I was told by a Life & Disability Underwriter at SwissRe to go to this website. I was shocked by how much cheaper the rates on this website were, when compared to say normal IFA rates.
They operate on the basis that they take a massive commission sacrifice to get the cheapest premiums, and then sell a load of policies. Basically on-line quote monkeys.
My original Life Cover with Countrywide Assured, who arranged my first mortgage gave me Decreasing Term and CIC for about £55k, which I was paying £28 per month. I got a quote from theidol.co.uk and was given £100,000 level cover for the same original term (and being 3 years older) and got it for £16pcm. Nearly half the price for twice the cover!
I would suggest that theidol.co.uk should be your first port of call, then get a quote elsewhere to check.
*******UPDATE********
Thanks for the feedback - I feel I should explain that I do not condone going with the first quote that you find, so yes phone around, but I would go here first just so you know where you are starting from.
I work in the industry, and realise that Term Assurance rates have gone down, but I have also gotten older, so the comparison I made between my two quotes is valid, if nothing else than to demonstrate the large difference (which can't be explained away by lower Term rates) between them.
When I mention the commission sacrifice, I realise that I didn't mention that the idol is actually a broker site; when you ask for a quick quote, several different providers give you prices. A broker/IFA will get commission. How much commission is dependent on the premiums (thick or thin rates).
So, to ensure I make a little bit more sense; if you were to get a quote through the idol, and were quoted a figure for an L&G, or a Norwich Union policy (for example), then went and got a quote from your local IFA for the same cover, then 9 times out of 10, the idol will be cheaper. The reason is, the idol has a deal with the providers that they get a much lower rate of LAUTRO (sorry, can't remember what that stands for, but is a way of rating commission), in exchange for lower premiums - hence the term "Commission Sacrifice".
I have actually found these rates cheaper than direct providers too, so all I’m saying really is give them a go. They will probably give you a very cheap quote. Don't believe me? Give it a go:
www.theidol.co.uk
On the top left it asks you what kind of protection you want. Just ask for a quick quote, then a few very basic details later, you are given several prices from different providers. You can then either download a PDF application, or get the company to send you the app with a Key Features Guide.
Another point to mention is that after I got the quote (I have put my mates basic info - like male DOB - with a false name just to get prices and put my e-mail into it - so far they have all been cheaper), I haven't been bombarded with SPAM, electronic or otherwise.
by (25%):
by (75%):
29.04.2004 16:27
It is allways worth phoning around for different quotes, Em XX
29.04.2004 15:54
The reason they are cheaper is because the actual cost of Term Assurance has decreased dramatically over the last few years. Regardless of that, they would always be cheaper as they don't have to pay commission to an IFA. I rated somewhat helpful as I would have liked to have seen some information on the website layout, navigation and ease of use. How you purchase the policy and customer service should you ever need to contact them. That would make your opinion very helpful to me. If you update your opinion let me know and I'll come back and read/rate again. Steve