Life/mortgage assurance advice wanted

DatabaseError

Hi.
we're currently in the process of re-mortgaging our house which has a sitting tenant, and using the equity to purchase another house to live in.
I'm really confused by which of the many insurance/assurance policies to take, combined loan over the 2 houses will be a little under £200k, am I right in thinking a simple 20 year level term assurance with terminal illness cover ,as a couple is about all we need/should want? That's about £35/month

thanks

(mortgage advisor seems keen to sell a policy from just 1 company, friend's life)

InsideInsurance

No one can advise you on what you need based on that high level of information.

If you are uncertain then speak to an IFA or an advisory Protection Broker who will be able to discuss your needs/ objectives and recommend appropriate products.

dunstonh

mortgage advisor seems keen to sell a policy from just 1 company, friend's life

Is that because they are sole agents to Friends Life or is it because they are whole of market and have researched that to be the best option available for you?

I'm really confused by which of the many insurance/assurance policies to take, combined loan over the 2 houses will be a little under £200k, am I right in thinking a simple 20 year level term assurance with terminal illness cover ,as a couple is about all we need/should want?

What does your adviser recommend? After all, they know more about you than we do.

What is your definition of terminal illness cover?

DatabaseError

Thanks, just got off the phone to an advisor (via cavendish online), quotes and more info by end of the day, seems decreasing term is the way to go, he had a lot of questions...car insurance is so much easier

dunstonh

DatabaseError wrote: »

Thanks, just got off the phone to an advisor (via cavendish online), quotes and more info by end of the day, seems decreasing term is the way to go, he had a lot of questions...car insurance is so much easier

Cavendish don't give advice. They take instructions from you. You may get limited guidance but you won't get advice. So, you need to make sure what you have is right for you. They will not tell you whether what you have is right for you.

InsideInsurance

DatabaseError wrote: »

cavendish online

Cavendish are non-advisory so they cannot be giving you real advice about what you need. They can simply give you a list of options, explain what they are etc but its purely your choice on what you go for

An advisory broker would actually make a recommendation based on your personal demands and needs. Obv they still only do what you want but getting actual advice rather than a list of options is probably sensible if you arent sure what you need.

Cavendish

dunstonh wrote: »

Cavendish don't give advice. They take instructions from you. You may get limited guidance but you won't get advice. So, you need to make sure what you have is right for you. They will not tell you whether what you have is right for you.

Hello, this is an official response from Cavendish Online.

In addition to our execution-only non-advisory service we also offer an in-house advisory service that was set up just over one year ago.

With the execution-only service for our one off fee of £35 we will sacrifice 100% of the commission. With the advised service we do not charge you a one off fee and we sacrifice 50% of the commission and for that you will receive a fully advised service. Details of this service can be found on our website at http://www.cavendishonline.co.uk/quote/advice/

Many thanks,

Cavendish Online