Life Life insurance, just sold house.

[Not_near_it]

Hi all.

So I just closed on my house sale which I had a life insurance policy for.
Do I now cancel the policy or can I leave it run for the sake of a few €€ per month.
I don't plan on buying again in the near future.

Thanks.

 

[Steven Barrett]

It depends on whether you need to provide a source of income for others should you die prematurely. If you do, do you have existing cover and is it enough?

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Ravima]

if it was a mortgage protection policy, cancel immediately as you cannot now benefit as there is no mortgage to protect! If it was a life assurance policy, then consider Stephen's reply above.

 

[Steven Barrett]

You can benefit from a mortgage protection policy when there is no mortgage.

Mortgage protection is a life cover plan that decreases in value over time. Once the mortgage is gone, the bank unassigns its interest in the policy and in the event of death during the policy term the amount of cover is paid to the estate of the deceased.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[Gerry Canning]

You can benefit from a mortgage protection policy when there is no mortgage.

Mortgage protection is a life cover plan that decreases in value over time. Once the mortgage is gone, the bank unassigns its interest in the policy and in the event of death during the policy term the amount of cover is paid to the estate of the deceased.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

........
Not -Near.
Might be a good time to review what insurances, cover ,pension etc you have,
Just a suggestion.

 

[Sumatra]

A mortgage protection is a form of life assurance and the policy can be kept if required even if you have no mortgage.