Life assurance -where from?

Horlock

Is there anywhere to get impartial advice on life assurance.

Currently have none. Ie if I die or have an accident or or or. Wife is stuck with mortgage - probably would lose house etc

Is there a way of getting genuine advice?

My problem is bank only recommend own products, when I last used a financial advisor they just seemed interested in the products with the greatest commision.

dunstonh

Is there anywhere to get impartial advice on life assurance.

any local IFA will do that.

My problem is bank only recommend own products, when I last used a financial advisor they just seemed interested in the products with the greatest commision.

you are right to avoid FAs. Go with IFAs as that is the only way to get true whole of market access and unbiased advice.

Horlock

dunstonh wrote: »

any local IFA will do that.


you are right to avoid FAs. Go with IFAs as that is the only way to get true whole of market access and unbiased advice.

But surely IFA's still get commision.

dunstonh

Horlock wrote: »

But surely IFA's still get commision.

You can choose fee or commission. It's your choice as an IFA has to offer both options.

You dont expect to get advice for free do you?

yelf

Horlock wrote: »

But surely IFA's still get commision.

just because any IFA gets paid doesnt mean they wont give you the best product.

lisyloo

just because any IFA gets paid doesnt mean they wont give you the best product.

Indeed.
I found a better product myslef that my last IFA.
I got myself one in pension wrapper with 40% tax relief which was not offered to me by the IFA, hence I did a better job myself.

Also bear in mind that some advisors have "clawback" conditions.
This means if you cancel early, they get their commission back from you. Make sure you read their "terms of business".

I am not anti-good advisors and of course they need to be paid, but I think anyone receiving their service should be aware of their terms of business.

Horlock

Thanks lisyloo. I wasn't aware of the "clawback" - seems like another reason to perspone getting life assurance (so far a good decision - I'm still here!!!)

Incidentally - how did you find better? That seems to be the sort of thing I was looking for! Is there a comparison site that does comparisons and explains the terms and the conditions. The terms is what scares me most. I'm really a rooky in this respect - not really knowing the difference between "insurance and assurance" guessing it is probably related to the painful process at end of life. My lack of knowledge is what puts me off an IFA - I always like to act stupid in front of advisors but secretly understand a lot more than I let on (thus finding out if I can trust them or not). Getting advice when I have no knowledge at all terifies me.

dunstonh

Incidentally - how did you find better?

Its unlikely that lisyloo found better (with respect to lisyloo). Its more likely that it was lower cost as there was no cost of advice or liability in there. So, the same level of benefits would have been achievable but like any DIY, if you know what you are doing you can save money (it can also cost you more if you dont and you make a pigs ear of it).

Is there a comparison site that does comparisons and explains the terms and the conditions.

Unlikely. Quote portals focus on premium. Not quality.

magpiecottage

lisyloo wrote: »

some advisors have "clawback" conditions.
This means if you cancel early, they get their commission back from you.

This is not unreasonable. They are providing a service and, as DunstonH (and you) say, they are entitled to be paid for it.

lisyloo wrote: »

Make sure you read their "terms of business".

I am not anti-good advisors and of course they need to be paid, but I think anyone receiving their service should be aware of their terms of business.

They should have a Client Agreement, rather than a Terms of Business now, which sets out more about what each party can expect from the other. If you are given a terms of business letter, ask yourself why they are still using an out of date document.