Life Two properties - life cover requirement ?

M

macsiulai

Guest
I have life assurance and serious illness cover with Irish Life on my principal residence with my wife.

Separately, I also co-own an apartment with a friend who lives in it with his partner and I have life assurance on that also with New Ireland.

Myself and my friend are treated separately and pay life assurance separately against.

The apartment came before what is now my principal residence and therefore I had to get life assurance against it at the time. My question is - am I obliged to continue and maintain the New Ireland life assurance against the apartment or can I cancel that ?

Appreciate any advice you can offer.
 
we are co-owners as distinct from joint owners. Therefore if I die then my half of the apartment goes to my next of kin and vice versa.
 
You are only obliged to have life cover on your principal, private residence. If you have informed the lender that the apartment is now an investment property (as far as you are concerned) then you can cancel the cover. If not I would be careful about doing so as they may want to revise your mortgage to an investment type rate. It might work out better for you to continue to pay the life cover and let sleeping dogs lie.


www.powerinsurances.ie
 
Thank you. Am I obliged to contact the lender or can I simply cancel the policy with the life assurance company?
 
You would need to tell the Mortgage provider as a matter of course. As for New Ireland well just stop paying them. Give them the Mushroom treatment. :p
 
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