Getting a mortgage, related insurances question

stu__2

Hello!

First poster and its a pretty big question, although I'm involved in one of the biggest decisions in my life so far...

I've had an offer accepted on my first place(buying on my own) and I'm now sorting out my mortgage. I'm ok with that part, but what bewilders me a bit is the range of insurances on offer.

I've spoken to London and Country and an Independent Broker who both recommend their own critical illness, redundancy cover, and mortgage protection insurance(I'm sure there's probably other insurances i'm forgetting).

I'm guessing the most cost effective way to get this type of cover is sort it out yourself and not let those guys cream their commission from whatever companies they are in bed with.

Does anyone have recommendations of companies/policies in these relevant area's. I've seen bit's and bobs in posts in this forum, but nothing that immediately lists everything I need.

Cheers,
Stu

ACG

Hi,

There are a few types of insurances they may try to sell you.
Life Cover - pays out a lump sum if you die. This is only useful if you have a wife/partner and/or kids. It allows them to pay off the mortgage and stay n the house.
Critical illness - Similar to life cover but pays out if you get one of the illnesses listed (cancer, Heart attack etc).
Mortgage Protection - Pays your motgage if your made redundant for a maximum of 2 years.

the other is Income Protection - this will pay you a monthly figure to help with bills if your unable to work. Usually a percentage of your income.

as for best companies there are a few decent companies. I would recommend going with an advisor. It doesnt cost you much in commision and your getting the advice and your are covered if its bad advice.

stu__2

thanks for the reply. When you say get an advisor, I guess you mean someone other than the two mortgage brokers I have, and a specialist in the field?

ACG

No, one of those will do.
There are just so many benefits of going with an advisor over doing it yourself, especially if your not entirely sure what the different insurances are.


Tony