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  • FIRST POST
    PennyPincher1979
    Self Assurance and Life Insurance - confused???
    • #1
    • 5th Jul 10, 4:10 PM
    Self Assurance and Life Insurance - confused??? 5th Jul 10 at 4:10 PM
    Hi Forum,

    I am trying to sort my finances out and reading this forum has helped. Although I am confused with many terms and how to takle each account. My wife and I have three accounts; 1) Self Assurance Mortgage with scottish Provident, 2) Life Assurance with Aviva for me and 3) Life Assurance with Aviva for the wife all sold by the same IFA.

    So firstly,

    1) Is Self Assurance Mortgage the same as this MPPI that people are reclaiming on and can I do that with this accound?

    2) Are the Self Assurance Mortgage any different to what Life Insurance offers? -Do I actually need all three. I seem to be paying an awful lot per month.

    Self Assurance - 15.
    Wife Life Insurance - 25.
    My Life Insurance - 25.

    I just dont have this sort of money to spend anymore without any real justification. We are both early thirties.

    Any help greatly appreciated.

    Thanks forum.
Page 1
    • dunstonh
    • By dunstonh 5th Jul 10, 4:37 PM
    • 92,564 Posts
    • 59,863 Thanks
    dunstonh
    • #2
    • 5th Jul 10, 4:37 PM
    • #2
    • 5th Jul 10, 4:37 PM
    1) Is Self Assurance Mortgage the same as this MPPI that people are reclaiming on and can I do that with this accound?
    Self assurance is the marketing name Scot Prov had for their life assurance, CI and other insurances. I believe there was an MPPI element available on that contract.

    However, it was monthly premium basis which is how MPPI should be set up. So, no grounds for mis-sale there if that is what you have.
    2) Are the Self Assurance Mortgage any different to what Life Insurance offers? -Do I actually need all three. I seem to be paying an awful lot per month.

    Self Assurance - 15.
    Wife Life Insurance - 25.
    My Life Insurance - 25.
    Impossible for us to say. For a typical family, the amounts you are paying are not high.

    Why dont you ask the IFA that set them up?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • PennyPincher1979
    • #3
    • 5th Jul 10, 6:14 PM
    • #3
    • 5th Jul 10, 6:14 PM
    Thank You dunstonh for taking the timeout to reply to my questions. A little clearer now thank you. I don't think I will continue with the Self Assurance program and will look elsewhere for Mortgage Protection if I feel the need arises.

    On the life assurance I appreciate your comments and I'll leave that for the time being. - Is life assurance something like car insurance where you can change every year for a better price and still be insured?

    Thanks once again.
    PP
    • dunstonh
    • By dunstonh 5th Jul 10, 7:37 PM
    • 92,564 Posts
    • 59,863 Thanks
    dunstonh
    • #4
    • 5th Jul 10, 7:37 PM
    • #4
    • 5th Jul 10, 7:37 PM
    Is life assurance something like car insurance where you can change every year for a better price and still be insured?
    No. Its priced on your age and health. Both of which deteriorate over time. There can be times you can improve pricing if you are still in good health but as you get older it gets less easy to as the cost is averaged over the term.

    Before you make any changes you really need to know what you have first. The Self assurance could be life cover, critical illness, permanent health insurance (PHI) or MPPI/PPI. You could be stopping a PHI policy and replacing it with an inferior PPI policy.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • PennyPincher1979
    • #5
    • 6th Jul 10, 8:53 PM
    • #5
    • 6th Jul 10, 8:53 PM
    Thanks once again dunstonh. Greatly appreciated.
    • Carla Wellborn
    • By Carla Wellborn 13th Mar 18, 6:11 PM
    • 1 Posts
    • 0 Thanks
    Carla Wellborn
    • #6
    • 13th Mar 18, 6:11 PM
    • #6
    • 13th Mar 18, 6:11 PM
    My husband and I are both 45 and have a Mortgage Self Assurance with Scottish Provident. We have just borrow to extend and our premiums have gone up to 104.33/month from 64. This seems a huge amount and I'm not sure if we could get cover cheaper elsewhere. Any advice?
    • zx81
    • By zx81 13th Mar 18, 6:22 PM
    • 16,794 Posts
    • 17,805 Thanks
    zx81
    • #7
    • 13th Mar 18, 6:22 PM
    • #7
    • 13th Mar 18, 6:22 PM
    Get some alternative quotes?
    • Moneyineptitude
    • By Moneyineptitude 13th Mar 18, 10:31 PM
    • 20,133 Posts
    • 11,077 Thanks
    Moneyineptitude
    • #8
    • 13th Mar 18, 10:31 PM
    • #8
    • 13th Mar 18, 10:31 PM
    Thread is from 2010.
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