Advice required please

LeroyBoyce

Hello,

I was always very lazy with money, and just set up Direct Debits without actually making my money work hard for me. That's all changing now.

So, a question:

I currently pay:
House Insurance
Life Assurance
Morgage Payment Insurance

Are they all compulsory? I am investigating whether I get Life Assurance at my firm I work for.

I'm pretty sure I am legally bound to have house insurance, and I see there is plenty of advice available for that, but for the other two, are they compulsory, what are good rates, and where can I compare?

Many thanks in advance...

Astaroth

You are probably contractually bound to have buildings insurance as this is standard for most mortgages - the contents insurance is certainly optional but many would say highly recommended.

Life assurance is possibly contractual

PPI is almost certainly optional

Remember that with many things that are contractual in a mortgage you may get charged an admin fee by the lender if you switch provider (supposidly to pay for them checking that your new provider is providing sufficient cover)

rossbenn

You dont mention what your personal circumstances are regards, partner or children.
If you died would anyone suffer financially?
Have you made a will?
Even if your firm does have death in service benefits attached to their pension like a lot of people you may not always work for that firm.
In that case the D.I.S. benefit would not exist.
And that could happen at a time when through no fault of your own you may be uninsurable through illhealth.
You have asked questions that really need more info before anyone could advise you but dont let that put you off seeking advice form an I.F.A.

LeroyBoyce

Sorry...

I live on my own.

I basically want to know if I can cancel my Mortgage Protection Insurance and Life Assurance.

If I can't as they are compulsory, I intend to shop around...

I believe there is a section on the main site regarding comparison sites...

Tim_Dodd_2

LeroyBoyce wrote:

Sorry...

I live on my own.

I basically want to know if I can cancel my Mortgage Protection Insurance and Life Assurance.

If I can't as they are compulsory, I intend to shop around...

I believe there is a section on the main site regarding comparison sites...

LeroyBoyce,

Astaroth has pretty much given you the answers here. However, a word of warning, if you are looking to shop around, it is wise to not cancel your existing policy until any new cover is signed sealed and delivered. Otherwise, you'll find yourself uncovered and in limbo.

There are plenty of articles out there on the web which explain whether you are suitable for life assurance or not. If you decide not to continue with it, see what life assurance protection you may get from your employer (as suggested). Also look at your family medical histroy as Critical Illness Insurance is something you may want to explore.