Any reason not to use this company for our Life policies?

ferry

The company in question is Smart Insurance & before I start I am in no way affiliated to this company or know anyone who works there etc....

With Friends Life at the moment & currently looking for a more economical way to protect ourselves and are willing to compromise on level during a difficult time. Following a brief conversation with an advisor it seems that we can more than halve our monthly premiums for similar cover,plus my wife won't have to go through another intrusive medical to be accepted.

I cant seem to find much on them searching around the net so I thought I would ask here of any experiences with them or even if a broker could comment on their service?

Thanks as usual
F

InsideInsurance

ferry wrote: »

or even if a broker could comment on their service?

You're unlikely to get one intermediary commenting on another intermediary on a public forum

Smart Insurance is an intermediary like a broker but instead of looking at multiple insurer's products they only sell Scottish Friendly's (ie they are single tied agent)

If you look into Scottish Friendly you are much more likely to find feedback than looking at a single small agent.

If you like the price and product features, why not approach an IFA or other whole of market broker and see what they can do in comparison? They'll have access to Scottish Friendly and other insurers products.

dunstonh

I cant seem to find much on them searching around the net

It would be like looking on the web for feedback on your local butcher at the end of the road. You wouldnt expect it.

or even if a broker could comment on their service?

Using the butcher analogy again, that would be like asking your local butcher about the quality of another local butcher. A butcher is unlikely to buy his own meat through a different butcher and wont be in a position to answer. Same applies to other advisers/intermediaries.

That said, the general rule of thumb is not to use tied agents/restricted but use an IFA or whole of market adviser instead. Both of those typically have access to the company of the tied agent (and usually cheaper too) as well as other companies from the market place.

kingstreet

You don't say exactly what products you have, but a quick check on Defaqto;-

Smart Insurance Critical Illness cover - 1 star

Friends Life Individual Protection - 5 stars.

If you do have critical illness cover, do you want the best chance of a payout, or a budget policy where you might end up hoping you'd got a different illness.

I'm with the others. Get a review by an IFA. Tied agents can only offer one potion, be it good, bad or indifferent. It may not be in your best interests to change but you may not be made aware of that.

ferry

To clarify-we have single policies with CI and child cover too.
The real issue lies in that my wife has asthma and I assume only a select few will cover against that despite it not interfering with her everyday routine and this is where we lose in in the premium stakes.

Just wanted to say thanks guys for the excellent advice as usual
F

HFLMatters

kingstreet wrote: »

You don't say exactly what products you have, but a quick check on Defaqto;-

Smart Insurance Critical Illness cover - 1 star

Friends Life Individual Protection - 5 stars.

If you do have critical illness cover, do you want the best chance of a payout, or a budget policy where you might end up hoping you'd got a different illness.

I'm with the others. Get a review by an IFA. Tied agents can only offer one potion, be it good, bad or indifferent. It may not be in your best interests to change but you may not be made aware of that.

---

Firstly whats IFA ?


I spoke to my company and they seemed fine and explained what was in the T&C.

kingstreet

An Independent Financial Advisor - someone who represents the client, not the insurer and has the client's best interests at heart.

A tied agent is the agent of the insurer. A tied agent will not tell you if another insurer has a better/cheaper product.

Everyone has warned you of the pitfalls. If you have satisfied yourself that this cover is in your best interests, that's your prerogative. Do not cancel your existing cover until your new plan has been underwritten, acceptance terms issued and the cover commenced.

Don't forget to get life cover written in trust to ensure;-

- a claim can be settled quickly
- payment is made direct to your chosen beneficiaries
- there's no need to wait for probate
- outside your estate to avoid potential Inheritance Tax issues.