Rates last update: 25 November 2020
If you are in the process of buying a new home or you already have a mortgage you’ll probably have been offered life insurance to cover the mortgage, but how do you select the best cover available from the market as it’s likely you’ll not be an expert.
Well a good place to start is online as unlike sitting in the building society or bank office online you can get comparisons of cover in your own time and without any salesman pressure.
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Single Life, Level Term Life Insurance - Last Updated: 25 November 2020 (Source: PayingTooMuch.com)
Mortgage lenders and estate agents usually only offer one insurance company’s products which make them uncompetitive to you, but higher commission payers for them!
Usually mortgage companies only provide one source of mortgage funds and one source of insurance products. For life insurance this tends to be either Aviva (previously known as Norwich Union), Legal & General or Friends Life. Furthermore the products are rarely the best these companies have available and are occasionally sold on inflated rates simply to take advantage of the easy sales opportunity alongside a mortgage.
For this reason it pays to shop around for your insurance company for you life (and maybe critical illness) cover as the mortgage agent may well try and slip in a little higher priced cover during what can be a complicated and stressful transaction for a customer that’s got other things on their mind.