Cavendish online or moneyworld

stephenni1971

Guys, guys,

You can run the figures all you want to show that one way or another has a difference of a few pennies, but that doesn't detract from the position that the OP can go the ADVISED route or the UNADVISED route.

Protection cover shouldn't always come down to cost.

My car needs a service, I could go and buy a Haynes manual from Halfords and do it myself but if I mess it up - I'm stuck big time.

If I take it to the garage I know it will cost more but I know it will be done right and if not I have a right of recourse through consumer protection.

Same thing applies with Life/CIC/PHI cover.

The ONLY time you will find out if the policy is wrong ( or not what you thought ) is at time of claim ant you/your family don't want that.

weighty1_2

You're dead right Stephenni, I agree completely. I think maybe we'd just hijacked the thread a bit and taken it completely off topic with something which is obviously of interest to some of us.

Unfortunately though, I DO think that client's are generally quite cost focussed. If they weren't every client would have copious amounts of life cover, critical illness and income protection, but they don't. So whilst us advisers know that cost isn't everything, when the internet bombards clients with "cheaper life cover" and "life cover from 24p/day" adverts it's difficult to sway some of them from this. The problem with life cover is that it is a very simplistic policy in essence. It pays out if you die - end off. Personally, I think providers such as PruProtect who have some unique features such as the guaranteed payment period on their FIB policy are doing the industry a great service. As their product becomes more complicated it almost forces clients to speak to someone about their needs, since they are overwhelmed with options.

On a side note, many moons ago I had a client who went elsewhere for cover on the basis that it was 3p per month cheaper!!! I'd discussed trusts, consumer protection, a claims handling team at the company I work for etc etc. yet she still went for the cheaper option. When I said it's only 3p, she replied "but it will add up over the years"!!!!....that's right mrs. client....you'll save yourself £9 over the course of 25years. Maybe she'd worked out how many Ugandan Dollars it would have been to make it sound like a lot (Fonejacker style).

kingstreet

I also apologise for the thread hijack.

It was something that had crossed my mind when posting on here, so I got a bit carried away. The comparisons are of limited value to the customer and were just for my own interest.

... and I concur completely with Stephen's post. When it comes down to it, some people will simply not seek advice. Fortunately, there's plenty of others who will and we have to concentrate on them.

dunstonh

I've just tried again, thinking that I may have made an error, but no, Moneyworlds cheapest quote (LTA - 25yr £500K, 35yr old male non-smoker) comes in at £23.03 whilst mine comes in at £26.91 - NIL COMMISSION!

I just did the same figures using assureweb and got £20.65 as the cheapest (then £22.38, £24.65, £25.05, £25.21, £25.50, £25.56, £25.97, £26.00, £26.50, £26.65, £26.91). However, the £20.65 was Pru essentials accelerator which doesnt count. The £22.38 was guaranteed premium level term with Bright Grey.

It just shows the difference in buying power between the networks/distributors.

jonny2510

kingstreet wrote: »

...
Let me ask you a favour. Give me the details one one of the quotes you've got and I'll tell you the normal premium and the commission "normally" paid and see if I can give you a working example of what I mean.

stephenni1971 wrote: »

Do you mind if I ask the overall cost of the covers recommended?

I've sent you both a PM, as I'm not entirely happy posting figures/details publicly.

Thanks for all the other replies everyone - and seeing as I hijacked the thread myself, I certainly won't complain if it went a bit further off course.

Flow2010

Thank you all for the useful discussion and information