# life assurance ?



## Guest (Jun 25, 2013)

Hope someone can help, i am getting to the age where my wife thinks i should be looking at life assurance !!:doublesho, anyway does anybody have any recommendations as to who to go with etc ?, its not something i have ever looked at.

TA


----------



## Maggi200 (Aug 21, 2009)

Have you spoken to your employer about this? Perhaps there is an existing scheme


----------



## Will_G (Jan 23, 2012)

You really need to see an IFA about this. A lot depends on your circumstances regarding your home, family etc and exactly what you want to cover I.e. mortgage to pay off the house, lump sum to help the family out etc


----------



## Guest (Jun 25, 2013)

maggi133 said:


> Have you spoken to your employer about this? Perhaps there is an existing scheme


I do get something from my employer but it wouldn't be enough to cover my remaining mortgage.


----------



## Maggi200 (Aug 21, 2009)

If you need to speak to an IFA I can certainly recommend a very good one that has a few regional offices depending on where you are.


----------



## Guest (Jun 26, 2013)

Thanks, anyone have life assurance ?, who are you with ?


----------



## Shiny (Apr 23, 2007)

As mentioned above, I'd seriously recommend sitting down face to face with an IFA (who will call out to your home) and they can assess your needs, affordability etc and what is best for you.

Post up where you are and i'm sure someone will be able to recommend an IFA in your area they have used.

I know a chap here in Swindon (i worked with him for 20 years) and is the most trustworthy person i know, also very qualified (takes all his exams as soon as they are available, rather than when it becomes compulsory) and, being independent, can offer a range of suitable products. But he won't be much use to you if you aren't local to me.


----------



## The Cueball (Feb 8, 2007)

All goods points raised already, but please remember that anyone you speak to is still selling you something.... and TBH... they have no idea about the future either.... so it's all on your head...

If your wife is pushing for it, I would be careful with your dinner from now on too... :lol:



:thumb:


----------



## Guest (Jun 26, 2013)

How does a IFA make money?


----------



## The Cueball (Feb 8, 2007)

paul01 said:


> How does a IFA make money?


same as other sales people...

:thumb:


----------



## danwel (Feb 18, 2007)

I have life insurance and i am 33. I got it as i work offshore and just wanted to make sure my family were ok should anything happen to me


----------



## S63 (Jan 5, 2007)

paul01 said:


> I do get something from my employer but it wouldn't be enough to cover my remaining mortgage.


I assume from this you have a repayment mortgage?


----------



## mikeydee (May 4, 2010)

im with abacus and PAX because im forces. but they give me cover on stuff that civvy companies won't. they also cover critical illness and accident


----------



## Guest (Jun 26, 2013)

The Cueball said:


> same as other sales people...
> 
> :thumb:


Not very 'independent' then!


----------



## The Cueball (Feb 8, 2007)

well they have to make a living as well.... 

4 basic questions to ask:

1) how much are they going to cost, and how they work it out.

2) what service will you receive from them.

3) who are they, and what qualifications / track record do they have.

4) what is the review process... how often, and how much.

:thumb:


----------



## Derekh929 (Aug 28, 2011)

The Cueball said:


> well they have to make a living as well....
> 
> 4 basic questions to ask:
> 
> ...


That's very good questions to ask for investment and Pension Business.

The cheapest is not always best, and the cost of cover will depend on a lot more than age and term of cover, health, Height And Weight, family health history , occupation and any extreme sports etc, claims and underwriting important as well.
Asking if they help in the event of a claim and personal recommendation important, I can tell you some have high levels of qualifications , but very little knowledge on life and Critical Illness cover and income protection.

I have seen first hand what the claims of these policies mean to families over 20 years know


----------



## bigslippy (Sep 19, 2010)

Derekh929 said:


> That's very good questions to ask for investment and Pension Business.
> 
> The cheapest is not always best, and the cost of cover will depend on a lot more than age and term of cover, health, Height And Weight, family health history , occupation and any extreme sports etc, claims and underwriting important as well.
> Asking if they help in the event of a claim and personal recommendation important, I can tell you some have high levels of qualifications , but very little knowledge on life and Critical Illness cover and income protection.
> ...


