Hi all,
I took out a 35 yr mortgage in 2006 (age 29), in my name only. For mortgage protection I opted for a 35 yr level term assurance policy with Hibernian (now aviva). Policy due to run until 2041, when i would be 65. Premium is 440 pr annum.
House is now sold and mortgage has just been redeemed. I am now living abroad so have no other property or mortgage in Ireland - though am still tax resident in Ireland.
I was going to simply cancel my mortgage protection but then, realising it is a level term policy, I could have the option to keep paying the premiums and keep it as a general life assurance policy (also possible to convert).
I have a mortgage abroad with associated mortgage protection, I am married with kids but have no other specific life policy. I am paying into a public sector pension, so survivor's pension etc for my wife in case of death.
Looking for any thoughts on whether it could make financial sense to keep the term policy? What are opinions in general on value of having a term life assurance policy?
Thanks in advance
I took out a 35 yr mortgage in 2006 (age 29), in my name only. For mortgage protection I opted for a 35 yr level term assurance policy with Hibernian (now aviva). Policy due to run until 2041, when i would be 65. Premium is 440 pr annum.
House is now sold and mortgage has just been redeemed. I am now living abroad so have no other property or mortgage in Ireland - though am still tax resident in Ireland.
I was going to simply cancel my mortgage protection but then, realising it is a level term policy, I could have the option to keep paying the premiums and keep it as a general life assurance policy (also possible to convert).
I have a mortgage abroad with associated mortgage protection, I am married with kids but have no other specific life policy. I am paying into a public sector pension, so survivor's pension etc for my wife in case of death.
Looking for any thoughts on whether it could make financial sense to keep the term policy? What are opinions in general on value of having a term life assurance policy?
Thanks in advance