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After another mortgage broker session today we covered insurance, I went away thinking wtf!! £208 a month for life/critical illness and loss of earnings insurance. I could ask do I need it, and when I got home I called the broker to put a stop to it as its almost 1/3 of the mortgage payments.
Essentially what do I need?? And can it be done cheaper?? Buildings and contents is sorted it's the cover to protect the mortgage payments I need, so my other half gets a house to live in if I get killed by a tree while biking!!
From your last sentence, its simple life insurance you're after...if its only for your untimely demise ?
Do you get sick pay where you are..if so how long for and how much...savings ? if so, how long will they last while you job hunt etc etc
Sick pay 6 months, all my savings are going into the house purchase but will start to build up again once I've got through this, although if this fails I won't have enough to buy another house for at least 6 months.
I'd recommend life insurance and possibly critical illness cover, but not income protection.
And Buildings & Contents, naturally
I've just taken out life & critical illness insurance £160k life £25k critical illness. I'm 51 with a history of type 2 diabetes, under control by diet at the moment, £58 a month. Assuming you're younger than me, you should be able to get it for less than that.
Comparison sites are your friend here. Not sure I'd bother with a mortgage broker unless I had a really poor (or short) credit history
Yep no choice with a broker, no previous loans, as per my other thread a while back I earn and spend it but never any debt. The car doesn't count, the banks wanted £1k to set up a mortgage while the broker came in at £499.
The bank suggested taking out a loan, but then I couldn't use that money to pay for the house stuff, so its was rock hard place situation. My broker has got me a good mortgage deal well as far as I can tell, and a confirmed that if it doesn't go through we get a refund or he will find another deal without costing me anything, and a £1k cash back once its all gone through. Hopefully win/win its just the life insurance that's a bit over the top and never having to do this before wanted to check.
I did call him back last night and explained my doubts he has since emailed me a better quote and taken the loss of earnings out, so hopefully sorted.
Depending on what you do / who you work for, you might find you've already got decent death in service cover through your employer.