Advised to take Life Assurance 4-6 weeks before completion.

IFAJack

You can pay for these through your business if you run a limited company

IFAJack

If you write a policy into trust you allocate additional trustees (usually the beneficiary) to allocate the money to the right person (usually themselves) The sum assured is tax free as well meaning the whole mount goes to those intended.

magpiecottage

IFAJack wrote: »

If you write a policy into trust you allocate additional trustees (usually the beneficiary) to allocate the money to the right person (usually themselves)

If the trust allows surviving trustees discretion about who will benefit, you should have more than one,

It is also worth noting that the proceeds are the legal property of the trustees, not estate. This means that any disputes about who should benefit from a will would not prevent the policy paying out or being used to pay debts. This could be useful, particularly if a couple are not married or in a CP.

IFAJack

Yes that's correct, hence the term 'additional trustees' in my post. Trustee 1 will in 99% of cases be the policy holder. The additional trustee will normally be spouse/civil partner.

looknohands

kingstreet wrote: »

Your broker may not have been able to match the price, but what about the quality of the cover?

Same insurer but broker couldnt get price, not sure why, it's Friends Life.

'Did you check the DEFAQTO star ratings for the CI & IP'
That means nothing to me, is that actually language that someone buying insurance should be aware of, or is that broker speak?!

dunstonh

Same insurer but broker couldnt get price, not sure why, it's Friends Life.

Don't assume it is the same product. Some insurers will offer reviewable premiums or guaranteed premiums for example. Same insurer but different terms. Some insurers make different versions of the product available via different distribution channels. e.g. Scot Wid used to cut down the IFA version of their product for sale in Lloyds Bank. Tied agent pricing tend to be more expensive than the IFA version.

it could also be a difference in commission reflecting different price.

kingstreet

looknohands wrote: »

Same insurer but broker couldnt get price, not sure why, it's Friends Life.

'Did you check the DEFAQTO star ratings for the CI & IP'
That means nothing to me, is that actually language that someone buying insurance should be aware of, or is that broker speak?!

No, it isn't broker-speak.

DEFAQTO rates insurance products so punters can compare quality between contracts.

https://www.defaqto.com/star-ratings/

looknohands

Interesting, the insurer isn't even on that list so assume that's not a good sign to begin with, we did look at Legal & General quotes too so maybe that's a better option. Slightly more expensive but they have 5 stars.

IFAJack

do you run a limited company?

looknohands

No I'm self employed sole trader, I'm considering switching to limited after we complete (didnt want to mess up application by becoming a director)