Is this too expensive??

popptart

Hi all
Have had a scoot around here but have not been able to find the answers so would appreciate any help.
Am waiting to exchange on my first flat, mortgage is with Halifax and my FA has got me a quote with Legal and General for mortgage term assurance with crit illness cover for 34 per month. MPPI is an additional 20.86 per month. Since speaking to friends and colleagues this seems quite expensive as I am a 30 yr old female, non smoker, with a desk job. One of my colleagues, also female is 44, a smoker and pays 18 a month (sorry no pound sign on this keyboard!!)
The nosy ones at L&G have seen my medical records (used to have high blood pressure and am borderline overweight/obese on the BMI chart) and have now asked me to go for a medical exam which I am having on Tuesday.
What I wanted to know is, if they theb decide based on the results of my medical to put my quote up can I leave it a year or so, lose weight then try again either with them or another co and get a cheaper quote? I only ask as I remember reading a thread recently where someone said any following quotes would be the same or higher if they reapplied.
Any help much appreciated as I would prefer to be saving money and not dishing it out to companies!!

roguebrogue

Critical Illness Cover is generally expensive anyway, I know that much.
Your colleague may not have the exact same policy as you do...which could explain why hers is so much cheaper.
There is nothing to stop you re-applying in a year, but no-one can guarantee now that your premium would be higher/lower than it is now.
The only other thing I can suggest is ringing round/going on the internet and getting quotes for yourself, as going through brokers/advisers can make things more expensive due to advice fees (someone correct me if I'm wrong).
If you do use the internet for quotes remember that the quote you get will always be subject to underwriting and it's not guaranteed to stay at the amount you first get quoted.

noh

Do you actually need critical illness and term assurance?

popptart

Why? What's the difference?

noh

I was asking do you really need to buy either of these insurances?

Nigel

popptart

Well, I don't have masses of savings and will be highly unlikely to pay mortgage and bills if I get ill.
My sick pay at work is statutory (30 days)
I don't like taking risks, especially where money is concerned, however I would like to pay less than 54 a month for it.

nm2000

Hi

Just wanted to let you know are insurance is with Friends Provident ( I think) and we pay £30 a month between us. My husband smokes, he also has a separate insurance for cover incase he is ill or has an accident at work and we pay £15 a month for it, think that is with Swiss Life and our FA told us the latter insurance was a good thing to keep going as its quite cheap for us.

regularsaver1

How big is your mortgage? as you are comparing to a friend who may have a different sized mortgage ect

if you do get declined for the cover, you will have to declare this on any future insurance applications

nm2000

Hi, We have a 145,000 mortgage.

regularsaver1

is yours decreasing term?

OP has had to have a medical due to some questions though

noh

popptart wrote: »

Well, I don't have masses of savings and will be highly unlikely to pay mortgage and bills if I get ill.
My sick pay at work is statutory (30 days)
I don't like taking risks, especially where money is concerned, however I would like to pay less than 54 a month for it.

Critical illness only pays out if you get one of a defined list of illnesses so it may not provide the protection you think it does. The life assurance pays out on your death do you need that? Do you have any dependants?
If you want a policy that pays you if you are off work due to illness Permanent Health Insurance may be more appropriate.

http://www.thisismoney.co.uk/help-and-advice/advice-banks/article.html?in_advicepage_id=122&in_article_id=394260&in_page_id=90

Nigel