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MA wants me to take our insurance, is it worth it.
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If your attitude is similar to Phill99s then you should be saving the money. When you speak to the Advisor next he should have all the policy documents ready for you, this will have all the relevant caveats. There will be things covered, and things not covered. To know the policy completely you will need to read 30 pages of T&Cs but to get a general idea you will just need the illustration. Its up to you to go into it in as much detail as you want.spunko2010 wrote: »OK, I didn't mean to start a turf war
My attitude to insurance products is similar to phil99's... I'd much rather put the money into a savings account than give it to an insurer.
However.... What I am really looking for, and am not able to find and suspect I'll need to speak to the broker tomorrow... If I did plump for one of these protection policies what are the caveats? For example do they only cover X but not Y? For a specific term? Anyone know...? Just trying to weigh up the pros and cons of it. There is no clear definition unless I read the 30 page T&Cs.
PS: I am healthy, I have no dependents, and the business is doing well.I am a Mortgage Adviser
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.0 -
Fair play, a measured response, maybe I should have reread befor I hit submit. Your right, it is your opinion and I can accept it as opinion rather that the statement of fact I had in my head. I apologise for that. I am not going to conceed that what I said was rubbish, as it wasnt. If you are worried about stuff happening you take insurance to protect you from that stuff. If you are not worried about it then you save your money.
Lets not fall out over it. There are bigger things to worry about in life.Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
As a mortgage advisor how much commission would you expect to get for referring someone to business protection insurance, out of interest...?"The only man who makes money from a gold rush is the one selling the shovels..."0
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Agreed. Just for the record, when a client comes to me saying he doesnt want insurance, I check he understands like you do, and then he goes away without insurance!Lets not fall out over it. There are bigger things to worry about in life.I am a Mortgage Adviser
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.0 -
How much though, pray tell...."The only man who makes money from a gold rush is the one selling the shovels..."0
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If I could tell you I would, I dont know the rates for business insurance as I have only ever writen personal insurance. Also it will change with different advisors. I take the standard rates offered by the providers, however the corporate EA advksors have their policies loaded for extra commission making them about 80% higher than mine for the same policy! and then there are varying degrees inbetween.spunko2010 wrote: »As a mortgage advisor how much commission would you expect to get for referring someone to business protection insurance, out of interest...?I am a Mortgage Adviser
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.0 -
Sorry, am quite slow as typing on my phone!!!spunko2010 wrote: »How much though, pray tell....I am a Mortgage Adviser
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.0 -
spunko2010 wrote: »My attitude to insurance products is similar to phil99's... I'd much rather put the money into a savings account than give it to an insurer.
In that case, I suggest the key phrase is "I'd prefer to self-insure." An advisor with pride in his advice would recognise that you know what you are doing. A commission hungry computer-jockey might just be confused but its much harder for them to confuse you into buying when they're confused themselves! Its just unfortunate for them that self-insurance doesn't pay commission 0
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