Life insurance policies

Wftablueboy

Im looking for a bit of advice , it's just come to light that I've been paying 2 separate policies over the past 7 years . The first one was taken out through my bank 7 years ago in the form of ' home life cover ' and covers myself and the missus for 130k each . The second policy was taken out when we remortgaged 6 years ago , again it's a home life cover policy and covers us both for 185k each . Considering our mortgage is less than 185k am I paying too much ?? Also is it ok to have 2 of the same policies running at the same time ? We re both also covered on separate life assurance policies . The missus is getting that look in her eye thinking she could bump me off , pay off the mortgage and have the guts of 200k in her arse pocket ;-)) , any advice ??

dricko_lim

Run!

Wftablueboy

Running is not the problem , it's hiding ..... She comes from a large family ;-)

dricko_lim

regarding your situation speak to a broker, they offer free reviews of your cover and will set you straight. I work for a brokers in the industry and you can save alot of money sorting it out Just look for a financial services company in your area

phormium

There is no reason why you can't have two or even more if you want, whether you need them or not is another question. A full review of your financial situation is probably needed before you decide to cancel either of them, as suggested try a broker or financial adviser, not a bank's own adviser though.

Wftablueboy

Thanks for the replys lads , I've set up a meeting with an adviser as suggested . As both the policies were sold to me by the same bank I'm certin I should only need 1 of them..... Should save a few quid each month hopefully

Button09

I worked in life insurance, u would be paid out on the two policies in the event of either person dying, life home cover stops on maturity of the policy and u don't get any money back so if u need extra cash each month I would cancel one, up to u though..