Life Insurance/Mortgage

Marian

started Jun 28, 2011 at 22:21

comment by David Kerr Jul 01, 2011 at 14:49

Hi Marian,

Good question - and the answer depends on whether you want to leave money to your family in addition to removing the potential financial burden of a mortgage.

Why? They cover different eventualities.

The Mortgage Protection policy is designed to pay off any remaining mortgage you may have in the event of your death. A Life Assurance policy is designed to pay an amount of money to your Estate, but is not restricted to paying off a mortgage.

More information can be found at the Citizen's Information website, which is an excellent resource:

http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_protection.html

Thanks for your question,

David.