Did I need to take out the policy above or was the broker just making more commission?
At the time I queried the cost as I had recieved much lower quotes for more basic protection. He told me that because we were borrowing 96% the above cover was necessary.
What additional cover? The original poster says that the cover was for the mortgage amount as far as I can see.P.S. Unless there are circumstances you haven't posted about (children or other dependents) which would warrant additional life cover.
At the time I queried the cost as I had recieved much lower quotes for more basic protection. He told me that because we were borrowing 96% the above cover was necessary
Sorry - I guess you mean why level rather than decreasing term.What additional cover? The original poster says that the cover was for the mortgage amount as far as I can see.
In the meantime, as suggested above, why not just shop around for cheaper decreasing term cover and possibly save yourself a few bob?Molly,
We are paying both capital & interest so I am waiting to hear from my broker as to why he recommended this policy
Thanks
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