Could you get a better deal on your life cover policy?
Buying a new home usually involves a mortgage which is then protected by a suitable life cover policy. Have you considered if you could get a better deal?
Why it pays to shop around
This is a very sensible thing to do as you do not want to leave your loved ones with what could be a crippling debt, in the event that you are no longer able to make the repayments due to death or serious illness. Most people buy a life cover policy with their mortgage provider. However, the premiums paid may not be as competitive as those available if you had shopped around.
A New Year is a good time to review any existing policies you may have to make sure that they are still doing what they should. You could also find that you are paying too much. A small saving each month can add up to a significant amount when multiplied by the number of years over the term of the life cover policy.
For example a couple in their early 30’s, borrowing £185,000 over a 25 year period, could save as much as £2,000 by shopping around for the best rates currently available!*’
Review your Life Cover Policy at Least Every 5 Years
It is a good idea to review your existing life cover policies at least every 5 years. At HGH Wealth Management we can help by ensuring that your current policies are still fit for purpose. If we find they are not, then we can research the whole market to find you the best deal which is available at the present time.
Contact HGH Wealth Management for Expert Advice
Our friendly team would love to hear from you. Contact us at info@hghwealth.co.uk, visit www.hghwealth.co.uk or call 01904 655202 for advice from a qualified financial adviser with over 11 years experience.
*based on a male 33 and female 34, both non smokers, life cover only paid on first death. Lowest premium quoted £13.51pm, Highest premium quoted £20.19pm. Source IRESS 11.01.16
HGH Wealth Management Ltd is an appointed representative of InvestAcc Ltd which is authorised and regulated by the Financial Conduct Authority. Company No. 3203520. Registered Office: Club Chambers Museum Street York YO1 7DN
