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Paying off your mortgage but keeping the life assurance

davek
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This may seem a bit off topic but many of us move house to downsize and pay off our mortgage when we are first diagnosed as part of our efforts to get our lives in order.

A few years ago when we moved for reasons unrelated to cancer, I forgot to cancel the direct debit on the life assurance which covered the old mortgage. I'm so glad I did as this as is now additional life assurance that I'd be unable to take out as a new policy now that I have a cancer diagnosis. 

It would be worth considering doing this deliberately if you want to downsize but keep the life assurance for that inevitable rainy day.

 

Just a thought
Dave

 

 

  • That's a great tip Dave, thanks for sharing :)

    If anything else springs to mind, do let us know as I'm sure others in similar situations will appreciate the advice.

    Kind regards, 

    Steph, Cancer Chat Moderator

  • Offline in reply to Moderator Steph

    In case it helps - It is common now for life assurance policies to include terminal illness cover (TIC) as standard, which means a claim may be possible on diagnosis rather than on death. I discovered that for one of my policies (taken out 20 years ago to protect my mortgage), even though terminal illness cover wasn’t included, the insurance company were willing to consider terminal illness claims on a case by case basis. So if you have a life insurance policy and have been given a prognosis that is less than a year, it may be worth speaking to your insurance company to see whether you may be able to make a claim. 

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