Mortgage protection

Hi,
We purchased apartment a few years ago, got mortgage with CAM. Have people got mortgage protection policies with their mortgage where if person dies, mortgage paid off? I can't seem to find any reference to it, and nothing was said to us at the time.

There doesn't appear to be the same requirement for this in Spain. Basically up to you to have funds to pay off mortgage should the situation arise.

We took out a whole of life policy in Britain for the amount and term of our mortgage and informed our daughters that was what it was for. Bank didn't even want to see a copy.

Liz

There is no need for Life cover in Spain, or in the UK for that matter, although its recommended.

A simple decreasing term assurance plan from one of the comparisan sites (moneysupermarket, gocompare etc)will be your lowest cost option, or speak to your financial adviser.

Hi,
Can you get a mortgage protection policy for 3 people as I opjointly own apartment with 2 others? Any companies recommended for this?

It is possible but you would each be better taking your own plan, it's not that much more expensive and there is potential for 3 payouts. Plus if something happens to one of you, the remaining 2 can continue with their plans if they like.

The plans can be written in trust, so the money is paid directly to the beneficiaries without forming part of the deceased estate and so there is no potential inheritance tax liability. Having personally delivered life assurance cheques to widows I wold say that you can't have too much life cover!

Thanks for all replies