I have a mortgage with NR that is 50:50 repayment/endowment (it's an old endowment that I carried forward in those heady optimistic days way back then ...)
The point is, I've just realised (D*uh!) that to cover a £100K mortgage, I have a £50K endowment policy assigned to NR (which includes £50K life cover) AND, as required by NR, term assurance for another £100K over the term of the mortgage. Doesn't this mean I'm over insured - and therefore overpaying - on this? Shouldn't I just have £50K endowment and £50K term assurance? Or am I missing some subtle point?
(I also have personal life cover for my family's benefit, but the above related to the property.) Thanks.
[To email go to my address and take out the dog...]