Life Life insurance

[Westy29]

Hi

Myself and my partner have dual level life cover (300K for each) until we are aged 65.

We took out the policy when we took out our first mortgage three years ago.
If we were to sell our house and settle our first mortage and subsequently take out a new mortage for a new property would this life cover suffice as 'mortgage protection' as long as it didnt expire within the life of the mortgage or was for less than the mortgage amount?

 

[StevieC]

Once the loan amount and term were lower (or equal) than the amount of cover and the term left on the policy, then the policy could be used to satisfy the lenders requirement for cover for a new mortgage.

You would also want to ensure that once the first mortgage was cleared that the lender released their assignment on the life policy before assigning it to a new loan.

www.CheaperLifeAssurance.ie