Life cover through estate agent financial advisor

Unclefoobar

We recently visited our estate agents In house financial advisor. We're able to port our current deal with A&L (BOE + 0.75%) and borrow a further 73k on a repayment mortgage plus our equity. The advisor told us he would not receive any payment from us or A&L for arranging our mortgage, but would expect us to purchase life cover through him. He didn't quote any figures for insurance but doing a quick search online we can get cover for about £10 per month (decreasing term life insurance, 73k over 25 years). I know the obvious point is to ask him but do you think i can expect to pay the same monthly premium arranged through the advisor?

GMS

You are under no obligation whatsoever to purchase anything from the adviser. The fact that they cannot get near your current rate is tough for them. Hazard of the job if you like. I have seen many clients who are better off where they are. It needs to be swallowed. 'Expecting' somebody to take out insurance is not something I would do.

Firstly I would not put somebody into something they do not want. Secondly why bother if they will cancel it after a month anyway.

Typical Estate Agent staff. If you don't want it don't take it. If you are happy arranging your own cover or are happy with what you have then stick with it.

It's no wonder we get a bad name with clowns like this.

DVardysShadow

Unclefoobar wrote: »

We recently visited our estate agents In house financial advisor.

I take it that this agent is your seller's agent? If so, they most definitely are not your agent - and the usual advice is never as buyer to take financial legal or any other services from your seller's agent.

ACG

Anyone the says you have to buy insurance through them....walk away. They can expect what theylike, it doesnt mean it will happen.

You can get life cover for less than £10, if you need it then you need to make sure its the correct type and set up correctly. If you agree with the need for life insurance i would personally be looking at someone who isnt presurising you, he sounds like hes more interested in his money than whats right for you - which is the wrong way round.

dunstonh

general rule of thumb is to never use an estate agent adviser. Many are tied (so more expensive) and they have the worst reputation in the industry (small, local independent agents not included as they tend to use local firms).

Use your own local independent firm.

Unclefoobar

Many thanks for replies.

I must say we did not feel any pressure from the advisor who I found very helpful. It was more of a passing comment he made with regards to expecting us to purchase the life insurance so I suppose I could still purchase the life insurance elsewhere.

However after speaking to Alliance & Leicester earlier I think I'd rather use the services of an advisor whether it's him or someone else!:(

dimbo61

You use the word "US"
You need joint cover NOT DECREASING for both of you and use Martin,s website to get the very best deal