B
Bocht
Guest
I had a Life Policy including Critical Illness Cover on my 20 year term mortgage. I'm not well versed on Life Ins but I believe the policy benefit was to reduce in line with the mortgage outstanding. I moved home, redeeming that mortgage and taking out another, 5 years ago which at that point was 9 years into the mortgage & life policy.
I've only just realised I'm still paying the original life premiums, approx €40 / pm. I assumed this would have been cancelled when the initial mortgage was redeemed and thought the €40 monthly direct debit was in relation to my current mortgage but alas, no!
My question is whether this policy is of any benefit to me seeing the initial mortgage is no more.
If not, do these policies have any surrender value?
Many thanks.
I've only just realised I'm still paying the original life premiums, approx €40 / pm. I assumed this would have been cancelled when the initial mortgage was redeemed and thought the €40 monthly direct debit was in relation to my current mortgage but alas, no!
My question is whether this policy is of any benefit to me seeing the initial mortgage is no more.
If not, do these policies have any surrender value?
Many thanks.