Provided
there's no tie
in to the mortgage lender you can go directly to an insurance
company or via an insurance broker for any of these insurance policies.
As
always,shop around. The cost savings and quality
of cover vary greatly.
Differences
of up to £150 a year on mortgage protection insurance are
commonplace. That's £3,750 over a 25 year mortgage
term.
Differences
of £66 a year on Buildings and Contents Insurance are commonplace.
That's £1,650 over a 25 year mortgage
term.
Life
insurancepremiums
can vary by £480 a year leading to a difference of £12,000 over
a 25 year mortgage
term.
Price
does not necessarily guarantee quality in the wonderful
world of financial products.
The
first rule with insurance of any type is get only what you
need. Not too much and definitely not too little insurance
cover.
For
example a single person with no dependents does not need life insurancebut should consider
Permanent
Health Insurance.
Recent
rules have made it compulsory for lenders who sell life insurance
policies with the mortgage to include the cost of it in the headline
interest rate.
However
because many buyers will just look for the lowest headline rate
some lenders are not selling life insurance, but are
only recommending it's taken out.
This
may seem a good thing but it's leading to less life cover being
taken out.
Do
make sure you're covered for your needs.
If you have dependents actively seek out life insurance
and
Permanent Health Insurance.
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