We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Life insurance arrangement fee
ClareHewitt
Posts: 1 Newbie
Is it normal to get charged an arrangement fee when setting up new life insurance? And if so how much? Aviva are trying to charge me £90.
0
Comments
-
In what context?
What wording describes this £90 charge?0 -
ClareHewitt wrote: »Is it normal to get charged an arrangement fee when setting up new life insurance? And if so how much? Aviva are trying to charge me £90.
One assumes you are not going to Aviva as that is rarely ever going to be the best option. So, what context is this £90.
However, in answer to your question, yes, if you employer an adviser or distributor on fee basis then you will pay an up front fee. This typically results in all or most of the commission being rebated. However, not always and you should check to make sure what your agreement says.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.0 -
Life premiums are payable in advance, is it possible you're mistaking the first month's premium and the first regular premium as a fee because they are being debited close together or perhaps on the same day?
I'm reaching here, I know...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Im not scouting for business here, but we dont charge a fee on life insurance.
The money we are paid from the insurance company is usually enough to cover our charges. That being said, i do know of an advisor who takes no money from the insurer in order to get the lowest premium but in return he does charge a fee...that is more than £90.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Cavendish are around £35 and I've yet to see them beaten on a like for like basis.
Very easy portal as well.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards