05
Apr
2016
A question about : Life cover
Hi, my partner and I have just bought a property together and we need to get a joint life cover insurance.
I currently have life cover for myself which is for a smaller amount which covered the mortgage on my previous mortgage. This was an a decreasing basis.
I'm not sure whether it is best to use cover the mortgage amount or whether to cover a bit more than this and whether level or decreasing is best.
Just wondered if anyone could give me any pointers?
Thanks
Best answers:
- We just want to do enough to cover the mortgage at the moment as we don't have any kids yet. So decreasing my be the right option for this then?
- Assuming the mortgage is a repayment type then decreasing term assurance would be the best suited option.
You may want to consider protecting your incomes as you have no other dependants as well? - Yes Income plans or PHI is best for your situation
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