You can't really consolidate life cover - you can usually only set up new policies. As such, you may be better leaving it as it is as realistically it's only ever likely to be more expensive as you get older.

Brian

That is a pretty complex question :) you should maybe talk to a financial advisor to make sure what desicion would be the best based on how much you guys are paying and seeing if remortgaging into one joint mortgage would be able to give you a lower rate. However, like Bigmatt says I can't see the cost going down that much. As for the critical illness I would say that it is always safe just in case because you never know what will happen. However it seems that you guys are still pretty young so if you don't want to pay it you could always reconsider taking it up when your at the point in your life where you might be a bit more illness prone. Here are some articles that might help you further evaluate your desicion if you don't want to resort to professional help.

Here are some articles on joint mortgages

http://www.bbc.co.uk/homes/property/moneyandlegal_mortgages.shtml#joint_mortgages

Here are some benefits on joint accounts and what it can do for you guys

http://uk.moneto.eu/investment/joint-accounts/benefits/

Hope this helps :)

Moderated -- To remove links contravening MS forum rules.

Personally I would stick with what you have - the Level Term Policies on the rented properties are good. You shouldn't be advised to Consolidate as unless the terms of the mortgage are the same then you couldn't consolidate anyway as the terms on the policy would not match the terms on the mortgage.

With regards to the individual policies on the joint house - personally I would leave the policies as they are - you will probably find that there is not much difference in cost in having a joint policy versus a 2x single policies and with 2x single policies you would still have one in force should there be a claim.

Is Critical Illness worth the extra payment - I would say yes. I would always recommend a client to take out the Critical Illness as long as they can afford it.

My fiance and I are getting married in December and I am reviewing our policies. Currently we each own one house in our own names that are rented and one jointly that we live in together. We each are paying individual policies to cover our rented houses (level term with critical illness as both are interest only mortgages) and we each have an individual policy on to cover the outstanding mortgage on our joint house (repayment mortgage). Would we be better leaving things as they are, consolidating things in our own names (e.g. 1 policy to cover the o/s amount on our individual rented house + the joint house amount) or should be take a joint policy for the full amount of the three houses. Also is critical illness worth the extra payments?

Thansk