Mortgage Decreasing Term Life Assurance (help)

dentist79

Hi,

When I took out my mortgage I took the Mortgage Decreasing Term Life Assurance that the bank offered me. I was wondering if I am tied into this (thinking probably not) and if I were to shop around where would you recomend. I just feel what I am paying is expensive, £70. Please help.

stephenni1971

There is no way of telling it is expensive without knowing the sum assured, term and whether the premiums are reviewable or guaranteed.

Is it for life cover only or life and CIC?

dentist79

Thanks,
From looking at my policies I have one that says Decreasing Term Assurance with Life Cover for £12.28p/m and one that says Decreasing Term Assurance with Critical Illness and Life Cover for £54.77p/m. I took these out December 2006. Now I'm wondering why there is two of them?:o

dentist79

To ExpertAdvice,
I can't PM due to me being a new poster (1 an hour apparently) so 1. Joint
2. Yes, 3 (3,5,7)
3. 31 & 32.

stephenni1971

Rather strange to have two decreasing policies...

stephenni1971

dentist79 wrote: »

To ExpertAdvice,
I can't PM due to me being a new poster (1 an hour apparently) so 1. Joint
2. Yes, 3 (3,5,7)
3. 31 & 32.

To Expertadvice...

You shouldn't be PMing on here

Dentist - please be aware that ExpertAdvice name and what he says may not necessarily be the same thing...

stephenni1971

Assuming your health is still the same, it is quite possible you may be able to change your cover and improve on your outgoings. This is because banks are quite an expensive route for insurance.

What is most important is that you make sure if you change you do not move to an inferior product, which has terms more restrictive than the original. That said if you have to save money then you may have to compromise on your level of cover to make the savings.

Bear in mind also that it is not just a case of looking at your mortgage cover - if you are married and with a family then protecting them should be just as important. Also you would not believe the number of people who only insure one partner in the family - just because the other does not work.

Lots of things for you to consider...

dentist79

stephenni1971 wrote: »

Assuming your health is still the same, it is quite possible you may be able to change your cover and improve on your outgoings. This is because banks are quite an expensive route for insurance.

What is most important is that you make sure if you change you do not move to an inferior product, which has terms more restrictive than the original. That said if you have to save money then you may have to compromise on your level of cover to make the savings.

Bear in mind also that it is not just a case of looking at your mortgage cover - if you are married and with a family then protecting them should be just as important. Also you would not believe the number of people who only insure one partner in the family - just because the other does not work.

Lots of things for you to consider...

Thanks for taking the time to give your thoughts.
Ta