Life Insurance, CI Cover, B&C Insurance
Discussion
Just looking for a bit of advice/guidance really.
We(Me & girlfriend) have just had an offer accepted for a house, we are both first time buyers and are doing a joint mortgage with a move-in date of early August.
We both have stable jobs with sick pay of 6months full, 6 months half.
No kids
Not married
Mid-20s
Located in Scotland
We are really unsure about Life Insurance and Critical Illness Cover as we have never done this before, and I don't know if we: should just go with what our mortgage advisor recommends/ should shop around/ or if we really need it at all.
Building & Contents Insurance
Any recommendations or guidance is welcome on this also.
Thanks for any advice
We(Me & girlfriend) have just had an offer accepted for a house, we are both first time buyers and are doing a joint mortgage with a move-in date of early August.
We both have stable jobs with sick pay of 6months full, 6 months half.
No kids
Not married
Mid-20s
Located in Scotland
We are really unsure about Life Insurance and Critical Illness Cover as we have never done this before, and I don't know if we: should just go with what our mortgage advisor recommends/ should shop around/ or if we really need it at all.
Building & Contents Insurance
Any recommendations or guidance is welcome on this also.
Thanks for any advice
Its extremely rare now that a mortgage stipulates Life & C/i needs to be in place.
Buildings insurance does need to be in place, that will be part of the mortgage T&C's
you don't have to have Contents insurance, but you'd be a f
king idiot not to.
On the life & c/i part.
Is the advisor whole of market?
Is he charging you a fee?
Have you and he run through your affordability to ensure you can afford the cover, or has he just covered the lot and told you that's the price?
Have you runthorugh what is covered and what is not covered? The conditions vary wildly over different providers.
Do you want it? We all hope that insurance is a waste of time and money, but you're going to wish you'd bought it should either of you need it, however some people are perfectly happy with the death or glory appraoch.
Buildings insurance does need to be in place, that will be part of the mortgage T&C's
you don't have to have Contents insurance, but you'd be a f
king idiot not to.On the life & c/i part.
Is the advisor whole of market?
Is he charging you a fee?
Have you and he run through your affordability to ensure you can afford the cover, or has he just covered the lot and told you that's the price?
Have you runthorugh what is covered and what is not covered? The conditions vary wildly over different providers.
Do you want it? We all hope that insurance is a waste of time and money, but you're going to wish you'd bought it should either of you need it, however some people are perfectly happy with the death or glory appraoch.
Find an IFA who can explain it all to you so that you feel informed and understand the recommendation of what cover to have. Giving you a quote is a waste of time and frankly lazy on the part of the mortgage broker.
The explanation should be free, a formal written recommendation might come at a cost which is offset by the commission generated if you follow the advice, or the commission can be rebated to reduce premiums (as stated before).
The adviser should talk to you about putting Life Cover in Trust, if he doesn't, make sure you ask him to explain why, in writing.
Good luck!
The explanation should be free, a formal written recommendation might come at a cost which is offset by the commission generated if you follow the advice, or the commission can be rebated to reduce premiums (as stated before).
The adviser should talk to you about putting Life Cover in Trust, if he doesn't, make sure you ask him to explain why, in writing.
Good luck!
G20,
Your adviser should give you a full break down of the benefits and drawbacks of the options available and highlight why they are receommending particular policies/providers. Ensure that you are being given advice from across the market and not just a single insurance company, a lot of advisers will only quote protection insurance from either one or a small number of providers because they will receive more commission.
Just to make you aware, don't choose your critical illness provider/policy on price alone, there are a lot of differences between the policies available which your adviser should explain, if they can't, ask for help through here, myself and the other financial advisers on here would be able to assist with this.
Lastly, never spend more than you can comfortably afford and I hope the house purchase goes well.
Your adviser should give you a full break down of the benefits and drawbacks of the options available and highlight why they are receommending particular policies/providers. Ensure that you are being given advice from across the market and not just a single insurance company, a lot of advisers will only quote protection insurance from either one or a small number of providers because they will receive more commission.
Just to make you aware, don't choose your critical illness provider/policy on price alone, there are a lot of differences between the policies available which your adviser should explain, if they can't, ask for help through here, myself and the other financial advisers on here would be able to assist with this.
Lastly, never spend more than you can comfortably afford and I hope the house purchase goes well.
Sarnie said:
As per a few similar threads, there are a few IFA types on here that can help, myself included
I don't think anyone would advise you to not shop around.
You have mail.
Never received any mail, but thanks.I don't think anyone would advise you to not shop around.
You have mail.
scotal said:
Its extremely rare now that a mortgage stipulates Life & C/i needs to be in place.
