life insurance help

Admiral_Burrows

As my signature says they are sites i've used for my own cover. Both of which, as it happens, I spoke to and took advice from.

dunstonh

Both of which, as it happens, I spoke to and took advice from.

So, they fact finded you and wrote the recommendation report and charged you (either explicitly or implicitly) for doing so. That doesnt make it free. They have a cut from the premiums paid and it should have been disclosed in the personal illustration given to you.

A fee based adviser would not take a cut so the premiums would be lower. So, a fee basis can end up being cheaper than commission after a break even point.

Admiral_Burrows

They did indeed 'fact find' me.

Nothing in life is 'free' but I didn't have to pay them anything and if I had chosen to take my cover elsewhere I wouldn't have paid them. Thankfully I did choose to take it with them and I was very pleased with the whole experience.

Much better than some snotty IFA's I spoke to before hand!

jamesd

You're paying them for as long as you have the policy, through higher premiums that fund the commission paid to them. What you did was trade an up-front cost for an ongoing cost. That can be a good deal or a bad one, depending on what the costs are and how long you keep the policy.