Help with Critical Illness and Life cover

Suzanne19

Hi

I am new to this site so hopefully I am posting this in the correct place. I am in talks with CCCS and am looking at starting an IVA, very very scared. In total we have 3 credit cards, 3 loans and 2 overdrafts amounting to £96,000. CCCS have advised an IVA and I am in the process of getting all the necessary documents ready for them to collect.

After doing the budget they have queried my Life Insurance and the cost of £209.60 per month saying that it should be about £40.00 a month. What I have in place at the moment is Death or earlier critical illness benefit over a 25 year term at £209.60 per month. We had a Financial Advisor help set up a remortgage about 6 years ago and this is something he put in place. I am know not sure if this is correct. I want to protect my mortgage repayments and also think I need some sort of Life Cover, does anyone have any suggestions.

Also it would be great to speak to people in the same situation as me or who are currently in an IVA or have finished one.

Many thanks all help will be greatly received.

Sue

bargainbetty

Go online and look at comparable policies, and you will find massively cheaper ones! This is a vast amount to be paying for insurance on anything.

Check the small print very closely as many mortgage protection schemes only start paying out 60 days after you have lost your job, or gotten sick etc. If you have any other loans, check it you have been sold payment protection insurance (PPI) and check your cards too. Much of this could be reclaimed, and you may be able to use that money towards your debts. No financial advisor should set you up on a policy like that - it's extortionate.

Best of luck x

Suzanne19

Many Thanks I will have a look know.