Life Insurance quote checker question

kingstreet

Mr_Incredible wrote: »

No he's a lone broker and the policy is with L&G, he's saying they have really good all encompassing CIC and life cover.

I could chuck it in after 2 years and with the grand kickback you could look at it like this;

(51+51 = 102) * 24 = £2448

less £1000 kickback

= £1448

divided by 24

= £60.33 per calendar month or £30.165 each

Is L&G the only option you are given? Is he tied/multi?

What about other providers, like Friends Life or Aviva?

Mr_Incredible

kingstreet wrote: »

Is L&G the only option you are given? Is he tied/multi?

What about other providers, like Friends Life or Aviva?

its just the one he recomended, we have an existing policy with them now and I'm paying more for more but I work full time now not self employed and I have some cover at my place of work (Council) with final pension and 3 x annual salary so I'm reducing the cover with effect from october as that is two years from the date I first took it out, I agreed with my broker to keep paying for two years as he gave a kickback initially and this was part of our agreement

dunstonh

No he's a lone broker and the policy is with L&G, he's saying they have really good all encompassing CIC and life cover.

Is he an L&G tied agent?

Tied agent premiums are typically upto 60% higher than IFA premiums, even where using the same insurance company.

its just the one he recomended

It is important to know if you are seeing an independent adviser or an insurance sales rep. Take a look at the disclosure paperwork he has given you that shows his status.

Mr_Incredible

dunstonh wrote: »

Is he an L&G tied agent?

Tied agent premiums are typically upto 60% higher than IFA premiums, even where using the same insurance company.



It is important to know if you are seeing an independent adviser or an insurance sales rep. Take a look at the disclosure paperwork he has given you that shows his status.

he's an IFA I'm positive, no he's not tied

ACG

Im multi-tied on protection. L&G has a decent contract off memory (theyre not a company i have access to) but that premium does seem high.

dunstonh

Mr_Incredible wrote: »

he's an IFA I'm positive, no he's not tied

hmm. Wonder why he is offering l&G then.

Mr_Incredible

dunstonh wrote: »

hmm. Wonder why he is offering l&G then.

because he thinks they are right

I think that The Legal & General offer a better Critical illness product than all other company though I do deal with Aviva and Friends life also, The Legal & General are market leaders in Critical illness Cover and they have a five star rating for there claims pay ability which is very important in this day and age so I would recommend them.

The premiums guaranteed for five years and then reviewed, they would then look at mortality rates and other factors to see if they needed increasing to maintain the level of cover. in over 20 years I have never know premiums to need to be increased. You can have a guaranteed premium from the start, however this cost more as you would expect.

I joint life plan would be around 5% cheaper, however if a claim is made then to policy finished where as with two policies you have double the cover as you know, Multi plan benefits do apply in a small way and have been used with my quotes, its not like car insurance and multi car, where you can save a lot by having multi car policies.

With the equality thing I expect that premiums will increase around 10 to 15% overall however because of competition in the market place for term assurance it may not be as much as this. male premiums could drop so it could be cheaper for you in two years time.

kingstreet

On a like for like quote, Scot Prov, Bright Grey, Aviva and Aegon are all cheaper than L&G. Cost shouldn't be the only consideration though.

You need someone impartial to consider the critical illness definitions and other plan features carefully.

OshayAway

Mr_Incredible wrote: »

because he thinks they are right

I think that The Legal & General offer a better Critical illness product than all other company though I do deal with Aviva and Friends life also, The Legal & General are market leaders in Critical illness Cover and they have a five star rating for there claims pay ability which is very important in this day and age so I would recommend them.

The premiums guaranteed for five years and then reviewed, they would then look at mortality rates and other factors to see if they needed increasing to maintain the level of cover. in over 20 years I have never know premiums to need to be increased. You can have a guaranteed premium from the start, however this cost more as you would expect.

I joint life plan would be around 5% cheaper, however if a claim is made then to policy finished where as with two policies you have double the cover as you know, Multi plan benefits do apply in a small way and have been used with my quotes, its not like car insurance and multi car, where you can save a lot by having multi car policies.

With the equality thing I expect that premiums will increase around 10 to 15% overall however because of competition in the market place for term assurance it may not be as much as this. male premiums could drop so it could be cheaper for you in two years time.

Wow, is that a direct quote? I don't know where to start with what's wrong with that!

OshayAway

My broadband has just cut out so I'm having to post on my phone. When I get my connection back I'll pull that apart for you.