Life Assurance questions?

[Sunflower123]

HI

We are buying a house, and to be honest had sort fo forgotten about the life assurance bit and had a meeting with a mortgage broker who is trying to get us to go with one company four our life assurance. We feel that perhaps we are being a little rushed into things at the moment and I am looking for some advice on the following.

Is it possible to get a policy that you can extent instead of cancelling in the future. We dont want to have to pay more in the furture cause we are older.

Mortgage Protection: what exactly does this cover, is it if your out of work or just if someone dies.

How important is it to get life assurance now, we are thinking of waiting as the quotes were were given are between 400-700 which we cant really afford.

Thanks

 

[Protocol]

All you legally have to get is a Mortgage Protection policy.

It clears the mortgage on the first death.

Get a quote from www.labrokers.ie

I pay 100 per year, single male, non-smoker, 20 years, 155k mortgage.

 

[ClubMan]

We are buying a house, and to be honest had sort fo forgotten about the life assurance bit and had a meeting with a mortgage broker who is trying to get us to go with one company four our life assurance. We feel that perhaps we are being a little rushed into things at the moment and I am looking for some advice on the following.

Make sure to shop around as widely as possible as premiums can vary widely.

Is it possible to get a policy that you can extent instead of cancelling in the future. We dont want to have to pay more in the furture cause we are older.

Convertible term might be what you want. See this key post:

Mortgage Protection and Mortgage Repayment Protection Policies

Mortgage Protection: what exactly does this cover, is it if your out of work or just if someone dies.

Mortgage protection life assurance covers that - i.e. any of the insured parties dies and the outstanding (or original in the case of level/convertible term) mortgage amount is cleared. Mortgage repayment protection insurance covers mortgage repayments in certain circumstances (e.g. job loss etc. albeit often with significant restrictions in terms of when and for how long the policy will cover the repayments).

How important is it to get life assurance now, we are thinking of waiting as the quotes were were given are between 400-700 which we cant really afford.

Other than in specific exceptional circumstances owner occupiers must have mortgage protection life assurance under the rules laid down by the Consumer Credit Act.