Bang on Derek , qualifications are great , experience is priceless...... 22 years and counting :thumb:

I


----------



## Clkrichard (Nov 17, 2011)

The Cueball said:


> same as other sales people...
> 
> :thumb:


An IFA will assess your specific needs and make a recommendation based on them. There are various types of "life assurance" and the IFA will help you determine the type, the amount of cover needed and for how long it needs to run. Life assurance can cover more than just premature death and could embrace serious illness or inability to work through illness. It might need to cover both you and your wife, it might need to be written in trust. There are so many factors to be considered. Employer provided life cover is valuable but will you work for that employer all the way to retirement ?
The rules on how IFAs are remunerated changed in the Retail Distribution Review effective 31/12/2012 when the government moved ( in very simplistic terms) payment from commission to fees. Discuss this with your IFA. You should get an initial one hour free meeting with no obligation to proceed. Dont necessarily expect the IFA to come to your home - your accountant, solicitor, bank manager wont do that unless you are a very heavy hitter !


----------



## Clkrichard (Nov 17, 2011)

paul01 said:


> Not very 'independent' then!


Independence means not being tied to one or a small number of product providers, it doesnt mean an IFA will do work for you without being paid for it !


----------



## Derekh929 (Aug 28, 2011)

Clkrichard said:


> An IFA will assess your specific needs and make a recommendation based on them. There are various types of "life assurance" and the IFA will help you determine the type, the amount of cover needed and for how long it needs to run. Life assurance can cover more than just premature death and could embrace serious illness or inability to work through illness. It might need to cover both you and your wife, it might need to be written in trust. There are so many factors to be considered. Employer provided life cover is valuable but will you work for that employer all the way to retirement ?
> The rules on how IFAs are remunerated changed in the Retail Distribution Review effective 31/12/2012 when the government moved ( in very simplistic terms) payment from commission to fees. Discuss this with your IFA. You should get an initial one hour free meeting with no obligation to proceed. Dont necessarily expect the IFA to come to your home - your accountant, solicitor, bank manager wont do that unless you are a very heavy hitter !


For non Investment product it has remained the same mostly commission based, but option of fee's , and yes 1 hour usually at Cost of IFA
Problem with Employer cover is if you move to new company and it has none and your health has changed then may be harder to get cover


----------



## bigslippy (Sep 19, 2010)

Derekh929 said:


> For non Investment product it has remained the same mostly commission based, but option of fee's , and yes 1 hour usually at Cost of IFA
> Problem with Employer cover is if you move to new company and it has none and your health has changed then may be harder to get cover


Keep them coming Derek , I'll back you all the way


----------



## gordonpuk (Mar 14, 2010)

Assurance or insurance are you after?

Having been young and naive I once used an IFA
who steered me in to a product that give him the best commission
but not the best product for me.
Finding a good IFA is like trying to find a good car salesperson
who looks after your intrest not thiers.


----------



## Ross (Apr 25, 2007)

I am not bothering with life insurance


----------



## gordonpuk (Mar 14, 2010)

Ross said:


> I am not bothering with life insurance


Any reason why?


----------



## Guest (Jun 27, 2013)

gordonpuk said:


> Assurance or insurance are you after?
> 
> Having been young and naive I once used an IFA
> who steered me in to a product that give him the best commission
> ...


This is my worry, i am not sure i need a IFA and i do not want to line their pockets, i just need to cover a small amount of mortgage and maybe a bit of cash so my little ones can go to college etc


----------



## Guest (Jun 27, 2013)

Clkrichard said:


> Independence means not being tied to one or a small number of product providers, it doesnt mean an IFA will do work for you without being paid for it !


I never mentioned not paying did i ?, i just think they will lean towards what gives them the most commission instead of looking after my needs.

So back to my question, who are you folks with ?


----------



## Derekh929 (Aug 28, 2011)

paul01 said:


> This is my worry, i am not sure i need a IFA and i do not want to line their pockets, i just need to cover a small amount of mortgage and maybe a bit of cash so my little ones can go to college etc


