Life and Critical Illness cover - Time of underwriting

opinions4u

http://www.haybrookmortgages.com/

Haybrook Mortgage Services is a trading name of Haybrook Limited which is an appointed representative of Legal & General Partnership Services Limited which is authorised and regulated by the Financial Services Authority for advising on and arranging mortgages and insurance.

dunstonh

opinions4u wrote: »

http://www.haybrookmortgages.com/

Haybrook Mortgage Services is a trading name of Haybrook Limited which is an appointed representative of Legal & General Partnership Services Limited which is authorised and regulated by the Financial Services Authority for advising on and arranging mortgages and insurance.

Well done. I suspected as much.

So, the op thinks they are seeing an independent financial adviser or independent mortgage adviser but its actually seeing a whole of market mortgage adviser and tied sales rep of L&G.

That reflects the research that over half of people seeing tied sales reps actually have the impression they are seeing an IFA.

An IFA (or independent mortgage adviser and assume that for every time I say IFA) would be cheaper than an L&G sales rep. Also, unlike the L&G tied sales rep, IFAs can talk and advise on any product on the market. The l&G tied sales rep is only trained to know their own product and generic information. They are not authorised to give advice on other provider's products. Typically, you find "market" knowledge of tied reps to be extremely poor. That may reflect the low quality of information given.

it is certainly now time to jump up and down on this L&G sales rep.

lisyloo

They are not authorised to give advice on other provider's products.

So could the be reported for what they said about other products in post #1 ??

Robinmsa

So basically I require an IFA, where is the best place to find one other than search engines.

ACG

Unbiased.co.uk or google.

tessywessy

Looking into the key facts I came across this Please note, Terminal Illness Cover doesn’t apply during the last 18 months!of a plan or for plans of less than
two years. surely if I am still paying the premium i want to know why if anyone can help. This is from legal and general. i am taking out life and critical illness, is this what most companies do?

Thanks

Annisele

Tessywessy - you'd be better starting your own thread. Things get confusing if we have two people's problems in one place; you end up with replied to both questions all mixed up.

To briefly try to help you - life cover policies often have Terminal Illness Cover bolted on. Terminal Illness Cover usually pays out if you're expected to die in the next 12 months - the idea is that the insurance company knows that you're going to die pretty soon and it's going to have to pay out, so it might as well pay out while you're still alive and can do something with the money. However, if you've taken out life cover for, say, 10 years, and you're diagnosed with a terminal illness 9.5 years in, the insurance company might not have to pay out on the life cover - so it doesn't want to be paying out on the Terminal Illness Cover.

OshayAway

tessywessy wrote: »

Looking into the key facts I came across this Please note, Terminal Illness Cover doesn’t apply during the last 18 months!of a plan or for plans of less than
two years. surely if I am still paying the premium i want to know why if anyone can help. This is from legal and general. i am taking out life and critical illness, is this what most companies do?

Thanks

Couple of things, TIC is a free benefit so technically you're not paying for it anyway. It's free because there is no added risk to the insurance provider, it's simply paying out early. That's why the time limit is imposed. Having said that, something that serious would almost certainly pay out on your critical illness policy anyway.

In answer to your question, "is this what most companies do?" the answer is yes, although some (or at least one) do not put a time limit on TIC so in that case, this free benefit lasts as long as you have the policy for.