First time buyer - Insurances required?

lrlrip
lrlrip Posts: 586 Forumite
First Anniversary Combo Breaker First Post
in Insurance & life assurance
I am a first time buyer and new build is ready next month.


My mortgage broker wants me in to discuss insurances etc.


I am presuming this is life insurance/income protection/mortgage protection. Do I need them all? I am a bit lost with it all and don't want to be ripped off if it is easy enough to do this on my own. I would like to work out myself monthly cost before going in to them.


Any help is much appreciated. Don't know where to start, sorry.

Comments

  • forgotmyname
    forgotmyname Posts: 32,551 Forumite
    First Anniversary Name Dropper First Post
    Get as many quotes as you can before you go and then decice what you want and whether they are overpriced.
    Censorship Reigns Supreme in Troll City...

  • Justice13075
    Justice13075 Posts: 2,008 Forumite
    First Anniversary First Post
    When you do decide to buy Insurances use a cashback site to get money back
  • dunstonh
    dunstonh Posts: 116,346 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Justice13075 wrote: »
    When you do decide to buy Insurances use a cashback site to get money back

    Not necessarily a good idea. The cashback is factored into the commission being taken. If you plan to DIY and not use the adviser, then going with a nil commission service (with no cashback) can be cheaper.
    I am presuming this is life insurance/income protection/mortgage protection. Do I need them all?

    We dont know your circumstances. So, its impossible for us to say whether you need them or not. However, the mortgage advsier is not allowed to recommend insurances that you do not have a financial need for.

    Is your mortgage broker a whole of market adviser (in all areas - not just mortgage), an IFA or tied to one provider (for example, L&G have a lot of tied insurance agents working in estate agents).

    IFAs and whole of market insurance advisers are fine. Tied agents are more expensive and can be lower quality. For example, L&G CIC plans are not that great in terms of coverage. If the agent can only put in place L&G then you wont be buying on the basis of quality.
    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.
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