Help save me more money - please

regularsaver1

GirlRacer wrote: »

The loan protection on the secured loan is not an awful lot each month its about £17.80. Its the one with the Halifax I can't believe. Ive taken out mortgage cover which cost £6 per month and additional life insurance which was £12 per month.

I'm chuffed to bits to think that I can save about £40 and have a higher level of cover.

Thats good then

Have you got more cover for your money then? is it still level term

GirlRacer_2

My original lifecover with the Halifax appears only to be the same amount as the mortgage. It included redundancy cover (been in same job for 17 yrs so would probably get a good redundancy package), sickness cover (actually work for NHS so get 6 months full pay and 6 months half pay) and it would pay my mortgage if I died.

My new policy which is a whole £40 CHEAPER is for £150,000 mortgage cover so would pay my mortgage and give the kids and extra £80K payout plus my life cover is also for £150,000.

The mortgage protection also include the redundancy, critical illness and death cover. Have double checked with insurance company and it would pay out on both policies if I died. Morbid thoughts but at least I know that everything is covered.

Really annoyed with myself for not checking this out before. Keep thinking of all the years I've paid it!!!

regularsaver1

Yeah they can't do life cover for more than the mortgage because it is a mortgage policy. well i tell a lie - they can, but only up to 125% of the mortgage balance, but it is level term so it does not reduce as your mortgage does

Thats good that you have compared life for like, gained more cover, and made a saving