Mortgage Protection Ins

[mortgageqs]

Hi,

Just a quick question about Mortgage protection / Life Insurance. We already have a Dual Life policy for 300k with SI. We are ftbs and have bought a house on which the mortgage will be 257k. We don't want to use the existing policy to cover the mortgage (we have 2 kids), should we start a new policy solely for the mortgage or should we top up our existing policy?

Thanks

 

[Molly]

Theres no need to top up existing policy as theres sufficient cover with €300,000 on a mortgage of €257,000. if you do not want to assign this policy to a mortgage lender then you will have to take out a new one.

 

[ClubMan]

This thread might be of general interest in this context.