Wow great to feel valued , For a start Commision has to be disclosed so surely you can judge if value for money? i have been in the industry for 21 plus years and only once have i been asked for my quifications, and i always explain how i get paid. 85% of my business is from existing clients that always came back, why you may ask as they are aware i provide a high standard of service and have the knowledge and experience to do the job for them.
Yes i have more than the quifications to do the job i need, but that does not make me a better adviser, or make me more honest than another adviser, this business is about trust, and integraty.
Just look at the complaints percentages for IFA's then look at banks and other direct offering and then you will see the truth, not the rubish the press put out.
Linning IFA's pockets well if you knew what it costs to run a small IFA firm you might mind you are not linning all of there pockets maybe sum, but then that can be said about any industry from walking into a shop or buying a house.
I have seen all the online growth and tick box culture and that's great until you have a problem or your circumstances don't fill the box and the no advice route , may end in tears, believe you me after having 13 Critical Illness claims and many Life claims and Income Protection claims all paying out , you then release the clients are not lining your pocket but paying you to make sure there family and other circumstnaces are safe and secure, when things go wrong.
As for the comment above re they only sell the highest commision product, well some may but i can assure you the industry has got a lot of good honest hard working IFA's , that many retain client for years and years.
Maybe you should find a local recommended IFA and take a appointment are there cost and then deciede if you like them or not:thumb:


----------



## bigslippy (Sep 19, 2010)

gordonpuk said:


> Assurance or insurance are you after?
> 
> Having been young and naive I once used an IFA
> who steered me in to a product that give him the best commission
> ...


Have seen that ole chestnut a few times in the past .

Insurance - insuring against something that might happen ( car , home , critical illness insurance etc )

Assurance - insuring against something that you are assured to happen - death (life assurance )

Interesting to read , not just on here , if you feel the advisor has advised and sold you a policy for the wrong reasons ie commission over appropriate contract ... have these people made a complaint or just slate all the people in the industry? if complaints are made and found to be valid these " bad apples " will be dealt with and could be removed from the industry.

If in doubt , get the advisors FSA number and check the FSA Register to check their complaints history and remove an element of doubt.


----------



## bigslippy (Sep 19, 2010)

Derekh929 said:


> Wow great to feel valued , For a start Commision has to be disclosed so surely you can judge if value for money? i have been in the industry for 21 plus years and only once have i been asked for my quifications, and i always explain how i get paid. 85% of my business is from existing clients that always came back, why you may ask as they are aware i provide a high standard of service and have the knowledge and experience to do the job for them.
> Yes i have more than the quifications to do the job i need, but that does not make me a better adviser, or make me more honest than another adviser, this business is about trust, and integraty.
> Just look at the complaints percentages for IFA's then look at banks and other direct offering and then you will see the truth, not the rubish the press put out.
> Linning IFA's pockets well if you knew what it costs to run a small IFA firm you might mind you are not linning all of there pockets maybe sum, but then that can be said about any industry from walking into a shop or buying a house.
> ...


Couldn't agree more :thumb:


----------



## The Cueball (Feb 8, 2007)

bigslippy said:


> have these people made a complaint or just slate all the people in the industry? if complaints are made and found to be valid these " bad apples " will be dealt with and could be removed from the industry.
> 
> If in doubt , get the advisors FSA number and check the FSA Register to check their complaints history and remove an element of doubt.


I think that is one of the problems in the UK now... there are a load of people that have no idea how to stand up for themselves and make a complaint against someone or something.

So instead they either take the easy route and moan online, or if they try in person, they just start shouting and screaming and making a scene...

:thumb:


----------



## bigslippy (Sep 19, 2010)

The Cueball said:


> I think that is one of the problems in the UK now... there are a load of people that have no idea how to stand up for themselves and make a complaint against someone or something.
> 
> So instead they either take the easy route and moan online, or if they try in person, they just start shouting and screaming and making a scene...
> 
> :thumb:


Thank god ... thought I was gonna read you slating my post :lol:


----------



## The Cueball (Feb 8, 2007)

:lol:


----------



## Grommit (May 3, 2011)

When we bought our house we took decreasing life insurance. Effectively, the more money that is paid off your house, the less your monthly payments become.

In a nutshell it equates to the house being paid off, should either of us leave this earth and will have just a few bob left over to stick us in the ground.

My work pension and lump sum all go to my spouse also, and like many others im worth more dead than alive.

So for us personally this type of insurance works, its not that expensive and the biggest cost over your head (your house) is paid off should you pop your clogs.


