theidol.com (Investment Discounts On-Line Ltd) > Reviews (1)

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.