Life insurance

[purpleme12]

Can anyone recommend a company for life insurance?
I just want decreasing term
Not a big mortgage (well I mean not a big amount compared to other people) it's big to me

Who is yours with?

Speak to a broker and they will talk you through your options for cover. Whats good for one isn't necessarily the best for someone else. That said, if its just basic life cover you are after it can be pretty cheap.

Royal London. We are medically underwritten for life with them now!

I think it's just basic cover I want

do you mean a mortgage protection policy?

when I worked for a Building Society, a Single Premium Life Assurance Policy was the preferred option. Paying it at the outset means that even if you fall on hard times (for example illness or change of circumstances) you will not lose cover through being unable to keep up the premiums.

More than half the premium went to the introducer as commission.

So you might get better value by avoiding intermediaries

I believe Legal & General offer a Decreasing Life Insurance, mortgage protection policy. It's hard to get a quote without providing your personal details so that salesmen can harass you.

If yours is interest only then you don't want decreasing cover.

I thought mortgage protection and decreasing mortgage was the same thing?

not all mortgages decrease.

I'm not sure what you mean?
The longer you get through the mortgage the more you'll pay off?

Your best bet is to talk to a broker so you can get proper advice. Decreasing term assurance has been replaced by Mortgage Protection but just be aware that not all mortgages decrease. So when you say MP, you understand one thing but other people might understand something else. It's also worth mentioning that not all providers are the same - some will offer additional benefits, some won't, some will offer protection where your premiums get paid if you are on sick leave, some won't, some will pay out on immediate diagnosis of a terminal illness, some won't, some have better customer service than others etc. Depending on your age, size of the sum assured, how many years you need cover for etc, it is likely to be the cheapest type of protection but it's definitely worth talking to a broker. If you can't find one through family & friend recommendations, then Trustpilot and Google Reviews are very useful tools and probably better than Unbiased. Good luck!

@purpleme12

I'm not sure what you mean? The longer you get through the mortgage the more you'll pay off?

Some mortgages are interest only where only the interest gets paid each month, and the capital sum owed (and therefore the liability) remains unchanged throughout the mortgage term.

My mortgage isn't interest only though

@purpleme12

My mortgage isn't interest only though

That's fine. I was just explaining the differences and why Mortgage Protection covers both types of mortgages.

Use a broker. Money saving expert has a good guide and suggestions of brokers depending on what you need www.moneysavingexpert.com/insurance/cheap-life-insurance/ If you have risky job/hobbies/medical conditions you might be better to look for a specialist broker who understands them rather than a generalist. Regular monthly rather than single premium policies are the usual approach for this type of cover.

Use a broker and also try the likes of MoneySuperMarket