# Buying with a friend - Life Insurance



## Sweet Pea (30 Mar 2006)

Hi,

I have bought an apartment with a friend.  We are both first time buyers and are both trying to get our life insurance set up.  We will be taking out separate policies.  The intention is that we will live in the apartment for a minimum of two years and then will both sell or one can buy the other out.

I had decided that I just wanted to take out basic mortgage protection but then went to see a broker and he is trying to convince me to take out Level Term.  Just wondering if anyone could give me any advice/input as to what option they would go for.  A flexible whole of life policy which could be transferred to future properties is out of the question at the moment as it is way too expensive!

I'm 34 and female.  I have no dependents.  

The property that I need cover for will probably be sold in a couple of years time so I will need to take out a new life insurance policy.

This is what the Broker advised:

If I take out just standard mortgage protection and we sell the property in 2 years time say, I will need to take out a whole new policy then, by which stage I will be 37/38 and it will cost me treble what it's costing me now.

If I take out the Level Term for the amount of the mortgage now, myself and my friend sell in 2 years time, I go on to buy a property on my own which has a higher mortgage (say €100K more) than the current one with my friend, I simply take out a new policy for the extra €100K and keep the original policy for the current amount.  So therefore I would have two policies and would only be paying a higher premium on the extra €100K.

What do you think would be the best option - there's about €30 per month difference between the two but I am very tempted to just go for the cheaper option as I will be put to the pin of my collar with mortgage payments!  Would I be better off paying the extra money now so I don't regret it in a few years time?

Thanks
Sweet Pea


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## ClubMan (30 Mar 2006)

Have you read this thread? In many cases the cheapest form of decreasing term policy will do and any additional general life assurance requirements or future property purchases dealt with separately. The broker may have a vested interest (e.g. higher commissions) in "upselling".


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser -


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection and


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection and then


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy now?

Think I will just go for bauc


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## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38,


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy now?

Think I will just go for basic mortage protection now and worry about changing


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy now?

Think I will just go for basic mortage protection now.  I


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy now?

Think I will just go for basic mortage


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy now?

Think I will just go for basic mortage protection now.  I will


----------



## Sweet Pea (30 Mar 2006)

HI ClubMan,

Thanks, yes I read through all the key posts on this before posing the question.  I really am none the wiser - it seems to me to be a gamble.  If I just take out basic mortgage protection for the next two years and then want a more comprehensive policy when I'm 37/38, will I be penalised for my age?  Would I better to just get the better policy now?

Think I will just go for basic mortage protection now.  I will have to take out


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## Sweet Pea (31 Mar 2006)

Sorry for all the posts - I was replying yesterday and when I hit 'submit reply' my screen froze and my PC crashed so it obviously posted it 55 times!


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## Buddha (31 Mar 2006)

Sweet Pea,

I would always advise to take out the basic policy when buing a property.

If you wish to have different types of cover consider them as separate investments and deal with them separately.

The idea that the cost of cover will treble in 2 years in clearly untrue unless you have some scary disease you haven't told us about!


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