Life Cover

Sagor

Hi,

Just got an offer for a mortgage, but i was asked if i would be taking the life cover with the mortgage and whether i would take the basic cover or the cover with critical illness. I have said that i would take the basic one with them as it wasn't too bad (it is a reducing term one).

But can i just get another after the mortgage starts or should it stay with them for a little bit?

I already have some life cover with my work pension.

thanks in advance.

kingstreet

Never buy insurance products from mortgage lenders.

Products are often lower quality, overpriced or both.

Sagor

any recommendations mate? what do i need to look for?

amnblog

Get yourself properly advised by a mortgage and protection broker.

dimbo61

Life assurance is just that and pays out if you die! ( hope you never claim)
Normally lasts the length of the mortgage term and is like a tin of beans!
HP or Heinz or Aldi special ( they are all tins of beans!)
Now you pay a premium every month for the next 25/30 years and you want that to stay the same each month.
We looked on here a few years ago and Martin talked about Cavendish online for cheap Life Assurance.
Nice lady at Mortgage lender offered us Life Assurance for £36 a month with big well known company.
Cavendish online offered same cover with same company for £24 a month. This will save us £5,000 over 25 years ( we used money saved to overpay every month)
Get level term cover as difference in premiums is pennies and this gives you full payout right up to end of mortgage.
As for critical illness and other cover see a good broker