Life and Critical Injury Mortgage Insurance

richard.millington82

Hi,

my wife and I are about to buy a house for the first time. Our mortgage adviser has recommended Friends Life Life and Critical Injury Insurance. The premiums are £69/m each - this is a lot for us. I wondered if this sort of price is standard? We do not want to be ripped off because our advisor gets commission from a certain company.

Thanks for any recommendations/advice!

Kynthia

Your ages and the amount of life insurance and CI are relevant as the older you are or the higher the amount the more these things tend to cost. Also whether you are in good health or not is a factor.

I'm guessing tgese are single policies rather than joint? Are they level term or decreasing term life insurance? Are they reviewable premiums or fixed, as fixed is more expensive to start with but will never increase whereas others find their premiums start to jump up as they get older and sometimes they get quite upset by this.

The amounts don't sound shocking but I'm not an IFA and obviously we don't know the details yet. The CI is what is expensive as life assurance is much cheaper compared to CI and PHI. So are you sure what you are getting is what you need?

dunstonh

The premiums are £69/m each - this is a lot for us. I wondered if this sort of price is standard?

Age, smoker, health, occupation all impact on price as well as the quality of the cover. The amount you are paying is not one that particularly stands out as high but could be depending on those things.

We do not want to be ripped off because our advisor gets commission from a certain company.

Friends Life are fine as a company. There are cheaper providers but with less coverage. Does the cover include income protection?