Whole load of Insurance Questions

boomyanka

Hello, I am really hoping that someone here can help me with a couple of questions. March this year my girlfriend and I bought our first house, and a whole load of insurance policies with NAtionwide to cover a lot of different eventualities.

Income Protection for me, age 26 (£600 cover) - £28.39 /month
Income Protection for girlfriend, age 26 (£600 cover) - £22.53/month

These both come from Nationwide but I think are underwritten by Norwich Union, I cannot find any cancellation period notice to these.

So my first question is can I canel these and go with someone cheaper, and any recommendations of cheaper places that may be suitable, as I am sure that it is cheaper to get this part of my policy lower.

Secondly,

We took out level term life assurance,

Both of us - £161,400 cover, 25 years - £17.06/month.

Again is it possible to cancel this at any point, end of the year, or am I too late now that I am outside of my 30 days cancellation period, as again I think that it is possible to lower the monthly premium for the same level of insurance quite considerably. Also any suggestions of places to look for cheaper insurance will be appreciated.

Finally we also took out contents and home insurance, as far as I can tell this is a 12month contract, again with Nationwide unless people know differently. Anyway we pay

House (£102000 cover) - £16.68/month including accidental damage
Contents (£35000 cover with no real special items listed) - £16.98/month.

Does nayone have any suggestions of places to look to lower this and any ideas about cancelling policy within first 12 months, more than likely this will have to run till end of the year but any suggestions will be appreciated.

Sorry for a super long essay, if anyone needs more information to help us please do not hesistate to ask.

Many Thanks

Boomyanka

dwsjarcmcd

General answers are
1. Yes you can cancel the income protection polices without any charges. Only thing I don't understand is why the premiums differ for you both but you could have different cover.
2. As above. The cancellation (or coolling off period) is a regulatory requirement but as these policies have no cash value, there is no cost. One point, however, you shouldn't cancel the existing policy until you have new cover in place.
3. This will be a 12 month contract and I think you will probably need to pay the remainder of the premium, as it is in the first year.
With all 3 policies, 5 minutes on the internet will bring up hundreds of providers of these types of policies.

Hope this helps

BenL

We were sold the full lot as well with the Nationwide when we got our first mortgage.

After a few months and a chat with my parents we got rid of the income protection and the level term cover.

We kept the decreasing term cover and buildings/contents.

The Nationwide insurance for the house was good but we didn't bother with the accidental damage cover, we have never damaged anything so was a good decision.

You maybe able to do a mid term adjustment to take the a/d cover off and reduce the premium.

We are re-mortgaging at the moment and getting the same selling technique by a different bank. They make loads of money on these policies.

Ben