Until recently I was using an IFA but recently have begun to look at some of the products that were recommended and wanted to get some sage advice on here. My question is mainly weighted at the fact that I don’t think he took into account insurance I get with my work.
Anyway I’m a 49 year old male and what I pay with Aviva monthly is approx £123 – for this I get roughly 204k of life insurance and the same amount in critical illness. It is broadly in line with the mortgage debt although I have an offset mortgage so the actual balance is 60k less when you take the savings into account.
With my work I get 4x salary in life insurance and also now get income protection which covers 70% of income if off work.
Should I be shopping for a better deal – it’s only for myself by the way not my wife.
Outstanding mortgage Dec 2016 £214,500
Current mortgage outstanding May 2017 £211,244 June 2017 £210,446
Offset savings June 2017 £57,354 Balance outstanding May 2017 £154,490 June 2017 £153,091