Life insurance - help needed

Norn-Iron

Hi everyone, we are in the process of looking life insurance for my common law partner and I, but really am unsure about a few things and hope somebody on here could possibly help or explain a little better.

We took out a 30 year mortgage for £88000 a couple of years ago, but have no life insurance. So now we are looking to get this and I have found Cavendish Online to be reasonably priced.

When applying it asks "How much life insurance cover do you want?" Can I ask if this simply means the value of the mortgage, in our case £88000?

Or you can choose "How much do you want to pay for cover each month?" Is this your monthly mortgage payment total? Sorry for sounding so dumb, just there are quite a few different types and it's a new field frankly.

All we would be looking is a decreasing life insurance for the term of the mortgage, which will pay out if one of us dies, just for piece of mind.

Again, sorry to be lacking in knowledge and your assistance will be greatly appreciated. Or if you can recommend anything then by all means feel free to do so.

Thanks again!

dunstonh

looking life insurance

Life insurance is the American phrase. The British call it life assurance. Unfortunatly, increasingly it is being called life insurance even by some companies. Rather than educate, they prefer to dumb down.

I have found Cavendish Online to be reasonably priced.

To be honest, I would have thought you found them to be best priced for life assurance (not so in pensions but here with life assurance they are).

When applying it asks "How much life insurance cover do you want?" Can I ask if this simply means the value of the mortgage, in our case £88000?

yes.

Or you can choose "How much do you want to pay for cover each month?" Is this your monthly mortgage payment total? Sorry for sounding so dumb, just there are quite a few different types and it's a new field frankly.

That option should only be used when you are buying life cover on a limited budget. Mainly for family protection. Not mortgage protection.

Norn-Iron

Hello dunstonh, thank you on both counts for your help and assistance. I do agree, Cavendish Online are the best priced that I have found for life assurance. If I run into any more difficulties then I'll know where to look for the answers.

Thanks again!