Reply to: Life Insurance as a contractor

[TheFaQQer]

So you need a broker.

No - I'm happy with the IPSE life assurance policy.

Which is both cheaper (if I don't take the £25 commission route from Cavendish Online) and available.

[DallasDad]

The top one is, the other two are cots standard policies anyone can buy.

[mudskipper]

I had a return call from an 'Advisor' after pumping my details into Quote Supermarket
Me 55 years old fit (allegedly) 10 years x 300K = £70 per month for a RL policy with Aegon.
No idea how competitive that is though as I have not found any way to get direct online quotes for this product

I then did 'compare the morkitt'
Cheapest was £57.50 per month with Aviva.

Then onto Cavendish
£25 fee and £47.60 per month with AIG

Are those relevant life policies? (i.e. payable through yourCo?)

[DallasDad]

I looked up the adviser or advisor, take your pick
https://www.linkedin.com/in/lee-sotheran-3565777b

First two job descriptions are clearly cut and paste adverts for Maine Finance, then it all gets a bit well...
Would you put something as badly worded as this in your CV?

"I got brought into the company as there was a team of 15 salesman under performing, re-training and motivation was key to my job role here. Given the task of dealing with there compliance..."

I am not saying he doesn't know his product I just thought I would look him up to see who I was talking to.

[SueEllen]

Long-term medical condition, yes.

So you need a broker.

[DallasDad]

I had a return call from an 'Advisor' after pumping my details into Quote Supermarket
Me 55 years old fit (allegedly) 10 years x 300K = £70 per month for a RL policy with Aegon.
No idea how competitive that is though as I have not found any way to get direct online quotes for this product

I then did 'compare the morkitt'
Cheapest was £57.50 per month with Aviva.

Then onto Cavendish
£25 fee and £47.60 per month with AIG

[TheFaQQer]

Are you sick?

Long-term medical condition, yes.

[SueEllen]

I'll take that wager

Initially, Cavendish were 30p a month cheaper than IPSE if I paid the £25 fee. Went into the questions and was then told "Sorry, we are unable to insure you"

Are you sick?

[TheFaQQer]

I guarantee, like for like, Cavendish will be cheaper. They charge a small one off admin fee to you, then they knock their commission off the monthly premium. It's always cheaper than anywhere else.

I'll take that wager

Initially, Cavendish were 30p a month cheaper than IPSE if I paid the £25 fee. Went into the questions and was then told "Sorry, we are unable to insure you"

[Fred Bloggs]

Check the IPSE scheme, if you're a member.

I guarantee, like for like, Cavendish will be cheaper. They charge a small one off admin fee to you, then they knock their commission off the monthly premium. It's always cheaper than anywhere else.

[mudskipper]

Check the IPSE scheme, if you're a member.

[Fred Bloggs]

I don't know if they offer what you want, but Cavendish Online have always been the cheapest for insurances that I have found.

[DallasDad]

Is there an online quote tool for RL policies?
How do they compare to standard cots life policies?
So far all I have read is Gumph for advisors to use and portals harvesting detail with promises to call back later with the best quote which have turned out to simply be pimps for individual companies.

So what is the best way to buy one of these policies and compare prices?

Edit
Here is a bit of waffle specifically mentioning IT contractors but for me when I see mention of the word IFA that immediately means add on Kerching which is a bit off putting!

https://www.unbiased.co.uk/news/how-...ess-money/1874

[kaiser78]

Have you read the thread?

There is now a relevant life policy that covers CI and can be paid through yourCo.

However, some of us would like HMRC to confirm that Aviva's interpretation matches their own.

Sorry no, not all of it. I was basing on my experiences from last year when looking to set this up, although am still not sure if this is cost effective...

[mudskipper]

Relevant Life doesn't cover CI, just Life.

For me CI is just as important, however the premium shoots up as a result, as I have just found up from topping up... And you cannot charge CI cover through the Ltd co.

Have you read the thread?

There is now a relevant life policy that covers CI and can be paid through yourCo.

However, some of us would like HMRC to confirm that Aviva's interpretation matches their own.