Life assurance and payment protection - is this a bargain?!

fgjdoll

Hey everyone

When we took out our mortgage almost 2 years ago, our mortgage advisor organised our life assurance for us. We're now looking into the policy to see if we can find a cheaper one.

At the moment, we pay £21.47 a month. This is a decreasing amount which will cover paying off the mortgage should myself or my husband die or become terminally ill. Should my husband (who is the breadwinner) get made redundant/become sick long term, we will receive £911 a month towards our mortgage/loan repayments.

Is this a good deal? Am I going to beat this? Any ideas of who to get a quote from?

Thanks

stephenni1971

Impossible to tell how good your deal is without things like amount of mortgage cover, length of term.

Also you are talking about two completely different types of insurance here yet you only mention one payment.

At a complete guess, I reckon the £21.47 is your life cover. Is there a separate payment coming out for the ASU policy, which covers redundancy & illness?

Wutang_2

fgjdoll wrote: »

Hey everyone

When we took out our mortgage almost 2 years ago, our mortgage advisor organised our life assurance for us. We're now looking into the policy to see if we can find a cheaper one.

At the moment, we pay £21.47 a month. This is a decreasing amount which will cover paying off the mortgage should myself or my husband die or become terminally ill. Should my husband (who is the breadwinner) get made redundant/become sick long term, we will receive £911 a month towards our mortgage/loan repayments.

Is this a good deal? Am I going to beat this? Any ideas of who to get a quote from?

Thanks

Speak to your advisor. That sounds like 3 policies actually (long term sick?).

"Is this a good deal" - impossible to answer

Be careful though with the 'advice' on here - an adviser will factfind you and then recommend a product (s) rather than the usual "I got mine through X and its only £9.14 a month" pointless information