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Can you keep your Life policy on if you pay your mortgage off early?
Yes, you can.
Hot Topics
- What is Mortgage Payment Protection Insurance?
- Mortgage Payment Protection Insurance pays your monthly mortgage repayment if you were off work due to sickness, accident, or unemployment. (Don’t forget that your home is at risk if you fail to keep up the repayment of loans secured against it.)
- Should you insure for accident and sickness or accident, sickness and unemployment?
- The Mortgage Payment Protection policies we offer gives you the option of insuring yourself for:
- What happens if you need cover quickly in order to complete a house purchase?
- You need to take action now. Complete the quotation form now and within 24 hours ClickLife will phone and sort everyting out for you.
- Is there any investment value in your policy?
- No. Once the policy has come to the end of its term the policy simply ends. It’s a bit like house insurance!
- When would normal Life Insurance be used in connection with a mortgage?
- Term Insurance is another name for Life Insurance. Normal Life Insurance is used if you have an interest only mortgage.
Whilst many people decide to remain insured through a normal Life Insurance policy, fewer decide to keep their Mortgage Life Insurance policy on. This is because with a Mortgage Life Insurance policy, the sum insured is steadily decreasing and, towards the end of the policy’s term, the sum insured may be very low and hardly worth keeping.
All payments from insurance policies are tax-free.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- What is mortgage life insurance ?
- What happens if you need mortgage cover quickly for a house purchase ?
- Is there any investment value ?
- When would normal life insurance be used in connection with a mortgage ?
- You want to ensure that your mortgage is paid off if you were to die or become seriously ill and could not work again. What sort of life insurance do you need?
- How much should you insure for?
- How long should you insure for?
- Should you have a “Guaranteed” or a “Reviewable” policy?
- Will you have to pay a fee to your mortgage lender if you don’t buy your Life Insurance through them?
- Go to menu of Frequently asked Questions about Mortgage Life Insurance
- Go to menu of Frequently asked Questions about Critical Illness Insurance