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HSBC Life Insurance
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mrsd1984
Posts: 144 Forumite
Hi,
we are currently trying to find ways to decrease our spending as I am starting on maternity leave so money will be tighter than usual. We want to continue paying off our debts at the same time, over the minimum payments to clear them as soon as possible.
Looking at our direct debits, we currently pay £75.56 for life insurance between us each month. That to me seems like a lot?? But, I have very little knowledge of this area. We took out the life insurance when we took out a mortgage with HSBC at the end of last year. Is this a lot for insurance? It includes decreasing lifechoice and decreasing trauma choice for me over 25 years, and for my husband the same plus incomechoice (He is self employed).
Thank you in advance for your help.
we are currently trying to find ways to decrease our spending as I am starting on maternity leave so money will be tighter than usual. We want to continue paying off our debts at the same time, over the minimum payments to clear them as soon as possible.
Looking at our direct debits, we currently pay £75.56 for life insurance between us each month. That to me seems like a lot?? But, I have very little knowledge of this area. We took out the life insurance when we took out a mortgage with HSBC at the end of last year. Is this a lot for insurance? It includes decreasing lifechoice and decreasing trauma choice for me over 25 years, and for my husband the same plus incomechoice (He is self employed).
Thank you in advance for your help.
SCS Carpets 0% finance: [STRIKE]£1331.84[/STRIKE] £132.90
SCS Sofa 0% finance: [STRIKE]£1732[/STRIKE] £455
Barclaycard:[STRIKE]£4657.57[/STRIKE] £4657.57
MBNA Card:[STRIKE]£4413.45[/STRIKE] £4413.45
Total Debt: [STRIKE]£12134.86[/STRIKE] £9658.92
August Grocery Challenge: £132.92/£160
SCS Sofa 0% finance: [STRIKE]£1732[/STRIKE] £455
Barclaycard:[STRIKE]£4657.57[/STRIKE] £4657.57
MBNA Card:[STRIKE]£4413.45[/STRIKE] £4413.45
Total Debt: [STRIKE]£12134.86[/STRIKE] £9658.92
August Grocery Challenge: £132.92/£160
0
Comments
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Looking at our direct debits, we currently pay £75.56 for life insurance between us each month. That to me seems like a lot?
We dont know your age or health. Banks are notorious for being more expensive (even when they use third party brands). 40%-50% more in price is not uncommon.
However, you are not just paying for life assurance, you have a number of extras on there too.
Chances are you are paying more than you could get elsewhere but dont make the mistake of looking at just life assurance to cover what you have.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Sorry, I'm 29 and my husband is 31. Both in perfect health. Neither of us have ever smoked. No family history of illness.
I've been looking at decreasing mortgage cover and critical illness. The only thing we are not looking at is the incomechoice. Mortgage amount is £104,000 over 25 years decreasing. The quotes I am currently seeing are mainly less that £30. That's a saving of £45 a month!!SCS Carpets 0% finance: [STRIKE]£1331.84[/STRIKE] £132.90
SCS Sofa 0% finance: [STRIKE]£1732[/STRIKE] £455
Barclaycard:[STRIKE]£4657.57[/STRIKE] £4657.57
MBNA Card:[STRIKE]£4413.45[/STRIKE] £4413.45
Total Debt: [STRIKE]£12134.86[/STRIKE] £9658.92
August Grocery Challenge: £132.92/£1600 -
I've cancelled my HSBC and have joint life insurance with critical illness for £287.43 which works out at £23.95 a month. That's a saving of £51.61 a month, £619.32 a year or £15,483 over the 25 year cover. I'm happy with that!!SCS Carpets 0% finance: [STRIKE]£1331.84[/STRIKE] £132.90
SCS Sofa 0% finance: [STRIKE]£1732[/STRIKE] £455
Barclaycard:[STRIKE]£4657.57[/STRIKE] £4657.57
MBNA Card:[STRIKE]£4413.45[/STRIKE] £4413.45
Total Debt: [STRIKE]£12134.86[/STRIKE] £9658.92
August Grocery Challenge: £132.92/£1600 -
I've cancelled my HSBC and have joint life insurance with critical illness for £287.43 which works out at £23.95 a month. That's a saving of £51.61 a month, £619.32 a year or £15,483 over the 25 year cover. I'm happy with that!!
Why would you choose a sum of £28,743? is that the amount of your mortgage? if so lucky you!!!I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
That's the annual premium, £23.95 x 12.stephenni1971 wrote: »Why would you choose a sum of £28,743? is that the amount of your mortgage? if so lucky you!!!I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »That's the annual premium, £23.95 x 12.
D'oh!!!!
To be fair the HSBC life/CIC is beyond awful - I have never yet been unable to find a better, cheaper product to replace it.I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
I agree.stephenni1971 wrote: »D'oh!!!!
To be fair the HSBC life/CIC is beyond awful - I have never yet been unable to find a better, cheaper product to replace it.
The biggest shame is Scottish Widows.
A proud society with a long history of quality products now tame provider for a bank - poor quality and expensive.
Typical really.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »I agree.
The biggest shame is Scottish Widows.
A proud society with a long history of quality products now tame provider for a bank - poor quality and expensive.
Typical really.
Agree. Once decent and good quality. Now they have nothing to offer. They lack investment in product development and have been left way behind. A bigger shame was Lloyds getting hold of clerical medical and merging it into scot wid. Effectively killing two previously decent companies.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I was thinking of Clerical Medical as well, while I was writing that. :mad:I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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