Mortgage life assurance: finding the cheapest policy

Read on and find out how you can easily slash your monthly premiums for mortgage life assurance.

12:22 24 May 2013

Cash-strapped Britons are definitely not looking forward to paying hefty monthly premiums for their mortgage life assurance policy. Well, you’ll be happy to know that there are ways on how you can bring down your premiums.

 

First, you need to realize that all mortgage life assurance are generally the same.

 

They will pay out fixed amounts once you die within a specified period of years. This means that you do not have to check for their coverage just like car or house insurance. The only thing that you need to compare is the price.

 

Go to comparison websites where you’ll get all the name of providers together with their products. Doing this can easily help you figure out the cheapest policy out there.

 

However, before you buy, make sure that you check the fine prints. Make sure that your monthly payments are not reviewable but guaranteed. This means that you’re going to pay fixed amount of money for the rest of the term.

 

You can further save more on your premiums if you’re a healthy individual who is more unlikely to die soon. This is the reason why non-smokers and health buff are getting discounts on their premiums.

 

Also, get “execution only” type of policy. This means that you will not get professional advice when making a purchase. This is much cheaper compared to full service policy.