Mortgage Protection

ITtim

Hi, Hope someone can shed some light for me,

My girlfriend and I are in the process of buying a property together, we would like to take out mortgage protection (mainly incase of redundancy) but so far our broker has quoted us £40 per month which is simply too high. I wanted to look on line and all the cover seems to be more geared towards death and illness which we are not so concerened about. also im confused on how to obtain the quote. (ie when asked how much i want the insurance for)

any advice would be greatly appreciated.

dunstonh

mortgage brokers, protection advisors and IFAs can all quote on ASU (accident sickness and unemployment). Most of these will have a panel of insurers to quote from. IIRC, the most popular web portal software only tends to quote one provider so buying online may not be the best option.

Its not cheap cover and £40pm could easily be about right for a mortgage costing £500pm and both having cover. It may be that you should ask for a re-quote on 50/50% each as that will bring the cost down.

isayoldchap

ITtim wrote:

Hi, Hope someone can shed some light for me,

My girlfriend and I are in the process of buying a property together, we would like to take out mortgage protection (mainly incase of redundancy) but so far our broker has quoted us £40 per month which is simply too high. I wanted to look on line and all the cover seems to be more geared towards death and illness which we are not so concerened about. also im confused on how to obtain the quote. (ie when asked how much i want the insurance for)

any advice would be greatly appreciated.

Try the link on this site to https://www.cavendishonline.co.uk (benefits the site to keep it free etc.
You can opt for a small fee or without.I got some unbeatable quotes for paying a small fee.All subject to the medical questions of course. :beer:

payless

isayoldchap wrote:

Try the link on this site to www.cavendishonline.co.uk (benefits the site to keep it free etc.
You can opt for a small fee or without.I got some unbeatable quotes for paying a small fee.All subject to the medical questions of course. :beer:

although thats for the type of cover the OP says he does not want , and even if he should have it, that broker/link offers no advice on the matter , nor ( do I believe) does that link provide any income for MSE

ITtim

hmmm think im going to have to consider wether i really want to take it out or not.

ITtim

well looking around i managed to get a qoute of £32 from https://www.protectiononline.co.uk so i think i might just have to spend some time looking, i used an independent financial adviser to get the original £40 quote, just shows that if your prepared to spend the time looking you can get a better deal

dunstonh

With general insurance, an IFA doesnt have to be independent. General insurance business is treated differently to designated investment business so the IFA may only have one company available or just small handful. The IFA wouldnt have had the IFA hat on at the time but a protection advisor hat on. Their initial disclosure document given to you would confirm whether what their GI status was.

Also, make sure you are getting quotes on a like for like basis. You can get a variety of deferment periods and different % coverage. Occupations may be considered differently by providers as well.

payless

Did a couple of example quotes on above site - seems very competitive , better than the lenders direct , but depending on age/ requirements I have seen it cheaper eslewhere

Not sure if that site provides advice ( which I think is important unless you really know exactly what you need), and appears a "off the shelf version with regard to defer periods" other plans can be tailored to suit peoples needs, so not paying for unwanted cover.

Its actually a re-packaged version of a popular very product , that can be beaten ( with a bit of number crunching) even with provision of advice included

robnye

the price does depened on what you want to cover....

redundancy
illness
accident

the more options covered the more expensive the cost.....