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Direct Debit: Legal & Gen Mi C/L
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# 1
Fingerbobs
Old 07-12-2010, 9:14 PM
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Question Direct Debit: Legal & Gen Mi C/L

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 :-)
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# 2
zx81
Old 07-12-2010, 9:32 PM
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Life insurance.
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# 3
dunstonh
Old 08-12-2010, 12:25 AM
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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 a Financial Adviser. 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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# 4
Fingerbobs
Old 29-12-2010, 7:34 PM
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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.
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# 5
dunstonh
Old 29-12-2010, 8:29 PM
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Quote:
I feel a refund coming on.
I dont

Quote:
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 a Financial Adviser. 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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# 6
Fingerbobs
Old 29-12-2010, 8:49 PM
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Quote:
Originally Posted by dunstonh View Post
CI doesnt overlap in any way with income protection (whether PPI or PHI versions).
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.
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# 7
opinions4u
Old 29-12-2010, 9:17 PM
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Many CI policies have life assurance included in the cover. Before you ditch it make absolutely sure it is the right thing to do.
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# 8
dunstonh
Old 29-12-2010, 9:27 PM
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Quote:
Originally Posted by Fingerbobs View Post
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.
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 a Financial Adviser. 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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