Life cover increase

[justasking2]

My husband had a Tumour removed in 2007. At the time we had our mortgage frozen. As our life policy had been taken out with out Mortgage provider, they re-reviewed it. Our prepayments went from €94.00 per month to €183.40 per month. Also they would only cover for the next 9 years and not the next 19 being the life of the mortgage. When I asked what would it have cost if it had been Caner I was advised that they would not have covered him at all. After nine years they will seek new doctors reports and ammened accordingly. Not sure what type of policy we have but know that when I had looked in to changing it before I was advised by an independent broker that it was a very good policy and we should keep it. ( From what i undersdtand, both our lives are covered for the full amount of the original Mortgage ie should we both be killed the amount would be paid out twice ) Not sure if this is correct or is that in the norm on all life cover policies ???

Not sure if I should keep the policy going for myself and get a new one for hubby ???
Is there anywhere I could go to get the details of the policy checked out??

Not really sure what to do from here on

 

[StevieC]

It sounds like you have a dual life level term life assurance policy.

This is indeed a good policy but due to the term being short on the mortgage it wont cover you both for the duration of the loan.

Your policy document will tell you for sure what type of policy it is or if you ring the insurance company and ask them for a statement, they can confirm the type of policy you have.

If you are really concerned about the short fall in the term of cover, I'd advise you to propose with another company for the same amount of cover over the term you want on a dual life basis like you have already. It may be that you can get a new policy for the term of the mortgage elsewhere. Your husband may not be able to get cover but its worth trying in my opinion as if hes in good health now then you might be able to get the cover you want.

There is good offers available from discount brokers online, google "life assurance" and a list of them will show up. It costs you nothing to propose with another company other than the time to fill a proposal form and it would put your mind at rest if you could get cover for the whole term of the mortgage.