Life Insurance

[techie_tubby]

Question to the floor, any recommendations for life insurance companies? I'm moving my mortgage and they have advised me to take out a policy before they will accept my application.

I've been looking around but all the companies seem to be very similar so anyone got recommendations? Happy to pay a little bit more for a good deal of service. I am aware that it will depend on what I am wanting but I honestly don't know what cover I require.

 

[FOMz]

What sort of cover? Decreasing term assurance?

 

[techie_tubby]

This is where I am getting lost in all the jargon. From what I've read I'm more leaning towards fixed life cover but I'd prefer to speak to an advisor and discuss my options.

 

[Digzster]

TT, this is nightmare if you are not fully conversant with all the lingo. When I was younger just starting a mortgage, I was told that I needed life insurance. Two guesses where this is going?

Sold completely the wrong policy for MY needs. Hell, at the time I didn't even know what the needs were. Needless to say, discovered later that the "advisor" got a good finders fee for the policy. Hope this has changed since the early 80's but the cynical side of me always rises.

Good questions to ask:-

What does the salesperson get from the deal?

What "exclusion clauses" mean in layman's language?

Go to a registered advisor for info only at first - DO NOT buy on the first visit (it's like buying it from your front door), research what they have said first.

Don't be afraid to trade companies off against each other (OKcompany Y, company X offered me this, can you beat it)?

You are going to be spending a lot of money on this policy over the years with (hopefully) no payout so research is vital. Of course, there is always the option of not having an insurance (depends on current/future financial health).

Good luck!

 

[Downsizer]

I've never had to get life insurance to get a mortgage?

 

[SAXAVORDIAN]

I think a lot of Car Insurance companies now tag on the chat whether you want Life Insurance too with the House as well.

 

[Teh Wal]

XPax might be worth looking at. There's individual policies or you can include the family. Been with them since leaving the mob 10 years ago, you pay for "units" of life insurance coverage each unit being £10k. I started with about 15 units and have ramped down my coverage as my mortgage has decreased. They only pay out if you snuff it, no lump sum or any of that stuff (Life assurance?).
Dunno if it's the cheapest or best but it's done the trick for me. I'm certainly interested to see what other people suggest too.

 

[Teh Wal]

Having said that I've just realised that the Life Insurance was actually an additional thing as my XPax account is primarily Personal Accident Insurance.

 

[Gonterseed]

Best place to start. Give Direct Line a call and tell them what your situation is and what you've been told you need. They will give you a quote based on your needs. You can then use that to contact other insurance providers, including the Meerkats, to see where and what you need to get and pay...

*edit. Changed my spelling of OTHER from "othe" to the "other"

 

[busby1971]

IIRC if you die in service you get a pretty large lump sum, this might cover off some of your mortgage, for the rest I’d just go to money supermarket or one of the other websites and sign up for the standard on death insurance.

Unless you’ve got health issues you certainly don’t need to see a broker.


Sent from my iPad using Tapatalk

 

[FOMz]

If you just want to pay off the mortgage when you snuff it, get a Decreasing term assurance plan. Fixed payment that will decrease in value in line with your mortgage. If you snuff it, it pays off what's left of the mortgage.