Why see an Independent Financial Advisor (IFA) when choosing mortgage protection insurance?

Why see an Independent Financial Advisor (IFA) when choosing mortgage protection insurance?

Should I use IFA's while choosing mortgage protection insuranceIf you’re short of time or don’t feel confident when researching mortgage protection insurance the assistance of an IFA can be invaluable.

Independent Financial Advisers are professionals who provide advice on all manner of financial products ranging from investments, mortgages, tax restructuring, annuities and protection products such as mortgage protection insurance. If you are looking to save as much money as you can then paying for the advice of a professional seems counterintuitive when buying a product which you could source yourself. However, in the longer term, the initial cost of professional advice can be far outweighed by the savings made by choosing a product which perfectly meets your specific needs.

When to use an adviser?

If you’re scared, short of time or don’t feel confident researching mortgage protection insurance yourself, the assistance of an Independent Financial Advisor (IFA) can be invaluable. Even for those who consider themselves savvy when it comes to financial products, IFAs will have a wealth of knowledge and access to products and policies which you will find difficult to source.

A financial adviser will be able to help you work through key questions, such as:

1.          How much cover do you need?

2.        Is MPI the most suitable product in your particular circumstances?

3.        Do you already have similar cover provided as part of a separate policy or as a benefit of employment?

4.        How much should you expect to pay?

5.        Will the policy pay you or your mortgage lender directly?

What type of adviser should you opt for?

1.     Independent Financial Advisers are not tied to any specific provider, and as such, offer unbiased advice on the full range of financial products and mortgage protection insurance policies available. It is their responsibility to ensure the advice they provide is in the best interests of their client.

2.    Restricted advisers are usually found in high street banks and will specialise in financial products from a particular provider or in specific areas of advice. Their ‘restricted status’ means the advice provided is not as broad as you would receive from an IFA.

One last thing…

If you are looking for advice regarding mortgage protection insurance it is wise to seek advice from an Independent Financial Advisor as they will shop the market for the most suitable and most affordable product to suit your individual needs.

For more advice about the right mortgage protection insurance policy for you, please call our expert team of advisers.