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Life/mortgage assurance advice wanted

DatabaseError
DatabaseError Posts: 4,161 Forumite
edited 15 April 2014 at 3:01PM in Insurance & life assurance
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)
Utinam logica falsa tuam philosophiam totam suffodiant.

Comments

  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
    10,000 Posts Combo Breaker
    edited 15 April 2014 at 3:23PM
    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
    dunstonh Posts: 119,500 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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?
    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.
  • DatabaseError
    DatabaseError Posts: 4,161 Forumite
    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 :D
    Utinam logica falsa tuam philosophiam totam suffodiant.
  • dunstonh
    dunstonh Posts: 119,500 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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 :D

    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.
    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.
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
    10,000 Posts Combo Breaker
    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
    Cavendish Posts: 25 Organisation Representative
    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
    Official Company Representative
    I am the official company representative of Cavendish Online. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
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