mortgage repayment insurance

issywissi

I have a mortgage of 16 thousand 700 pounds (sorry nopound sighn on my computer)and I am paying 49 pounds a month as insurance cover against death, can I try and get better deals on my own? or does this sound a reasonable amount? After 26 years of The Halifax which I loath with a passion! I hate the thought of them getting even more money out of me then they already have. would like anybodys help

VIGILANT22

If you're insurance was arranged 26 years ago and you wanted to arrange new insurance today, you are 26yrs older therefore your premiums would possibly be higher, your health may have changed etc....nothing wrong in asking a whole of market mortgage adviser for a quote ...I feel at that price yr policy will be covering more than death unless you are a smoker, have health issues...it could inc critical illness...many of the new policies have exclusions that the old one's covered...so be careful if considering changing

SLAMMER_2

issywissi wrote: »

I have a mortgage of 16 thousand 700 pounds (sorry nopound sighn on my computer)and I am paying 49 pounds a month as insurance cover against death, can I try and get better deals on my own? or does this sound a reasonable amount? After 26 years of The Halifax which I loath with a passion! I hate the thought of them getting even more money out of me then they already have. would like anybodys help

type life insurance in google and get a quote on what you have left on your mortgage for the term you've got left for the cover you want.

Then you'll get an idea of whether you are paying too much or not.

VIGILANT22

SLAMMER wrote: »

type life insurance in google and get a quote on what you have left on your mortgage for the term you've got left for the cover you want.

Then you'll get an idea of whether you are paying too much or not.

This is not a comparison as:

The older you are when you start life insurance the more expensive it will be

SLAMMER_2

but it will tell him if he's paying over the odds for the amount of cover he's got at the moment, surely?

That is the only way you can do it, unless you can rewind the clock 26 years and get a quote from then, which would be no point in doing.

how else will the chap be able to tell if he's paying to much for his current life insurance, or whatever policy he has.

VIGILANT22

refer to my 1st post......

dunstonh

Its a bank insurance policy. He will be paying over the odds. Although time/age is going to be an issue.

SLAMMER_2

VIGILANT22 wrote: »

refer to my 1st post......

why can't he just get a quote for himself off the internet to give him a guide. Then seek advice afterwards?

What would a whole of marked advisor do that he couldn't do himself after my suggestion.

Genuine question.

g_attrill

Just a hint to issywissi - to get a pound sign hold down the left Alt key and type 0163 on your numberic keypad (on the right), then let go of the Alt.