Assurance cover

Latsie

Last year I got married (we are both aged 34 and healthy). Recently we have had our first child. We have a mortgage, but no mortgage assurance. Can anyone give me some advice as to what policy I need because as the main earner in the family I also have no life assurance cover either. Should I seek a financial adviser?

ACG

Nobody will give you "advice" on an open forum.

However in general terms you will probably be looking at:
Life Insurance/Assurance on a decreasing basis to cover your mortgage.
As you are the main earner you should also consider Income Protection for you as a bare minimum. You may even want the same for your partner as well.

Latsie

OK thanks ACG.

On the plus side I am in my mid 30s and debt free (having paid for my wedding and also 20% deposit for my house), but on the downside I have no life assurance, no will, no pension, no income protection and also I want to set up an Investment trust savings plan. Would a financial advisor be able to help me with all these areas ?? If so, it would be worth his fee presumably.

ACG

I would hazard a guess if your doing a pension, life insurance, Income protection and a savings trust...he/she may just be prepared to waive their fee - they get commission from the companies. Although you can ak to pay by fee instead.

Get yourself on unbiased.co.uk and you will find someone im sure.

Latsie

Thanks ACG. The internet has many downfalls - but when you can ask questions that you feel stupid asking and get a decent response its a great thing.

dunstonh

May well be cheaper to do fee basis rather than commission basis. Then collect the fee via the pension so you get tax relief on it.

Latsie

Ok many thanks

Annisele

For the will you probably want a solicitor. As you're married the intestacy rules *might* do what you want, but I think it's worth thinking about whether they do or not. You also might want to think about who you'd want to act as guardian for your child.

I hope you won't mind a quick plug for Will Aid; that's coming up in November.

ACG

Annisele wrote: »

For the will you probably want a solicitor.

I was debating mentioning this.

Anyone can do wills. Ive done some training with solicitors on them. I ALWAYS suggest getting a professional to do it.

Thanks ACG. The internet has many downfalls - but when you can ask questions that you feel stupid asking and get a decent response its a great thing.

Ask away! nobody is here to ridicule you. We have all had to learn at some point or another - infact, i learn things off here from people like Dunston who has been in the industry longer than me.
For example

Then collect the fee via the pension so you get tax relief on it.

Is news to me, although im only a mortgage advisor not a financial advisor so that could be why.