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Mortgage Repayment Life Assurance
speedy_gonzales
Posts: 414 Forumite
Morning
I wonder if someone could confirm i am quoting for what i actually require.
I have entered the following into Cavendish Online:
Decreasing Term Assurance
Individual
Death Benefit Only
Monthly
20 Years
£100000
Guaranteed Only
Waiver = None
top 3 premiums returned are Aviva - £5.00 / Bright Grey - £5.00 / Axa - £5.27 All cavendish online fee based.
Now i am a 35 year old who stopped smoking 3 months ago but for the purpose of the quote i am a smoker. married with 2 kids and a £99,000 mortgage.
What i want to know is if the selection i have detailed above is the correct one to payout an amount to clear the mortgage should i peg out in the next 20 years. I have other life/ critical insurance through work to provide spending money for the family - all i want is the mortgage sum covered.
The reason i ask is that i am currently paying £7.38 a month to Scottish Widows for £22500 cover on a previous mortgage and the cavendish quote seems very cheap.
Help very much appreciated.
I wonder if someone could confirm i am quoting for what i actually require.
I have entered the following into Cavendish Online:
Decreasing Term Assurance
Individual
Death Benefit Only
Monthly
20 Years
£100000
Guaranteed Only
Waiver = None
top 3 premiums returned are Aviva - £5.00 / Bright Grey - £5.00 / Axa - £5.27 All cavendish online fee based.
Now i am a 35 year old who stopped smoking 3 months ago but for the purpose of the quote i am a smoker. married with 2 kids and a £99,000 mortgage.
What i want to know is if the selection i have detailed above is the correct one to payout an amount to clear the mortgage should i peg out in the next 20 years. I have other life/ critical insurance through work to provide spending money for the family - all i want is the mortgage sum covered.
The reason i ask is that i am currently paying £7.38 a month to Scottish Widows for £22500 cover on a previous mortgage and the cavendish quote seems very cheap.
Help very much appreciated.
0
Comments
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he reason i ask is that i am currently paying £7.38 a month to Scottish Widows for £22500 cover on a previous mortgage and the cavendish quote seems very cheap.
£7.38 for 22.5 suggests you have bolt ons, such as critical illness cover. If you bought it through a bank as well then it would be a lot more expensive.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
£7.38 for 22.5 suggests you have bolt ons, such as critical illness cover. If you bought it through a bank as well then it would be a lot more expensive.
Thanks for the reply.
No bolt on's just a standard life policy. In your view is what i have selected on the Cavendish site correct for my requirements?0
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