Life Insurance quote checker question

Mr_Incredible

OshayAway wrote: »

It's fine that you don't know about it, you're not expected to. Your broker should though so it will be a good measure of their knowledge, which appears to be severely lacking!

just to be clear then I'm saying that if you net the kickback its £30 per month each for people in their mid 30's with no health issues and its for £200k plus CI cover for 18 years.

Y'all still think £30 per month is way high for 200k life cover with CIC?

yes or no OshayAway?

OshayAway

Mr_Incredible wrote: »

just to be clear then I'm saying that if you net the kickback its £30 per month each for people in their mid 30's with no health issues and its for £200k plus CI cover for 18 years.

Y'all still think £30 per month is way high for 200k life cover with CIC?

yes or no OshayAway?

Personally, I wouldn't look at it like that. It's £110 for cover you could get cheaper elsewhere. Cash back schemes are only any good if the company is still around to pay it out and honors it.

It sounds like a loaded premium that will pay him more condition.

The comments he's made are extraordinary in my opinion. All the industry speculation is that premiums will increase significantly within the next 3 months.

How would you feel if when you review your options in 2 years, the same cover now costs £130 or £140? when you could have arranged it for say £85 now?

A bird in the hand...

Mr_Incredible

OshayAway wrote: »

Personally, I wouldn't look at it like that. It's £110 for cover you could get cheaper elsewhere. Cash back schemes are only any good if the company is still around to pay it out and honors it.

It sounds like a loaded premium that will pay him more condition.

The comments he's made are extraordinary in my opinion. All the industry speculation is that premiums will increase significantly within the next 3 months.

How would you feel if when you review your options in 2 years, the same cover now costs £130 or £140? when you could have arranged it for say £85 now?

A bird in the hand...

i guess i wouldn't renew, i'm only tied by a handshake, the policy would be with legal and general, your seriousely saying they might not be around in 2 years, if so I don't know who's more reliable

OshayAway

Mr_Incredible wrote: »

i guess i wouldn't renew, i'm only tied by a handshake, the policy would be with legal and general, your seriousely saying they might not be around in 2 years, if so I don't know who's more reliable

No, I mean the broker. They will be the ones who pay the cash back.

dunstonh

Mr_Incredible wrote: »

Thank you very much for your help, I'm presuming its just his opinion to be honest and his experiences. For example if I went to and IFA and they said 'I think this company offer the best...' I wouldn't automatically assume that means they mist be tied secretly, I would just take it as being their own independent opinion

You have a number of advisers on this thread who can access the whole of market who are all surprised that he is so positive about L&G. Whilst life assurance is not an issue, critical illness cover is and it is hard to see how you can justify an L&G CI policy as being best in market and not only that but one that has reviewable premiums as well.

I also think the kickback is unethical. Why not just reduce the commission by £1000 and pay lower premiums for the policy term? Yes, it means he probably wont be able to change it in 2 years time but you will be better off financially and that is what independent advice is about. Sales reps are about selling policies. That is how your sounds. It may be unfair but we can only comment on what you tell us.

weighty1_2

dunstonh wrote: »

You have a number of advisers on this thread who can access the whole of market who are all surprised that he is so positive about L&G. Whilst life assurance is not an issue, critical illness cover is and it is hard to see how you can justify an L&G CI policy as being best in market and not only that but one that has reviewable premiums as well.

I also think the kickback is unethical. Why not just reduce the commission by £1000 and pay lower premiums for the policy term? Yes, it means he probably wont be able to change it in 2 years time but you will be better off financially and that is what independent advice is about. Sales reps are about selling policies. That is how your sounds. It may be unfair but we can only comment on what you tell us.

To be honest, I'm not that surprised he has recommended L&G, they have an excellent cic claims history (exceeded only by Aviva's in recent years) have a very comprehensive cic plan (only exceeded by a couple of companies including Aviva and Friends Life) and are reasonably priced (although on my quotes are beaten by.....you guessed it Aviva)

I wonder why didn't he recommend Aviva then?

Completely agree about the kickback! Why would a broker even want to give a £1k kickback on a handshake agreement????? Madness and it hardly shouts "I'm a professional adviser" at me.

kingstreet

Mr_Incredible wrote: »

on a like for like quote for my specifics above, if so this is relevent, please confirm?

I used the info you supplied, although I used guaranteed rates. not reviewable.

As dunston said, the best way to get your "kickback" would be to get lower premiums for the whole term, rather than a one-off payment which I suspect may be taxable?

The others may be able to clarify...?

Mr_Incredible

dunstonh wrote: »

You have a number of advisers on this thread who can access the whole of market who are all surprised that he is so positive about L&G. Whilst life assurance is not an issue, critical illness cover is and it is hard to see how you can justify an L&G CI policy as being best in market and not only that but one that has reviewable premiums as well.

I also think the kickback is unethical. Why not just reduce the commission by £1000 and pay lower premiums for the policy term? Yes, it means he probably wont be able to change it in 2 years time but you will be better off financially and that is what independent advice is about. Sales reps are about selling policies. That is how your sounds. It may be unfair but we can only comment on what you tell us.

I appreaciate your opinion and thank you for that.

I don't think kickbacks are unethical however and neither does the site owner from what I've heard on breakfast TV. Your opinion is clearly that L&G CI cover is not the best in the market for me then, this is noted and thank you again.

Mr_Incredible

kingstreet wrote: »

I used the info you supplied, although I used guaranteed rates. not reviewable.

As dunston said, the best way to get your "kickback" would be to get lower premiums for the whole term, rather than a one-off payment which I suspect may be taxable?

The others may be able to clarify...?

Ok then, thanks for that

Mr_Incredible

weighty1 wrote: »

To be honest, I'm not that surprised he has recommended L&G, they have an excellent cic claims history (exceeded only by Aviva's in recent years) have a very comprehensive cic plan (only exceeded by a couple of companies including Aviva and Friends Life) and are reasonably priced (although on my quotes are beaten by.....you guessed it Aviva)

I wonder why didn't he recommend Aviva then?

So your not suprised he recomended L&G as they have an excellent CIC history, but you wonder why he didn't recomend Aviva.

Thank you for your opinion.