Term Life Insurance Comparisons
Recommended personal insurance?
I would appreciate if anyone could recommend a personal and building insurance company. I’ve been advised to go with Aviva by my “personal” banker at Barclays. However, reading the review about Aviva I’ve decided they’re not what I want and need to find someone else. Also, because these financial advisers are paid by commission I’m beginning to suspect his advice might not be trustworthy.
All the insurance needed of for mortgage purposes.
What I need:
- building insurance, with accidental damage
- life insurance with decreasing value over the mortgage term
- critical illness insurance
I’m looking for no fuss with claims if needed kind of insurance company. Has anyone got any experience with Legal & General? They seem to be the preferred choice of mortgage brokers.
I know I can do a comparison but a real experience than just a premium is much better.
I am not a financial adviser, but I know a little about the industry. You seem to be requiring 3 different products.
Building Insurance with accidental damage (do you want contents cover) is it for a personal mortage or a buy to let mortgage.
Life insurance (this is personal insurance attached to your mortgage) and needs to be the minimum value of your mortgage.
Critical Illness Insurance is again a separate policy and can be quite expensive depending on what you want to cover.
It is doubtful you will find a single company that can meet all your needs for the best service, cover and price.
You may well have to enlist the help of a broker or adviser to help you. All policies carry an element of commission. The adviser can often take his commission up front or be paid a commission on a monthly basis for the term of the policy. Or you can pay a fee to the adviser. Often it work out the same. You could go direct to companies but you will have to do a lot of research yourself before you find the best options for you. You could use comparision companies which can save you a lot of leg work. Direct companies are not always the cheapest though.
Work out 1) what you want the policy to do for you 2) your budget 3) what is important regarding service levels 4) how you want to proceed i.e. face to face or just do it on-line.
On-line is generally cheaper as they can offer discounts. If you go with an adviser they will do all the paperwork for you.
