Joint Mortgage with Insurances

gogsboy

Looking to get a joint mortgage and wonder what the best thing to do is with regards to life insurance.

I know you get level term and decreasing term but they seem to offer it individually, makes sense I suppose but what do most people opt for.

Is it best to secure a quote now rather than wait years where you are going to be higher risk and more than likely pay the price for it.

Thanks

herbiesjp

The younger you are, and the less medical history you have to put on the application the cheaper the policy will be.

You can have either a joint policy, or two separate policies

dimbo61

The difference between the premiums for level term and decreasing term are so little its best to have level term
that way as you paid off some of the mortgage your OH would get some extra money ( to help with the kids costs !! ) if the worst happened

gogsboy

Thanks for that, what do most couples go for?

They seem to be pushing the individual policy, never refered to anything joint as such.

I wouldn't have thought they offer joint.

You mean one policy in two names, that makes sense so why have they quoted individually

koexelek

gogsboy wrote: »

Thanks for that, what do most couples go for?

They seem to be pushing the individual policy, never refered to anything joint as such.

I wouldn't have thought they offer joint.

You mean one policy in two names, that makes sense so why have they quoted individually

Two separate policies pay more commission than one joint one.

To be fair though, it is not a bad thing to have one each, as long as it is still affordable

herbiesjp

Two seperate policies is better, than one policy to cover you both

On a joint life policy, if one makes a claim, the policy then pays out - but the partner then has no life cover (if they still wanted it). They would have to take out a new policy, based on being older and maybe having medical history to disclose.


Two separate policies, means if one pays out, the other policy is still in force for the other person.

The cost of taking out two, instead of one, is only marginally more expensive

You would have to make sure they are offering you the best provider for your needs though.

The fact they have not explained how the various policies could be set up does not bode well IMO

gogsboy

herbiesjp wrote: »

Two seperate policies is better, than one policy to cover you both

On a joint life policy, if one makes a claim, the policy then pays out - but the partner then has no life cover (if they still wanted it). They would have to take out a new policy, based on being older and maybe having medical history to disclose.


Two separate policies, means if one pays out, the other policy is still in force for the other person.

The cost of taking out two, instead of one, is only marginally more expensive

You would have to make sure they are offering you the best provider for your needs though.

The fact they have not explained how the various policies could be set up does not bode well IMO

They explained how they worked in a sense but could have been explained a bit better, however I have since questioned them since about a 'joint' policy and they said they don't do that.

Is this false or are some companies different to others in that respect

herbiesjp

A joint policy should be just as easy to get as two single life policies

Not sure why you have been told that