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Life insurance for Mortgage
42109
Posts: 3 Newbie
I am looking to change my life insurance company. I am currently with Virgin which is working out quiet expensive. Anyone have ideas of cheaper companies to try?
Cheers
Mark
Cheers
Mark
0
Comments
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Depends on your age, term, add-ons and what day of the week it is.
I quote term assurance nearly every day and the cheapest company can be different each time. A few come up more than others but that doesnt mean they would be the cheapest for what you are after.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Can you do a quote for me then?0
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A friend of mine has just been offered a mortgage with HSBC, as part of the deal she has been told that she needs to take out life insurance through them for the first 2 years before being able to shop elsewhere, can they enforce this or have you the right to get your life insurance anywhere at any timestay lucky!
Steve.0 -
I was under the impression that this sort of selling was against the mortgage guidelines.
Its funny that its 2 years as that just happens to match most providers commission clawback period.
She should tell them that they either want the mortgage which will earn them around 2.5 times the amount being borrowed over the term or a small life policy that will earn them a couple of hundred pound.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for the reply DD, unfortunately she is not in a position to fight back to much as they were the only people that were prepared to lend her the money. Her family moved to the UK under the highly skilled migrant workers from the Philippines and has only been in the country 3 years, HSBC were the only bank that would take into account her husbands earnings as he is working here on her work permit.stay lucky!
Steve.0
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