A daft question from a re-mortgaging first timer?

flakmagnet

Hi everybody,

Thanks very much for your replies, it is much appreciated. Having taken it into consideration, we will actually look at Cavendish, to be honest I just wanted to know do I need to get it sorted before the remortgage went through, after checking the remortgage proposal, it clearly states the only insurance necessary is buildings, soI'm happy there isn't a "get it now" rush to get one, though I will be looking into it.

Thanks everybody for the replies, it has made me feel a lot more confident, knowing that there is not going to be a conflict with it.

Thanks again!

happybroker

Conrad wrote: »

happybroker wrote: »

can you tell i feel quite strongly about this? Iuote]


Commission helps people to feel strongly. Do you eat cereal?
Most are drenched in harmful pesticides, so eating them is about as bad as not having life cover, yet we still eat cereals so how can we lecture people about not wanting life cover.
Is sunbathing worse than not having life cover? UVB attacks sell DNA which can lead to mutations - so if we feel so strongly about not having life cover, shall we also feel as strongly about not sunbathing?

Please Conrad, get a grip. I am not lecturing people on not wanting life but expressing my exasperation at "advisers" not properly explaining protection and advising appropriately

Yes I receive commission for arranging life cover etc for people and frankly I think the level of commission is embarrasing but because the company I own is an AR I have no say so in this.

To imply that I only believe in it because I get paid for arranging it is unfair, unwelcome, unfounded and unproffesional. It isn't there to be "flogged" as you put it, it's there to be advised upon and I would be failing my clients if I didn't recommend, when appropriate, that protection like this be in place. I would also be failing the TCF policies I have embedded within my company. It's up to the client if they take up that recommendation and I would never, ever flog it to them.

I would love to hear the conversation with an FSA inspector over the guy with terminal cancer who is losing his house because his broker didn't believe in protection.

Wouldn't be a problem to me as I would making sure he had received his cheque from the life company.

No need for a reply

Madjock

happybroker wrote: »

Brokers do make really good money from life assurance its true but they are also strictly regulated in this area and should be making sure the policy is "sold" appropriately.

Comments like most lenders prefer/ require it don't help, it's nothing to do with it. If the benefits of having the cover are properly explained to some body who has a genuine need and can afford it then why would they not take it?

If one of you is happy to ake in a lodger or sell up, and I mean that would be the ideal solution for them, then great, you have no need for life cover but it sounds more like the standard reason we have all heard a thousand time from people trying to justify not having the cover.

can you tell i feel quite strongly about this? I think it's not just my job to get you into your home but also to make sure you can stay there!

And it's this kind of evangelical bull that annoys me. Brokers make much better money from these policies than they do from selling the mortgage.

Yes, a good broker will discuss life or payment protection policies but I bet you use the story about the guy with terminal cancer on people who are in two minds about taking out a policy.

happybroker

no i don't, a policy is bought on it's benefits. I accept not everyone believes in protection. I was making a point to Conrad about his duty of care to clients and tcf which is an fsa thing.

i don't follow the evangelical thread I'm afraid and thankyou for confirming that a good broker would discuss protection with a client, that is all i do.

I do make more money on a protection plan than a mortgage which is why i stated in a subsequent post that the level of commission payable on these plans is "frankly embarrassing" though you appear to have left this out of your quotes. I feel sure the FSA will look at this in the future and would be gled if they did as it is people with life cover (like me) who pay for the commission through their premiums.

Please lets put this to bed now and perhaps spend some time trying to help people, that being the point of this forum