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Giving up Life Assurance

  • 06-03-2017 7:03pm
    #1
    4Ad
    Registered Users, Registered Users 2 Posts: 2,765 ✭✭✭


    I am seperated for nearly 4 years and in that time I have being paying what I thought was Mortgage protection, as the title I have just realised it is for Life Assurance. I had no paperwork and only found out today after I had cancelled the standing order and they wrote to me. I'm paying 42 Euro a month. Just wondering do I need assurance ? Or is it in my intrest to continuing to pay ? If I die I certainly don't want my ex to gain, her name is on the mortgage (for now) we had no children either..
    Thanks


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Who owns the property?


  • #3
    4Ad
    Registered Users, Registered Users 2 Posts: 2,765 ✭✭✭4Ad


    Henry Ford III wrote: »
    Who owns the property?

    Both our names are on the mortgage. Im not 100% about the deeds as I owned the site and original cottage before I met her.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    4Ad wrote: »
    Both our names are on the mortgage. Im not 100% about the deeds as I owned the site and original cottage before I met her.

    If the policy is assigned to the lender you can't just cancel it.

    You can replace it however with a lower cost term policy. If this is the case DO NOT tell the lender what you are doing. They'll make it messy if you do.


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I'm surprised that after four years separation that you are still paying a joint mortgage. This policy appears to have been taken out in conjunction with your mortgage and it was a condition of the loan offer that you have mortgage protection. Is your ex buying you out and the mortgage to be transferred to your name only. If so you only need to take Mortgage Protection policy for the remaining balance owed and over the unexpired term in your name only.

    Before cancelling the policy you need to contact the Life Company to check if it is a Mortgage Protection policy (clears balance on either death) or a level term assurance (cover do not reduce) and once mortgage cleared who receives proceeds with a term assurance.


  • #6
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Wouldn't make any sense to give lender anything more than basic mppa in those circumstances.


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  • #7
    4Ad
    Registered Users, Registered Users 2 Posts: 2,765 ✭✭✭4Ad


    Hi, thanks all for the answers..I will give them a ring (now I know who they are) and let them explain the policy and cover to me.
    Hopefully the house will be in my name soon, waiting on Solicitors and court date and then I hope to pay off the mortgage so I wont need Life Assurance, I presume.
    I have no intention of telling my lender.
    Thanks again Folks.


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