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tricky situation re. life insurance/financial advisor

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Just wanted to a) vent my frustration and b) get opinion on what to do about a bit of a tricky situation! Myself and my boyfriend are in the process of buying our first place, got the mortgage sorted and our financial advisor has been pushing us to get life insurance through her (she is a zurich rep). My boyfriend already has a policy which covers him for over half the mortgage so I think her nose was a bit out of joint when we decided not to get the one for him which she suggested. I then queried the cost of mine and received an email back from her which she obviously hadn't checked properly as when i scrolled down i saw this email which she'd sent to her PA:

"Sorry mate, I know this is on risk already.
What a pain, why the heck do people have to think about a few pounds a month"

I was a little peed off to read this as i thought that we had a pretty good relationship with her and also surely it is understandable that we'd want to query costs which don't add up properly, even if it is only a few pounds. so, in response I went online, found a quote which beat hers (£11 to her £14). When i told her she said she wished I'd told her as she had access to whole of market and could have got me that quote... so why didn't she?? does she get a bigger kick back if she uses zurich?

so should i go with the new quote direct to the insurance co? or should i go through her to keep her sweet as she sorted the mortgage and don't want anything to go wrong before we exchange/complete.

also, can any one shed any light on what "on risk" means??

sorry for the long rant, any input would be appreciated!

Comments

  • RabbitMad
    RabbitMad Posts: 2,069 Forumite
    "On risk" means if you die it pays out. I.e the policy is already active even if they haven't taken the 1st months premium yet.

    You could use your 14 day cancelation period and take out the altenative policy. Your broker should have given you the best price policy to start with imo unless the other company has a history of bad service, not paying out, worse cover etc.
  • thank you!
    the policies seem to be comparable, new one is with legal and general who, as far as i can tell, are reputable...
  • dunstonh
    dunstonh Posts: 119,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    When i told her she said she wished I'd told her as she had access to whole of market and could have got me that quote... so why didn't she?? does she get a bigger kick back if she uses zurich?

    Zurich are not a company that often comes up well on whole of market. However, they do have a salesforce out there and do appear on multi-tied panels. Use of Zurich possibly suggests the person you saw wasnt whole of market. Is sounds like she was a tied agent of Zurich with the ability to refer the case to an IFA if better pricing was required. Tied agents have no requirement to give you best.
    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.
  • RabbitMad
    RabbitMad Posts: 2,069 Forumite
    dunstonh wrote: »
    Zurich are not a company that often comes up well on whole of market. However, they do have a salesforce out there and do appear on multi-tied panels.

    I was under the impression that Zurich no longer had a tied sales force as they spun them off (cut them loose / kicked them out - take your pick) into a new company called openwork.
  • dunstonh
    dunstonh Posts: 119,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    A few insurance companies have done this over the last few years. AXA just did similar with Thinc. However, they still have a tied AXA salesforce. Its just owned by Thinc now.

    Openwork is limited panel for both mortgages and protection.
    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.
  • robnye
    robnye Posts: 5,411 Forumite
    Part of the Furniture Combo Breaker
    i would suggest you go with your own quote...... stuff her............
    revenge for the ordinary people
    smile --- it makes people wonder what you are up to.... ;) :cool:
  • i am inclined to agree with you!
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