Life insurance When You Move House

mortgage life insuranceMoving house is a stressful time and their are lots of things to do like changing your address with banks, driving licence dept, schools and the list goes on. Usually when people move they move into a bigger more expensive house as their family grows and so maybe a mortgage of £150’000 is now £225’00’.

Would you current life insurance mortgage policy cover that if you died? The lump sum payout before for the house would have been just enough to pay off your old mortgage or house value.

When moving house you need to do a rain check on all your life cover polices to check what values they pay out and check whether they are for enough value to cover big debts like your mortgage, loans and expenses.

Some policies won’t let you change or add to them and so you would have to take out another life insurance policy to make up the difference for the value of your mortgage and debts.

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