Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • lrlrip
    • By lrlrip 2nd Oct 17, 3:05 PM
    • 584Posts
    • 2,226Thanks
    lrlrip
    First time buyer - Insurances required?
    • #1
    • 2nd Oct 17, 3:05 PM
    First time buyer - Insurances required? 2nd Oct 17 at 3:05 PM
    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.
Page 1
    • forgotmyname
    • By forgotmyname 2nd Oct 17, 3:47 PM
    • 26,238 Posts
    • 10,477 Thanks
    forgotmyname
    • #2
    • 2nd Oct 17, 3:47 PM
    • #2
    • 2nd Oct 17, 3:47 PM
    Get as many quotes as you can before you go and then decice what you want and whether they are overpriced.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Justice13075
    • By Justice13075 2nd Oct 17, 3:50 PM
    • 1,014 Posts
    • 425 Thanks
    Justice13075
    • #3
    • 2nd Oct 17, 3:50 PM
    • #3
    • 2nd Oct 17, 3:50 PM
    When you do decide to buy Insurances use a cashback site to get money back
    • dunstonh
    • By dunstonh 2nd Oct 17, 4:18 PM
    • 89,955 Posts
    • 56,657 Thanks
    dunstonh
    • #4
    • 2nd Oct 17, 4:18 PM
    • #4
    • 2nd Oct 17, 4:18 PM
    When you do decide to buy Insurances use a cashback site to get money back
    Originally posted by Justice13075
    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). 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 an Independent Financial Adviser local to you.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,697Posts Today

7,846Users online

Martin's Twitter