Mortgage Application & Life Insurance

rekn

Hi all,

My partner and I are applying for our first mortgage through Halifax, we're now just waiting on the property valuation.
At our first appointment, the adviser mentioned life insurance and drew up some indicative costs. Is this compulsory, or can we refuse this or look into it at a later date?

Thanks!

sultanabran

Its not compulsory and certainly not with your mortgage provider or broker. You're free to arrange your own at a later date.

nathyb1234

I'm in doubt as well. Our MA offered a life assurance for £99 pm. Yesterday I did a quote on compare market and found the same for £33. I don't know if I can cancel the one was offered by our MA.

ACG

nathyb1234 wrote: »

I'm in doubt as well. Our MA offered a life assurance for £99 pm. Yesterday I did a quote on compare market and found the same for £33. I don't know if I can cancel the one was offered by our MA.

There is no way you have found a like for like or even similar policy for a third of the price.

My guess is either one includes critical illness and the other terminal illness or you have medical conditions and one is pre underwriting and the other post.

Be very careful before you chose a policy based on price. Ensure you understand the differences as you could well find you are not covered for something you think you are. Best to find out now rather than when/if you make a claim.

Brokers in the main are cheaper than banks. Most banks have loaded premiums, most brokers do not.