed will has Been drawn up.

New life cover, particularly with critical illness attached would be very costly at a certain age.

39steps

Thanks so much for reply, Dempo1, will check out policy details to see what exactly it covers as hadn't thought of critical illness cover and not sure if policy includes it.

Good luck with your own mortgage situation.

GRMA

Dempo1

https://www.boards.ie/discussion/comment/118905573#Comment_118905573

Thank you, yes Critical illness if you have it, so important to maintain, particularly as folks get older (not of course I'm suggesting you are 😊)

I'll unfortunately loose it when policy expires at mortgage end but its reassuring to know I have it for duration of mortgage. I did enquire about a new policy at mortgage end and quotes were eye watering.

I wish you well and congrats again.