Life insurance to cover mortgage🤔

[Moomin8]

Hi peeps🙂

Hope this finds you smiling😊.

I have to sort my mortgage out and my current mortgage-linked life insurance is up - 25 years! As I now have RA, I'm finding it difficult to get a reasonably price mortgage-linked life insurance. I need it for the next 13 year max. Any suggestions for us RA peeps?

Thanks x

[Hidden]

Maybe you could call the NRAS Freephone Helpline: 0800 298 7650. Opening times: Monday to Friday, 9.30am - 4.30pm

[Moomin8 in reply to Hidden]

Thank you 🙂

[AgedCrone]

Look on quotacy.com.

[Moomin8 in reply to AgedCrone]

Cheers!👍🏻

[Moomin8 in reply to AgedCrone]

Is this a UK based company? It's asking for a zip code...

[AgedCrone in reply to Moomin8]

I really don’t know......just put your postcode & see what happens.

Have you tried simply googling life insurance with RA?

Failing that the PO do all sorts of health insurances.

[helixhelix]

Have you tried the usual comparison sites like this?

confused.com/life-insurance...

[Moomin8]

Thank you - I have. When I get as far as a call, it takes ages and eventually they ask and I answer "I have RA", so they say "No, sorry!"

[Recorder500L]

When my husband and I had a mortgage the Insurance Company increased our Insurance as if I was two years older than I actually was. it made little difference to the monthly payment. However the term of twenty years that we had a mortgage I expect it did. Take Care.

[Mall]

Do you need life insurance?. I have a mortgage and don’t have life insurance. If I die my inheritors can sell the property pay off what remains of the mortgage and use the remaining cash as they wish. Alternatively they could keep in the house and continue to pay a mortgage on it.

My mortgage is quite small now in relation to the equity in the property. If you have negative equity then maybe this may not be advisable. Or if it is a joint mortgage or you have dependents living in the property then this may not be appropriate. You did say you have been paying a mortgage for 25 years so should have equity.

[Olivefox]

I think you can review your insurance plan and get a lower interest rate. I think it can be done in some loan agreements, but I’m not sure about that. If you got your loan on the floating interest rate, you probably can change something. My friend was in a similar situation to yours. During the lockdown, he received only 80% of his salary. Obviously, he could afford both paying for his mortgage and feed his family. His wife is unemployed, and she stays home with kids. So, he is the only source of income in his family. At one point, they realized that they cannot afford to pay for the house anymore. They cannot sell the house either, because the market is bad for selling property right now. Luckily, he asked for assistance from Essexmoneyman.com and they helped him reduce the interest rate he pays for the mortgage.