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Patrick Henry, 32, is a process controller for United Utilities. He lives in Northwich, Cheshire, with his wife Helen, 33, who is a teacher.
The couple married in July 2009 and are in the process of moving house and arranging a new mortgage with Barclays, their existing lender.
The mortgage total will be £153,995 over a term of 13 and a half years, with an interest rate of 0.74% above the base rate, and monthly repayments will be £1,038.75.
Patrick's monthly earnings after tax are £1,900, while Helen takes home £1,850 a month. They both have final salary pension schemes with their current employers. Patrick contributes 5% monthly and Helen 6.4% monthly.
Helen has £5,000 outstanding on a student loan but the couple has no other debts. They have £15,000 in an offset mortgage account with Barclays and £5,000 in an instant access account with Yorkshire Building Society, with an interest rate of 2.1%.
Patrick has a stocks and shares individual savings account with Legal & General currently worth £1,256.12 into which he makes regular payments of £50 a month.
8 useful tips for buying life insurance
By Laura Starkey
If you're in need of life insurance but have no idea how to go about buying a policy, these tips should help you find the right deal.
If you've reached the stage in your life where life insurance is a must-have financial product, the next step is finding a policy that will suit you.
However, searching for life insurance isn't always a simple task. The array of different options available to you may feel daunting, and there are many things you must consider to make sure you choose a policy that properly reflects your needs.
In this article, I'm going to offer eight tips that should help anyone on the hunt for a new life insurance policy.
1. Don't delay
If you know you need life insurance, don't delay buying a policy. If you are young and healthy, it will be cheaper for you to buy life cover now than it might be in a few years' time.
This is because all insurers base the price of customers' premiums on risk assessment – and in the case of life insurance, the key risk considered is how likely it is you will die.
2. Shop around
It's a good idea to shop around when buying any form of insurance, and life cover is no exception.
Shopping around is important because not all insurers assess risk in the same way. For example, insurance companies tend to increase prices for customers who don't have a healthy body mass index, but not all will add the same 'load' to an overweight customer's premium. (You can read more about this here.
Many mortgage lenders offer life insurance to their customers, but buying from them may mean you don't get the best deal. This is because lenders tend to be tied to just one insurance provider and are unable to scour the market.
If you're looking to compare life insurance deals, BeatThatQuote.com's life insurance service could put you in touch with an independent, whole-of-market broker who will help you find the cover...
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www.themortgagehotline.co.uk independent insurance brokers offer instant online quote price comparisons with lwading life insurance companies ...
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