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Types of Protection - first time buyer
GingerGarfield
Posts: 2 Newbie
Hi,
I am hoping to get some advice please.
My husband and I are first time buyers and our mortgage broker has advised on some protection we should be getting. We are hoping to move into our new house in the next couple of months but I am also due to have a baby at the same time so will be on statutory maternity for 9 months which affects our budget. Our broker has given us recommendations to have the following for life cover and income payment protection:
1) Joint Life Decreasing life cover for the mortgage £209,000 over a 35 year term = £15.14
2) IPP Cover for husband for £1,200/month with 3 month deferred period = £22.24 if you still wanted £1,000 of cover with 3 month deferred period = £18.53/month
3)IPP Cover for ME for £1,200/month with 3 month deferred period = £22.70 if you still wanted £1,000 of cover with 3 month deferred period = £18.91/month
Monthly plan fee = £2.60/month
Waiver of premiums - £1.35 Each/month
Do these seem reasonable? I am willing to pay if it is but would like to get a good deal. I have never had any sort of insurance/ protection before so am unsure.
Any help would be greatly appreciated!!
Thank you
I am hoping to get some advice please.
My husband and I are first time buyers and our mortgage broker has advised on some protection we should be getting. We are hoping to move into our new house in the next couple of months but I am also due to have a baby at the same time so will be on statutory maternity for 9 months which affects our budget. Our broker has given us recommendations to have the following for life cover and income payment protection:
1) Joint Life Decreasing life cover for the mortgage £209,000 over a 35 year term = £15.14
2) IPP Cover for husband for £1,200/month with 3 month deferred period = £22.24 if you still wanted £1,000 of cover with 3 month deferred period = £18.53/month
3)IPP Cover for ME for £1,200/month with 3 month deferred period = £22.70 if you still wanted £1,000 of cover with 3 month deferred period = £18.91/month
Monthly plan fee = £2.60/month
Waiver of premiums - £1.35 Each/month
Do these seem reasonable? I am willing to pay if it is but would like to get a good deal. I have never had any sort of insurance/ protection before so am unsure.
Any help would be greatly appreciated!!
Thank you
0
Comments
-
reasonable is a point of view, medical conditions, age e.t.c
you can search yourself or get an opinion from another broker"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Compare the market offer comparisons on life and income protection insurance, it might be worth doing your own search.
Good luck with the house purchase!:T Hopeful first time buyer in 2019 :T
Currently reading: Mythos by Steven Fry0
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