How to get quotes for decreasing term life assurance

pinkteapot

We're moving house (assuming it all goes through!) and will want decreasing term life assurance for the mortgage.

MrTeapot has some pre-existing conditions which I understand will increase the cost.

How on earth can I get quotes? I've been on a few insurers sites and they do a very basic, indicative quote, but that's just on age, smoker or not, mortgage size... It's not accounting for pre-existing conditions which may change the policy price.

Not sure how to do it apart from going through the whole application process? But I'd like to get some quotes to compare.

Our mortgage broker can get us life assurance but for insurances he's tied to Legal and General so may well not be competitive.

InsideInsurance

Go to an IFA or Protection Insurance Broker, they will be able to compare the whole market and generally can get indicative quotes based on the pre-existing conditions prior to submitting a formal application

ACG

I agree, try an IFA or a different mortgage/insurance broker.
L&G are fine but if he is tied to them then you probably will be able to get cheaper and/or better terms by speaking to someone who is not single tied.

pinkteapot

Thanks guys. We only want decreasing term life assurance (we're not bothering with other insurance products). Will an IFA or alternative mortgage broker really be interested in placing the business? I know decreasing term life assurance is generally inexpensive, so not sure what sort of fee the broker would charge to make the job worthwhile for them?

InsideInsurance

pinkteapot wrote: »

Thanks guys. We only want decreasing term life assurance (we're not bothering with other insurance products). Will an IFA or alternative mortgage broker really be interested in placing the business? I know decreasing term life assurance is generally inexpensive, so not sure what sort of fee the broker would charge to make the job worthwhile for them?

Most will be happy to deal with you and the majority receive commission from the insurer so charge you nothing directly.

Are they going to be that excited about doing just one budget product? Obviously its not going to be their biggest earner but inevitably income is income and they'd hope that if they give you good service this time that you'd come back to them when you want to review your other more valuable insurances

ACG

Ha, your kidding!

If everyone came to me for insurance instead of mortgages i would be over the moon! Nowhere near as much work, no need to charge a fee as the commission usually covers the work.

You will be an advisors dream client!