Insurance

There are two types of insurance of people, insurance to protect YOU, and insurance to protect loved ones and family. The following types of Insurance might be of interest :-

Mortgage Insurance

There are various types of insurance that will pay off your mortgage or meet the monthly payments if something unexpected happens such as critical illness or death. Whether they are right for you depends on your personal circumstances.

Is it right for you? If you have to take out the insurance policy as part of a mortgage deal it might not be the cheapest or best available, or it might not be right for you. Don’t forget the premium can also increase while you have the policy, and you may find it difficult to cancel it later unless you change the mortgage.Watch out for these costs when considering a ‘tied’ deal.

Remember there are plenty of good mortgage deals around that don’t make you buy insurance from the lender or broker. It may be convenient to arrange insurance with your lender or mortgage broker but you don’t have to accept a mortgage deal with insurance tied in. It’s worth shopping around for insurance. You will often be able to save money compared with what’s on offer from the lender.

Life Insurance

Pays out on the death of the person insured. There may or may not be a savings element. Often a scheme at work provides life insurance - check the cover is enough for your needs. A scheme at work might also provide some health insurance, such as income protection insurance or private medical insurance. Some well respected companies are listed below:



Virgin Money - Life Cover

Critical Illness InsuranceCash if you develop a named condition.

Income Protection Insurance (aka Permanent Health Insurance) Provides an income if you cannot work due to ill health.

Private Medical Insurance Private Medical Insurance companies such as BUPA et al.

These types of insurance are normally provided by mainstream insurance companies, but also some areas covered by Friendly Societies.

The information and websites listed on this page are for your information and convenience of searching and do not include all the possible sites. Savings Advice does not endorse any particular website and is not responsible for the content of the sites listed. Savings Advice will not mediate or get involved in any disputes or problems regarding the quality of advice or financial loss thorough any of the websites listed on this page. If you are unsure about the service offered by any of the sites listed, please check them with the Financial Services Authority. Savings Advice does not offer financial advice and is not tied to any particular financial institution.