First time buyer - Insurances required?

lrlrip

I am a first time buyer and new build is ready next month.


My mortgage broker wants me in to discuss insurances etc.


I am presuming this is life insurance/income protection/mortgage protection. Do I need them all? I am a bit lost with it all and don't want to be ripped off if it is easy enough to do this on my own. I would like to work out myself monthly cost before going in to them.


Any help is much appreciated. Don't know where to start, sorry.

forgotmyname

Get as many quotes as you can before you go and then decice what you want and whether they are overpriced.

Justice13075

When you do decide to buy Insurances use a cashback site to get money back

dunstonh

Justice13075 wrote: »

When you do decide to buy Insurances use a cashback site to get money back

Not necessarily a good idea. The cashback is factored into the commission being taken. If you plan to DIY and not use the adviser, then going with a nil commission service (with no cashback) can be cheaper.

I am presuming this is life insurance/income protection/mortgage protection. Do I need them all?

We dont know your circumstances. So, its impossible for us to say whether you need them or not. However, the mortgage advsier is not allowed to recommend insurances that you do not have a financial need for.

Is your mortgage broker a whole of market adviser (in all areas - not just mortgage), an IFA or tied to one provider (for example, L&G have a lot of tied insurance agents working in estate agents).

IFAs and whole of market insurance advisers are fine. Tied agents are more expensive and can be lower quality. For example, L&G CIC plans are not that great in terms of coverage. If the agent can only put in place L&G then you wont be buying on the basis of quality.