Confused by level term assurance

deepbreaths

Hi all
I'm new to the forum and I'm hoping to pick some brains!

I have level term assurance with norwich union (i took martin's :money: advice and went through cavendish two years ago).

Now I think we need to have a bigger sum in case the worse happens to me or my husband (or worse -both of us). We plan to move next year and get a bigger mortgage and child number 2 is due any day now.

I called norwich to see if I could increase the amount but apparently this is not allowed on my policy.

So my question is can I just go and get a quote for another policy and therefore hold 2 seperate level term assurance policies? or do I have to give up my norwich union policy and start again? are there any other options?

thanks in advance

deep breaths

dunstonh

NU life policies are not able to be amended. There are no guaranteed insurability options built into them. You could say that is one of the reasons they came out cheaper at the time.

So my question is can I just go and get a quote for another policy and therefore hold 2 seperate level term assurance policies?

you can have as many as you like.

or do I have to give up my norwich union policy and start again?

That is also an option that needs to be costed and compared.

Mum_of_3_3

You can take out another if you want to that brings your assurance up to what you want it to be or cancel the NU policy & start again. It would be worth getting quotes to see what works out best for you.

We have two life policies. One is decreasing (which is in line to cover our mortgage at any point) and the other is level term which would give the remaining partner enough to survive for a few years without worrying. They are with separate companies (Prudential & HSBC).

HTH

M_o_3

grogdog

totally agree with the previous poster , you shoulf ensure you are adequately covered for your mortgage on whichevr basis it may be ie interest only(level term assurance) or repayment ( decreasing term assurance), any other personal assurance should be seperate and on a level basis for the term you feel you require.

deepbreaths

thanks grogdog mumof3 and dunstonh.

Where would be the best best to get comparative quotes? would you still recommend Cavendish?

grogdog

if you post rough details of what you want we can give you an idea, ie age nb, smoker status,term and basis required.theni can send you my eamil address to complete case!!

only joking before anyone posts, put your details down and we will let you know cheapest available.