----------



## Guest (Jun 27, 2013)

Sorry that your offended, in my defense i never asked about IFA's and TBH i don't want one either, i am just wanting to hear peoples personal experiences with whichever company they are with :thumb:



Derekh929 said:


> Wow great to feel valued , For a start Commision has to be disclosed so surely you can judge if value for money? i have been in the industry for 21 plus years and only once have i been asked for my quifications, and i always explain how i get paid. 85% of my business is from existing clients that always came back, why you may ask as they are aware i provide a high standard of service and have the knowledge and experience to do the job for them.
> Yes i have more than the quifications to do the job i need, but that does not make me a better adviser, or make me more honest than another adviser, this business is about trust, and integraty.
> Just look at the complaints percentages for IFA's then look at banks and other direct offering and then you will see the truth, not the rubish the press put out.
> Linning IFA's pockets well if you knew what it costs to run a small IFA firm you might mind you are not linning all of there pockets maybe sum, but then that can be said about any industry from walking into a shop or buying a house.
> ...


----------



## Derekh929 (Aug 28, 2011)

paul01 said:


> Sorry that your offended, in my defense i never asked about IFA's and TBH i don't want one either, i am just wanting to hear peoples personal experiences with whichever company they are with :thumb:


The only problem with that is they may have to die first before they can tell you how good the company was , as that is when you know how good they are:thumb:
Not offended in the slightest, only pointing out the info, just a word of advice, comparison sites are great for car insurance, and again cheapest not always best:thumb:


----------



## PaulN (Jan 17, 2008)

The Cueball said:


> If your wife is pushing for it, I would be careful with your dinner from now on too... :lol:
> 
> 
> 
> :thumb:


lol You've got a very good point there.. :thumb:


----------



## bigslippy (Sep 19, 2010)

paul01 said:


> Sorry that your offended, in my defense i never asked about IFA's and TBH i don't want one either, i am just wanting to hear peoples
> personal experiences with whichever company they are with :thumb:


TBH you did say in another post " you didn't want to line an IFA's pocket " and in Derek's defence his response was based on that :thumb:

Not all advisers charge a fee


----------



## Guest (Jun 27, 2013)

OK, other people bought up IFA's , to be clear i do not wish to go to one :thumb:


----------



## bigslippy (Sep 19, 2010)

paul01 said:


> OK, other people bought up IFA's , to be clear i do not wish to go to one :thumb:


They did bring it up , you made comments regarding IFA's , simples

good luck then :thumb:


----------



## Clkrichard (Nov 17, 2011)

paul01 said:


> OK, other people bought up IFA's , to be clear i do not wish to go to one :thumb:


I am curious as to why you shun IFAs. Do you have the ability and tools to determine what you need and where to find it ? Do you understand the difference between Whole of Life cover or Term Assurance ? Joint Life First Death or Joint Life Second Death ? Permanent Health Insurance ? Critical Illness Cover ? Life of Another ? Insurable Interest ? The need for a suitable trust ? Linkeage with Wills. Sums assured ? Interaction with Inheritance Tax ?
An IFA operating on a commission basis is required to show you how much he will receive and you can question him if he recommends a higher paying product over another, before you commit to proceed. 
You wouldnt go to Tescos to have your appendix removed so why not go to an IFA for expert advice on financial planning ? You might not even need life assurance at all - some folk don't ,


----------



## The Cueball (Feb 8, 2007)

PaulN said:


> lol You've got a very good point there.. :thumb:


maybe we are just paranoid... :lol:


----------



## Derekh929 (Aug 28, 2011)

Clkrichard said:


> I am curious as to why you shun IFAs. Do you have the ability and tools to determine what you need and where to find it ? Do you understand the difference between Whole of Life cover or Term Assurance ? Joint Life First Death or Joint Life Second Death ? Permanent Health Insurance ? Critical Illness Cover ? Life of Another ? Insurable Interest ? The need for a suitable trust ? Linkeage with Wills. Sums assured ? Interaction with Inheritance Tax ?
> An IFA operating on a commission basis is required to show you how much he will receive and you can question him if he recommends a higher paying product over another, before you commit to proceed.
> You wouldnt go to Tescos to have your appendix removed so why not go to an IFA for expert advice on financial planning ? You might not even need life assurance at all - some folk don't ,


Some very good points, but some use the pub expert, they are always correct, or the mail on Sunday as we all trust the tabliods


----------



## mt8 (Jan 7, 2011)

If, and i stress IF you know what you want from a policy you can go direct through a Broker, we used Cavendish online for me and the wife on single life policies for a fixed term with terminal insurance added as well, this cost us a flat fee of £35 each. This covers the existing mortgage and a lump sum over as well, but you can set it to any amount and term required.


----------

