Is my "Woolwich Mortgage Protection Plan" the cheapest available?

Bundy_2

I'm a 25 YO male, just buying my first house valued at £90,000 with my Girlfriend. My mortgage is through Woolwich and they have offered me insurance which they assure me is not only the best, but also the cheapest.

The monthly repayment cost is £500 and I have been offered Life
cover/Critical Illness cover/Terminal Illness cover for a monthly amount of £32.20.

Our protection of monthly payments on the Repayment Mortgage are around £7 each.

This takes the total to £546 per month.

I have checked the article on this website to "Halve your Mortgage Payment Protection Costs", but it actually comes out at £1 more per month. Plus I don't think includes Critical/Terminal Illness cover does it?

Any advice greatfully received.

stanmoresaver

It is always better to shop around for the best prices, usually via an independant/whole of market broker, as you will get the detail of the contracts explained to you together with knowing your premium is competitive.

The prices seem ball park, given that no terms and exact sums assured are supplied, but you should look at the "critical Illness" definitions. This cover would be the greatest part of the cost as the Critical Illness risk is by far the most likely to result in a successful claim on the plan.

Hope this helps.

:beer: