Life insurance customers should review old mortgage policies
Life insurance is one of the most important insurance policies you will ever take out, and is still traditionally taken out by customers when they buy their first home, and is often reviewed each time they move home.
One of the most common places people buy life insurance, rightly or wrongly, is from their mortgage provider, or broker, and customers often have no idea about the sort of life insurance, and critical illness insurance they are taking out, and why they need it.
Mortgage brokers are more often than not able to sell life insurance and critical illness insurance, but are not qualified financial advisors, and may not be selling you the right products. With major changes in the next few years likely to increase the cost of life insurance, especially for women, now is the right time to review your policies and make sure everything is in place.
It’s most important to note that mortgage brokers have for years been paid commission for every different policy they sold, and whilst a joint policy may have been more suitable to a couple buying a home, several individual policies may have made the broker more money, and whilst many brokers are honest and sold the right policies, there are some who didn’t.
Your own individual circumstances will rarely be the same as any other persons, so there is no simple answer to the level of cover you may need. You just need to establish the level of cover you will need, and how you will need that cover if one or the other of you dies, or if you both were to die at the same time.
You can then compare the level of cover you need at Life Insurance Quotes, with the level of cover you’ve got, and then make sure you’ve got the right level of cover for your own circumstances. You can use the site to learn more about the different types of life insurance, so you always have the right level of cover.