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    • Fingerbobs
    • By Fingerbobs 7th Dec 10, 9:14 PM
    • 290Posts
    • 58Thanks
    Fingerbobs
    Direct Debit: Legal & Gen Mi C/L
    • #1
    • 7th Dec 10, 9:14 PM
    Direct Debit: Legal & Gen Mi C/L 7th Dec 10 at 9:14 PM
    I have a monthly Direct Debit coming out of my account, for not an insignificant amount, labelled as "Legal & Gen Mi C/L" on my bank statement.

    Anyone know what this is? I presume it's something associated with my Nationwide mortgage, but I can find no documentation to give any clue as to what it is.

    Thanks in advance for any clues :-)
Page 1
    • zx81
    • By zx81 7th Dec 10, 9:32 PM
    • 7,471 Posts
    • 7,321 Thanks
    zx81
    • #2
    • 7th Dec 10, 9:32 PM
    • #2
    • 7th Dec 10, 9:32 PM
    Life insurance.
    • dunstonh
    • By dunstonh 8th Dec 10, 12:25 AM
    • 82,596 Posts
    • 47,686 Thanks
    dunstonh
    • #3
    • 8th Dec 10, 12:25 AM
    • #3
    • 8th Dec 10, 12:25 AM
    Nationwide are/were tied agents of L&G. They sold L&G life assurance, critical illness and income protection as well as L&G S&S ISAs.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Fingerbobs
    • By Fingerbobs 29th Dec 10, 7:34 PM
    • 290 Posts
    • 58 Thanks
    Fingerbobs
    • #4
    • 29th Dec 10, 7:34 PM
    • #4
    • 29th Dec 10, 7:34 PM
    Thanks all. It turned out to be a "Critical Illness" policy, for which I have no documentation and didn't know I was actually paying for. I can only assume everything's been going to my old address.

    Pretty sure I don't need this policy as I also have an Income Protection policy which would more than cover my mortgage repayments. I feel a refund coming on.
    • dunstonh
    • By dunstonh 29th Dec 10, 8:29 PM
    • 82,596 Posts
    • 47,686 Thanks
    dunstonh
    • #5
    • 29th Dec 10, 8:29 PM
    • #5
    • 29th Dec 10, 8:29 PM
    I feel a refund coming on.
    I dont

    Pretty sure I don't need this policy as I also have an Income Protection policy which would more than cover my mortgage repayments.
    CI doesnt overlap in any way with income protection (whether PPI or PHI versions).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Fingerbobs
    • By Fingerbobs 29th Dec 10, 8:49 PM
    • 290 Posts
    • 58 Thanks
    Fingerbobs
    • #6
    • 29th Dec 10, 8:49 PM
    • #6
    • 29th Dec 10, 8:49 PM
    CI doesnt overlap in any way with income protection (whether PPI or PHI versions).
    Originally posted by dunstonh
    Contracting a critical illness and being unable to work is just one way of losing your income. Income Protection covers that, and other eventualities. Critical Illness cover may pay out a lump sum to clear the mortgage in one hit, but do I need that *and* the Income Protection? No. One or the other has to go, and I prefer the idea of Income Protection.
  • opinions4u
    • #7
    • 29th Dec 10, 9:17 PM
    • #7
    • 29th Dec 10, 9:17 PM
    Many CI policies have life assurance included in the cover. Before you ditch it make absolutely sure it is the right thing to do.
    • dunstonh
    • By dunstonh 29th Dec 10, 9:27 PM
    • 82,596 Posts
    • 47,686 Thanks
    dunstonh
    • #8
    • 29th Dec 10, 9:27 PM
    • #8
    • 29th Dec 10, 9:27 PM
    Contracting a critical illness and being unable to work is just one way of losing your income. Income Protection covers that, and other eventualities. Critical Illness cover may pay out a lump sum to clear the mortgage in one hit, but do I need that *and* the Income Protection? No. One or the other has to go, and I prefer the idea of Income Protection.
    Originally posted by Fingerbobs
    Generically, you normally prioritise PHI over CI in the pecking order if the budget is restricted. PPI forms of income protection tend to offer lower levels of cover than PHI.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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