if you look on unbiased.co.uk you will find a list of alternative IFA's who may be able to assist, or one of the qualified posters to your topic.

Brian

Thanks all for the advice, the IFA we used was recommended by a friend and overall I am happy with the service we received but their is just something I can't put my finger on.

I have asked for further details at work today but the police staff scheme differs form the police scheme, I really am not clear about the implications but no one at work can really advise.

Hi there,

Lots of good advice. I agree I would look at the protection as a family protection subject ie your overall requirements.

 I juss really wanted to add though, my major concern was how you felt trust wise re your IFA. I would question the relationship if that is how you feel. These sorts of things should be looked after but a good trusted advisor of yours. If he or she has not earned your trust, I would question why.

 I guaratee with teh right advisor you will not feel that way and would not have to do this work as you would be confident it will be right. Protection is regarded by many as "simple" advice and not much too it. That is incorrect in my view. There are many benefits on plans, options, trusts etc and it really pays to do it right in the first place.

 Cheers!

 

Hi,

Just got in and after my findings today if you can get 100K with CIC over 35 years for 22.00 go for it. Guaranteed premiums for the recommended 82,500 returned reviewable premiums of 24.00 and guaranteed premiums of 37.00. So your scheme has a reduced premium rate. Investigate further before proceeding.

Regards

Ian 

Hi, we do intend on changing our mortgage to reduce the term to 25 years in the future but as we are first time buyers our IFA advised 35 yrs to keep the payment down for now.

In relation to life assurance I do not know enough about the police scheme but will make further enquiries.

That sounds par for the course for that sort of cover although I am confused by the amount of cover. Was that your figure(100K) or where did it come from. Is it level term (not decreasing) or DTA (decreasing)?  I will do a comparative quote for you tomorrow and reply on this thread, keep a look out!!

Ian 

Lynchy,

Further to Ians advice, I would suggest you cover more than just the mortgage amount. If the worst was to happen, yes you have the knowledge that the mortgage is paid off, but you will now lose the income of the deceased, therefore affecting the standard of living of the remaining partner. Obviously depending on your earnings, I would suggest getting an extra £200,000 of cover (invested would provide a monthly income of about £1000).

Would also suggest (if affordability is not an issue) that you change your mortgage to a maximum of 25 years - £82,500 over 35 years at 6% will cost £470 a month, total interest £115,000. Changing to 25 years only costs an extra £60 a month but will save £38,000 in interest over the term - thats a couple of brand new cars you are saving!!!!

Regards,

Adey 

I am not a police officer full time I am police staff but also a special. I have got details of our insurance scheme it was roughly £22 per month for joint cover of 100,00o inc critical illness but I thought I best do my homework.

If you are a police officer you will have certain levels of cover anyway, check this out first. The police federation will of course have special rates provided for employees so ask the department that deals with this. If you are looking for comparisons then brokers will have sourcing systems that will provide comparable quotes from a list of leading Life Assurance companies. The information is entered and the most competitively priced quotes are listed in order for you to see for yourself. This is the best way to collect comparisons, the findings are quite transparent and you can be confident in your decision.There are also on-line quotation engines on the web that you could use but of course further underwriting checks may alter the premium. I just tried to go on line with my sourcing system but there was an I.P security alert for my laptop, I'm at home you see. I can either give you an update tomorrow or you can e mail by clicking on my name (completefinance) and looking at my details and I will send some quotes over?

Regards

Ian 

Our IFA did advise re life assurance but I didnt quite trust him so told him I would get it cheaper through work (police federation) I have looked into this but thought I had best do some research and comparisons first.

I haven't a clue if our mortgage includes payment protection insurance but am keen to sort the life assurance out  

Thanks for your advice.

Normally I would recommend Decreasing Term Assurance with Critical Illness for the amount of 82K. Because I know nothing further about you this recommendation is my first thought. It is a crucial part of mortgage advice to advise on protection and this should have been done by your broker during the mortgage process. The basis for the quick recommendation is that your mortgage is repayment and the life assurance will decrease along with the mortgage amount. Your child is only 7 and it is wise to include critical illness cover, as this provides you with your life  insurance payment on diagnosis of specified illnesses. It also covers children in the event of them contracting certain illnesses and will normally pay amounts of around 10k. This is usually a plus point in the way it could pay for medical costs or time off work. Please be cautious that this reply is generic and can't relate exactly to you without a more in depth analysis. This first description was Mortgage Protection.

Mortgage Payment Protection is different because it insures your for accident sickness and unemployment and will essentially cover your mortgage payments. Once again there are mitigating circumstances that will determine the recommendation.

Hope this helps and you should ask your broker.

Regards

Ian 

Hi,

I am looking to take out a life assurance policy for myself and my husband. We are both 27 and non smokers. We have one daughter aged 7. Our mortgage is 82500k over 35 years repayment type. I am totally confused as we have never had life assurance before, do we need mortage protection as well I don't think we currently have this.

All advice appreciated