Life assurance - how to split?

dunstonh

Though we would like to meet them personally, I guess it is common to sort it out over the phone.

Most transact face to face.

Are brokers more reliable, knowledgeable and regulated compared to the advisers from companies like LifeSearch etc?

Advisers give advice. Brokers do not give advice. Although there is no definition of the word broker when it comes to life assurance. So, it is a term that could mean different things. Effectively you have advised and non-advised. Advised offers greater consumer protection as they analyse the shortfalls and provide the recommendations to fill those shortfalls. non-advised should give no advice, no analysis of shortfall needs or really do anything that steers you in any way towards a product type or amount. Non-advised has lower consumer protection.

Advised should cost more than non-advised.

weighty1_2

Cotgear wrote: »

He may be moving to another country and as per the adviser, if he moves abroad, the life insurance is valid but not the critical illness cover. So, if he is going to move in few years, then he can just discontinue the critical illness cover.

This is not necessarily true. Generally, even if a client is living abroad a critical illness claim can be made provided the life assured returns to one of the allowable countries were a claim can be verified. These tend to be countries within Europe, North America and Australasia.

Does your brother intend to move of out the UK permanently and if so, in what time frame is he intending to move? This in itself could cause some major issues.

On this basis alone I'd suggest it is worth speaking with a protection specialist or IFA.

Cotgear

weighty1 wrote: »

This is not necessarily true. Generally, even if a client is living abroad a critical illness claim can be made provided the life assured returns to one of the allowable countries were a claim can be verified. These tend to be countries within Europe, North America and Australasia.

Does your brother intend to move of out the UK permanently and if so, in what time frame is he intending to move? This in itself could cause some major issues.

He might be moving to one of the BRICS countries in five years.
He plans to move initially there for few years and if it works well he might live there permanently.