Buildings insurance does need to be in place, that will be part of the mortgage T&C's
you don't have to have Contents insurance, but you'd be a fking idiot not to.
On the life & c/i part.
Is the advisor whole of market?
Is he charging you a fee?
Have you and he run through your affordability to ensure you can afford the cover, or has he just covered the lot and told you that's the price?
Have you runthorugh what is covered and what is not covered? The conditions vary wildly over different providers.
Do you want it? We all hope that insurance is a waste of time and money, but you're going to wish you'd bought it should either of you need it, however some people are perfectly happy with the death or glory appraoch.
The advisor is whole of market, no fee, he never ran through affordability but knows our finances so probably made an assumption on that. Although there are obviously commission based incentives for him.Buildings insurance does need to be in place, that will be part of the mortgage T&C's
you don't have to have Contents insurance, but you'd be a f
king idiot not to.On the life & c/i part.
Is the advisor whole of market?
Is he charging you a fee?
Have you and he run through your affordability to ensure you can afford the cover, or has he just covered the lot and told you that's the price?
Have you runthorugh what is covered and what is not covered? The conditions vary wildly over different providers.
Do you want it? We all hope that insurance is a waste of time and money, but you're going to wish you'd bought it should either of you need it, however some people are perfectly happy with the death or glory appraoch.
We did runthrough what is covered and what isn't, but me and OH done some online quotes last night and there seems to be a big difference between his quote and the quotes we got, so think we will shop around more.
I think we will be going for both Life insurance and CI as we are both reasonably young, and due to me being a smoker, it seems like the smart thing to do.
Shaun350z said:
Lastly, never spend more than you can comfortably afford and I hope the house purchase goes well.
Thanks, signing the full application for the lender this evening. Everything has went smoothly so far.Thanks everyone, will be doing some shopping around to make sure we are covered.
G20 said:
We did runthrough what is covered and what isn't, but me and OH done some online quotes last night and there seems to be a big difference between his quote and the quotes we got, so think we will shop around more.
Be careful with the online comparison sites that you are comparing like for like. Usually people who come back to me with a lower quote find they were comparing a different type of cover.G20 said:
I think we will be going for both Life insurance and CI as we are both reasonably young, and due to me being a smoker, it seems like the smart thing to do.
Better yet give up smoking. IT'll have a huge effect on your premiums as long as you stay off the fags for a year.G20 said:
Sarnie said:
As per a few similar threads, there are a few IFA types on here that can help, myself included
I don't think anyone would advise you to not shop around.
You have mail.
Never received any mail, but thanks.I don't think anyone would advise you to not shop around.
You have mail.
scotal said:
Its extremely rare now that a mortgage stipulates Life & C/i needs to be in place.
Buildings insurance does need to be in place, that will be part of the mortgage T&C's
you don't have to have Contents insurance, but you'd be a fking idiot not to.
On the life & c/i part.
Is the advisor whole of market?
Is he charging you a fee?
Have you and he run through your affordability to ensure you can afford the cover, or has he just covered the lot and told you that's the price?
Have you runthorugh what is covered and what is not covered? The conditions vary wildly over different providers.
Do you want it? We all hope that insurance is a waste of time and money, but you're going to wish you'd bought it should either of you need it, however some people are perfectly happy with the death or glory appraoch.
The advisor is whole of market, no fee, he never ran through affordability but knows our finances so probably made an assumption on that. Although there are obviously commission based incentives for him.Buildings insurance does need to be in place, that will be part of the mortgage T&C's
you don't have to have Contents insurance, but you'd be a f
king idiot not to.On the life & c/i part.
Is the advisor whole of market?
Is he charging you a fee?
Have you and he run through your affordability to ensure you can afford the cover, or has he just covered the lot and told you that's the price?
Have you runthorugh what is covered and what is not covered? The conditions vary wildly over different providers.
Do you want it? We all hope that insurance is a waste of time and money, but you're going to wish you'd bought it should either of you need it, however some people are perfectly happy with the death or glory appraoch.
We did runthrough what is covered and what isn't, but me and OH done some online quotes last night and there seems to be a big difference between his quote and the quotes we got, so think we will shop around more.
I think we will be going for both Life insurance and CI as we are both reasonably young, and due to me being a smoker, it seems like the smart thing to do.
Shaun350z said:
Lastly, never spend more than you can comfortably afford and I hope the house purchase goes well.
Thanks, signing the full application for the lender this evening. Everything has went smoothly so far.Thanks everyone, will be doing some shopping around to make sure we are covered.
I couldn't agree more with Scotal about online comparison quotes. They are usually stripped out policies designed to provide the lowest premium at the expense of benefits such as Waiver of Premium, Guaranteed Premiums, Level cover etc etc.
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