How to get PruProtect



  • dunstonhdunstonh Forumite
    109.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Im wanting Life Assuarance from PruProtect. Why would I go to a financial advisor and pay them money?

    You dont have to. IFAs retail PMI policies at either the same price as going direct or cheaper. If you buy direct, the the provider usually pockets the money that they would have paid the adviser and you dont get hardly any FOS protection in the process (unlike using an adviser).

    There are quite a few areas in financial services like this where you dont save money going direct (an in some cases you pay more).

    If you do decide to pay for an adviser on fee basis, then there will be a break even point where the cheaper premium will more than make up for the fee.
    If I wanted Life Assurance from Norwich Union, I would go to their website, get a quote and apply.

    And you get NUs normal retail price. You wont get the cheapest price that an IFA can offer.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Wutang_2Wutang_2 Forumite
    2.5K Posts
    "I am a member of a profession" it a profession? joke.

    Wakeman...........go in and see/phone them you dont need IFA for insurance. that ok stephenni

    This is not only irrelevant but grammatically worrying for someone with such strong (and yet confusing) opinions.

    Wakeman, you asked the question about how you are struggling to set this up and yet are against the suggestion of an IFA.

    And is there any way PMI specialist and all his alter-egos can go away?
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • I know its a bit late to answer this...but the Puprotect product is available through both IFA's and Mortgage Advisors...many only take the commission from the Life company and dont charge fees to clients. Their terms are set out in their Initial disclosure document which you can ask for upfront, this will detail if they charge you a fee or not and whether they use the whole of market to source providers, or just a panel or possibly are tied to one provider. . If they do charge, dont use them. If they dont...then it should be pretty pain free to get the policy that you require. :)
  • PruProtect offers life insurance, serious illness cover, income protection and unemployment cover through advisers, however, not yet direct to the public, which is different to PruHealth on the PMI side.

    We're not unique - several other life offices in the UK only distribute through advisers. We are growing fast but if we did transact direct with the public it could impact significantly on our service levels.

    An adviser can work on a fee and/or commission basis and can be found at
    Official Company Representative
    I am the official company representative of Pruprotect. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to [email protected] This does NOT imply any form of approval of my company or its products by MSE"
  • iaincniaincn Forumite
    1 Post
    Wow! I've just joined MSE and this is first posting - what a first experience.

    For what it is worth my wife is an independent PMI specialising in private medical insurance and life cover - so PruHealth and PruProtect as well as other companies products. I know for a fact that going direct does not make for any money savings at all. And as someone alluded previously going direct can be more costly - reason being IFAs will often be happy to rebate some commission whereas the insurers will not. ALSO it is probably worth knowing some products do not have any facility for rebating commissions. ALSO most clients when given the option of paying a fee upfront for the advice or the IFA being remunerated by the insurance company will opt for the latter. It makes ZERO difference to the clients benefits.
    Especially with regard the Pru plans and the Vitality element (wherein lie the best benefits of the plan - free gym membership etc) very very few IFAs will guide clients through the stages to achieve the Vitality benefits as very very few IFAs understand the contract sufficiently well. The only way I would suggest is using an IFA who is a policyholder themselves and has achieved the highest status levels. Hopefully that is useful for some of the more level headed participants.
  • lisyloolisyloo Forumite
    28.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Why would I go to a financial advisor and pay them money?

    Hi WakeMan,

    Firstly I'm not anything to do with the insurance industry.
    But I do read a lot of posts on here from people who went DIY and then have problems because there is something they did not understand.
    Brokers/advisors offer advice AND provide insurance so if something goes wrong on the advice side you can make a complaint and get it independently reviewed.
    I've made use of the ombudsman several times and always won, so the system does work.
    If you go DIY then there is no recourse for bad advice as you did it yourself.

    Apart from the advice point, you sometimes pay nothing for advice and the broker get commission from the company. Sometimes this does not affect the price you pay.
    Other times you can pay an upfront fee but the broker pays you back some of their commission. This can work out very well for you.
    So there are 2 reasons.

    I have no axe to grind, but we do see lots of cases here where DIY has gone wrong and then it's tough.
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