Mortgage Protection: Friends First v's Zurich

rebels_mascot

Hey,

I'm looking into getting mortgage protection and trying to decide which insurance company to get mortgage protection from. I contacted a brokerage and they quoted Zurich as the cheapest but Friends First guarantee to match that. So the brokerage provided me with Friends First application forms.
Looking for advise on whether Friends First are any good, I don't know much about them (or Zurich really).
I already have car and contents insurance with Zurich so I'm leaning towards them only because of familiarity.
Anyone recommend one over the other?

sensitive1960

As it is only Mortgage Protection cover(ie reducing death cover) it will only pay ou on death so the conditions are fairly standard at present.Most of the companies are price mathching at the moment so the price is the same although Aviva now agree to undercut the cheapest by 2.5%.
For that product it is only price that matters.

Henry Ford III

sensitive1960 wrote: »

As it is only Mortgage Protection cover(ie reducing death cover) it will only pay ou on death so the conditions are fairly standard at present.Most of the companies are price mathching at the moment so the price is the same although Aviva now agree to undercut the cheapest by 2.5%.
For that product it is only price that matters.

That and the financial ability to be able pay a claim.

Leprechaun77

sensitive1960 wrote: »

Aviva now agree to undercut the cheapest by 2.5%.

That offer ended last month.....one of the others offer that discount though at the moment.

Leprechaun77

Henry Ford III wrote: »

That and the financial ability to be able pay a claim.

Whilst that is true, all of these insurance companies offset the risk with Re-Insurance companies, so if you do die the vast majority (85-95%iirc) of the amount is paid by these companies. These are generally global re-insurance giants insuring everything from legs to Cruise ships. They would be far more secure than any individual insurer alone. I don't think there is any danger if a company goes 'bust' as the reinsurer would most likely take over the full risk for a small premium extra. It's only about 40-50% of your premium that is used to cover 90% of the risk through reinsurance....the rest of your premium is charges

sensitive1960

Leprechaun77 wrote: »

That offer ended last month.....one of the others offer that discount though at the moment.

Aviva offer extended to Nov 30th

Henry Ford III

Leprechaun77 wrote: »

Whilst that is true, all of these insurance companies offset the risk with Re-Insurance companies, so if you do die the vast majority (85-95%iirc) of the amount is paid by these companies. These are generally global re-insurance giants insuring everything from legs to Cruise ships. They would be far more secure than any individual insurer alone. I don't think there is any danger if a company goes 'bust' as the reinsurer would most likely take over the full risk for a small premium extra. It's only about 40-50% of your premium that is used to cover 90% of the risk through reinsurance....the rest of your premium is charges

Most smaller risks aren't reinsured.

Leprechaun77

Henry Ford III wrote: »

Most smaller risks aren't reinsured.

Depends what you call small....depends on the company involved and the amount of policyholders they have overall. Granted, if the sums are tiny it may not be worth the hassle, but I know of at least two mainstream insurers that reinsure everything. On smaller sums assured they may chose to take more of the risk, but I have seen upwards of 95% of risks offloaded on cases 100k+.

rebels_mascot

Hey all,

Thanks for the replies, going to go with FF.

Brian.