How to get cheaper life assurance for my mortgage?

apples1

Hi,
What is the best way to search for cheaper life assurance? I have a joint mortgage with my husband. Our joint Life !!!!!! is currently with our mortgage lender (nationwide). Is there a simple way I can type all our details into a website and be given the cheapest place to go - bit like car insurance?!

Also is cheapest ok for this cover? I bet I'm paying over the odds but have put off changing it as its one of those things I don't really know much about. I undertand its a requirement of the mortgage & it would pay out to pay off the mortgage if one of us died and thats about it!

Any simple guidance would be much appreciated. Thanks in advance.

village_life

for one - i think your probably getting stung JUST BECAUSE you've tied into your mortgage lender... i know its easy but there are SO many companies that offer Life insurance -

i got quoted £32 by my mortgage adviser for Life Assurance - subsequently found a policy for £9.50 - its underwriten by a major insurance name, and its the same terms (at a high level) than the one my MA gave me

death is death - its hard for the underwriter to back out of i guess ;-) just make sure you fill in the medical sections VERY cLEARLY - myself and my fiance had some specific health issues to declare, so made sure we spelled it out to them....

Try confused.com for a start - i think they run an agent to check the major brokers, then its the joy of google -you'll find LOADS of suppliers....

PS - whats to say Nationwides policy is better than any others ;-) you could be paying over the odds for something rubbish!

tanith

Apples, I too had a joint mortgage with my husband from Nationwide.. just saved myself quite a bit by getting a better deal from them , fixed rate for 5yrs.. and also am in the process of changing the Decreasing Life Assurance via the helpful links on here... I was paying £43+ with Nationwide and my new quote is for £27 quite a saving over the year.... its taken a bit of time and effort to change but its been worth the effort... I am just waiting for some more paperwork to come through as I had some health issues , we all have differing criteria to work to and I am sure someone will come along with just the link you are looking for..... I haven't worked out how to do that yet.... silly me

Good Luck

tanith

regularsaver1

apples you say above that you believe it to be a requirement of the mortgage - this is not the case. It has to fit your needs

apples1

I thought it was a requirement of having the mortgage that we had life assurance? I'll check but pretty sure that was the case. Or did you think I meant it was a requirement that it had to be with mortgage provider. If you did, then sorry I wasn't clearer - I knew it didn't have to be with Nationwide but did think we had to have life assurance.

Would still love a "quick" way to shop around or some suggested good value companies if anyone can help.

dunstonh

Would still love a "quick" way to shop around or some suggested good value companies if anyone can help.

Any IFA can shop round for you. Some IFAs have website quote portals and offer discounted premiums if you buy it yourself (with no advice). Two most common named companies on here are Hargreaves Lansdown and Cavendish.