Views on LifePolicies Direct please

SaverSarah_2

Payless, you're absolutely right. I believe I'm about to take out a policy on an execution-only basis. I've received no advice from LPD. We know exactly what we need based on advice we've received elsewhere – this is to replace an older, more expensive plan, and we've thoroughly checked that we're getting the same cover, features and benefits.

I'll be checking later that LPD aren't basing this sale on a commission basis, as all they've done is send me details of the plan and an app!

MSE_Martin

While Moneysupermarket is very good for some things. It is abysmally uncompetitive for level term and mortgage decreasing term assurance. Effectively it prices the same as others and takes full commission as others do. While it is a price comparison service for some - it is effectively acting as a full commission execution only broker in term assurance.

So you could go for a full commission advisory broker for the same cost
Or a full commission rebating execution only broker and get masses back

Either way - i wouldn't use moneysupermarket for term assurance.

If you read my level or mortgage decreasing term articles linked to at the top of the page it takes you through a survey of cheap providers

martin

SaverSarah_2

Thanks Martin, I'll definitely bear that in mind. This particular quote is for critical illness cover, and it does seem very competitive, even though the terms of the plan are very thorough.

PS We had a financial adviser friend round a few weeks ago, just after Make Me Rich had finished airing. I got the kids into bed early and told our little girl, who's six, that a man was coming to talk to us about money. Her eyes lit up and she said, "OOH! Is it Martin?!" Your fans start very young!

civicwalker

http://www.lifepoliciesdirect.co.uk/comparelifeinsurance.php

Please check the above link and confirm that it says . . . . . . .
"In the unlikely event you are offered what appears to be a cheaper quote, simply provide us with a copy and we will beat it." (i.e. don't waste your time shopping around - we're that good we have a unique price promise!)

I easily found a cheaper quote with theIdol but was told "even if we don't take any commission we can't beat it. So go with theIdol and we'll gladly give you £25."

Where did this £25 price promise come from? - I want them to honour their misleading promise not fob me off because they can't make any money out of me.

I hate being deceived

dunstonh

I just looked at that link and tried out a few of the examples and found they were beaten fairly easily even with 70% of the commission retained by the advisor.

In the unlikely event you are offered what appears to be a cheaper quote, simply provide us with a copy and we will beat it.

Go to any IFA or independent protection advisor. Pay them a fiver to get a quote out with 70% commission or less (obviously the less the better) and use that illustration to get to get them to beat it.

It would be a bit of a pain for them if you go to another Sesame network member and get a illustration on nil commission basis. They cant beat it then but only match it and would not earn a penny on it.

Or alternatively, go to any IFA or independent protection advisor on advice basis, agree a 70% or less commission basis and they will pick the right policy, recommend trusts where appropriate or life of another, pension/level/decreasing term giving you full consumer protection and getting them to do all the work and still get it cheaper.

Just because a company has a website to allow you to buy direct. It does not mean that they are offering decent terms.

civicwalker

http://www.lifepoliciesdirect.co.uk/comparelifeinsurance.php

The problem is when you beat lifepoliciesdirect unequivocal “we will beat it” price promise, they renege on it - as they claim, it's certainly a "Unique Price Promise"!

civicwalker

Jason King, a Director of Life Policies Direct, has just eMailed me promising to investigate the matter of the "we will beat it" price promise. I will therefore await his reply before posting further.

civicwalker

Jason King of LifePoliciesDirect thoroughly investigated the matter and indeed honored the "we will beat it" price promise. As they also provide policy advice, I'll be more than happy to take out my policy with them.

jandanjan

reading from the beginning of this thread I thought I would just say I never give out my phone number on online enquiry forms to ensure I dont get any phone calls.

When I need to put one in I just fill it up with enough zeros to mimic a phone number - it normally works. When it doesnt then I dont continue - I have 2 children and people tend to phone at completely the wrong time - I need to look at my finacial affairs when I can not discuss while juggling dinner/homework/my own business!

Cheers

MortgageBroker_2

2 comments

1. Moneysupermarket is not a true comparison site. Generally companies are listed/included if Moneysupermarket can make a commission out of a sale or lead OR the provider pays them to be listed.

2. Discount/execution only brokers need to make a living too. So just because they do not give advice, it does not equal NIL commission on the policy. Some charge small handling fees some reduce the available commission to lower the premiums. Many brokers/IFAs will be able to match or beat the deal if you approach them on an execution only basis. ie you know exactly what you want and do not need advice. Commission is usually printed on the quotation but some brokers choose not to include this part due to a 'woolly' definition from the FSA on what life insurance is or is not.

Incidently it is 'life assurance not 'life insurance',. It WILL happen someday

Advice = more work and more paperwork which has to be paid for. So if you do the legwork and research yourself it should be easy to save money.