Marianne S
Registered User
- Messages
- 88
We bought our first home in October, things were very stressful at the end and as a result I think we took out the wrong life assurance(mortgage protection policy). Our mortgage broker who was great put us in contact with a broker in the same firm for the mortgage protection policy. He didn't explain things to us properly. We signed up to a whole of life policy (we're not married, we don't have children, our parents are all alive and well prepared financially), we realised when the policy documents arrived that we'd made an expensive mistake so we got a level term policy instead. I was furious with the broker and didn't want to deal with him any more but this was delaying the sale going through so we made a quick decision. We're both an insurer's dream, we tick all the boxes for cheap life assurance so now I think we should have got decreasing level term insurance (Simple mortgage protection insurance).
Is it too much hassle to get a different policy and will it cost a lot of money to switch?
Can we stay with the same insurance provider but not deal with the broker any more?
Any suggestions would be great, now that the dust has settled and with interest rates going up we need to save money any way we can
Is it too much hassle to get a different policy and will it cost a lot of money to switch?
Can we stay with the same insurance provider but not deal with the broker any more?
Any suggestions would be great, now that the dust has settled and with interest rates going up we need to save money any way we can