Self Assurance and Life Insurance - confused???

PennyPincher1979

Hi Forum,

I am trying to sort my finances out and reading this forum has helped. Although I am confused with many terms and how to takle each account. My wife and I have three accounts; 1) Self Assurance Mortgage with scottish Provident, 2) Life Assurance with Aviva for me and 3) Life Assurance with Aviva for the wife all sold by the same IFA.

So firstly,

1) Is Self Assurance Mortgage the same as this MPPI that people are reclaiming on and can I do that with this accound?

2) Are the Self Assurance Mortgage any different to what Life Insurance offers? -Do I actually need all three. I seem to be paying an awful lot per month.

Self Assurance - £15.
Wife Life Insurance - £25.
My Life Insurance - £25.

I just dont have this sort of money to spend anymore without any real justification. We are both early thirties.

Any help greatly appreciated.

Thanks forum.

dunstonh

1) Is Self Assurance Mortgage the same as this MPPI that people are reclaiming on and can I do that with this accound?

Self assurance is the marketing name Scot Prov had for their life assurance, CI and other insurances. I believe there was an MPPI element available on that contract.

However, it was monthly premium basis which is how MPPI should be set up. So, no grounds for mis-sale there if that is what you have.

2) Are the Self Assurance Mortgage any different to what Life Insurance offers? -Do I actually need all three. I seem to be paying an awful lot per month.

Self Assurance - £15.
Wife Life Insurance - £25.
My Life Insurance - £25.

Impossible for us to say. For a typical family, the amounts you are paying are not high.

Why dont you ask the IFA that set them up?

PennyPincher1979

Thank You dunstonh for taking the timeout to reply to my questions. A little clearer now thank you. I don't think I will continue with the Self Assurance program and will look elsewhere for Mortgage Protection if I feel the need arises.

On the life assurance I appreciate your comments and I'll leave that for the time being. - Is life assurance something like car insurance where you can change every year for a better price and still be insured?

Thanks once again.
PP

dunstonh

Is life assurance something like car insurance where you can change every year for a better price and still be insured?

No. Its priced on your age and health. Both of which deteriorate over time. There can be times you can improve pricing if you are still in good health but as you get older it gets less easy to as the cost is averaged over the term.

Before you make any changes you really need to know what you have first. The Self assurance could be life cover, critical illness, permanent health insurance (PHI) or MPPI/PPI. You could be stopping a PHI policy and replacing it with an inferior PPI policy.

PennyPincher1979

Thanks once again dunstonh. Greatly appreciated.

Carla_Wellborn

My husband and I are both 45 and have a Mortgage Self Assurance with Scottish Provident. We have just borrow to extend and our premiums have gone up to £104.33/month from £64. This seems a huge amount and I'm not sure if we could get cover cheaper elsewhere. Any advice?

[Deleted User]

Get some alternative quotes?

[Deleted User]

Thread is from 2010.