My Old Landy
Engineering Mayhem
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- 2,980
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- North Lincs
I was advised to take out a policy for my repayment mortgage and it covers for any condition not pre existing at the time. Mine had exemptions as I had some existing conditions. Fortunately my current predicament is caused by the medication for the existing condition and so the policy still stands.Yes, but I seem to recall one of the stipulations with that policy was they you were compelled to have life insurance cover with it - which was not the case with a “normal” repayment mortgage? I’m only going from my parents situation, as I’ve never had one myself - but when my dad passed away their endowment mortgage was paid off.
In fact a quick google suggests that endowment products are indeed sold by life assurance companies…quote below from a guide to endowments.
Endowment policies have life insurance built into the plans, but also act as a way to save money, as your premiums are invested by the company you pay them to, and you receive a payout once your policy matures.