Do I have to pay the Life Insurance Broker a fee?

Absolutely not! LifeSearch, our Partners for Life Insurance, purely work on commission.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

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How much will the premium be?
Your premium reflects the level of cover you want and how long you want to be insured for. It also reflects the risk to the Insurance Company that you may make a claim. This risk is conditioned by your age, sex, occupation, health record and life style etc.
If you’re asked to supply more information or go for a medical, will the premium increase?
No, not necessarily. If you’re asked for more information or to have a medical it does not automatically follow that your premium will increase. To put this in context, in our experience 88% of people who apply for life insurance qualify for the price first quoted.
Is a medical absolutely necessary?
No. Most people do not require a medical. Normally an insurer will only ask for a medical if you have existing health issues that cannot be resolved by a report from your GP or if you have applied for an especially high sum of insurance.
What correspondence can you expect to receive after your Application has been submitted?
It all depends upon what complications arise from the details on your Application.
How do you go about making a claim under your policy?
Claims are made directly to the Insurance Company who issued your policy. Details of how to claim will be found within the booklet they provide with your Application form and policy.
LifeSearch only works on a commission basis as this is the norm for buying life insurance through the Internet. The insurance company pays them commission and this means you have nothing extra to pay.

In our view, commission is the most cost effective solution for Internet operations. In addition there is no VAT charged on commission. If you were charged a fee, the broker would have to add on VAT.

However, you should be aware that the Financial Services Authority generally favours the idea of fees rather than commission but acknowledges that in some situations, like the Internet, fees are not really practical.

Frequently Asked Questions related to the above topic.
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