Mortgage Life Assurance/Insurance?

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SteveLAW58
SteveLAW58 Posts: 33 Forumite
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in Insurance & life assurance
I'm looking for some mortgage life assurance (decreasing) to cover payments if myself or my partner died. We're 21 and 19, non smokers, the cheapest premium Ive found is just over £5.

Ive got a bit of a query with something included in the detail though. It mentions about the cost of advice being a matter of agreement between you and you advisor. Then there is a breakdown of commission payments. Ive filled this all in online to which there is a statement saying "If an application is made On-Line on the basis of this illustration we wish to advise you that your IFA may receive an increase in the commission we pay to them."

Can anyone help me out on this one, I've got no idea what this means????

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  • dunstonh
    dunstonh Posts: 116,594 Forumite
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    It means your IFA will get an increased commission for submitting it online rather than by paper. A number of providers pay increased commission for doing it that way. It has no impact on your premiums though.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • SteveLAW58
    SteveLAW58 Posts: 33 Forumite
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    So if Im sorting it out myself, i don't have to worry about it?
  • dunstonh
    dunstonh Posts: 116,594 Forumite
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    You may be doing it yourself but you are still using an IFA and the IFA. You may not speak to them and you wont get the full FOS protection (hence why its cheaper) but an IFA is being paid for it. Its just an IFA with a website.

    That is why the commission message is still there.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • SteveLAW58
    SteveLAW58 Posts: 33 Forumite
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    dunstonh wrote: »
    You may not speak to them and you wont get the full FOS protection Sorry, what is FOS?
  • dunstonh
    dunstonh Posts: 116,594 Forumite
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    Financial Ombudsman Service = FOS. They are the body you deal with if there is a complaint you cannot get resolved.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • SteveLAW58
    SteveLAW58 Posts: 33 Forumite
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    Ah right, cheers guys!
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