Since I bought my house 10 years ago I have always had the cover which went with the mortgage provider, namely Lloyds, and never questioned it. Whilst renewing car/house insurance online recently I decided to get some quotes for mortgage cover too and was astonished at the difference - loads of other big names offering what seems to be the same cover at less than half the price. Am I missing something here? I've always thought if something seems too good to be true....etc...
But I have nothing to compare it to. Currently I pay £46.25 to Lloyds to cover an £80k mortgage. All I need is the mortgage to be paid in the event of my death/critical illness. Does this price seem about right, or should I be snapping up offers of £22?
Questions And Answers
Mortgage cover Insurance
asked by Pete Dury posted 3 Years ago at 15:13
1-1 of 1 Answers
Stephen Pett answered 3 Years ago at 10:52, last modified: 2 Years ago at 14:56There are many catches in buying life and critical illness insurance, and many products offer attractive rates to start which can climb.
The issue of Trusts must also be addressed, and a mistake here can cost you up to 40% of the proceeds or prevent you from accessing benefits intended to help you (i.e. everything but the death benefit.) You also need to consider waiver of premium. You can GAMBLE or see an IFA while stocks last! Why not use the FindaPro search above?
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