Life life insurance, came across low commission.ie - any good?

shaking

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I'm shopping around for life insurance, came across low commission.ie their quotes look pretty good. Anyone any experience of them?
 
logged onto the website today to get quote. Looks good, didn't carry on past the quote page, maybe there is some catch like you have to pay first year or six months premiums up front as if it is a commission give up they will want to make sure the business won't fall off the books during the clawback period.
 
No doesn't seem to be any catch, that I can see thats why I'm wondering about it! You can pay premiums whatever why you want and there's nothing in the small print about a clawback.
 
In fairness to him he has to have some form of stepped or enhanced commission with his providers, not sustainable to work for nothing, I know, tried it for a couple of years:( Will be interesting to see how long he lasts if the business written doesn't stay on the books. Would think a lot of brokers will have something to say to PIBA also. how can they sustain offices and staff if not getting paid? majority of Irish people don't like to pay for advice.
 
Best of luck to any new broker that starts up today as it is a very competitive business. Good to see new ventures in the current climate. The only catch I can see is that it is execution only business (which means they won't give you advice on the best cover for you) and that they only deal with 3 insurers. so their not giving a market comparison. But if you know exactly what cover you want and what company you want to deal with then they should be fine.
 
They only deal with 3 insurers but they say they match they'll beat the lowest premium on the market. I tested it and it was the cheapest premium so i've submitted an application, reckon i might aswell give them a go and save a few quid!
 
They only deal with 3 insurers but they say they match they'll beat the lowest premium on the market. I tested it and it was the cheapest premium so i've submitted an application, reckon i might aswell give them a go and save a few quid!

shaking,Did you go ahead with this policy?
 
Hi Shaking Execution only is not the way to go on such an important product as life cover, might suit fine for Mortgage protection however be mindful there is no responsibility on your low commission broker for incomplete forms and non disclosures, its not important at the point of sale who you have done your cover with but it can be critical at the point of claim. (anyone remember Equitable Life) Just my thoughts Padraic
 
I like the website, informative and easy to use, I note a bit of broker bashing on the site, negative comments smack of a former traditional broker..

I agree with Padkiss, know who you are dealing with...
 
be mindful there is no responsibility on your low commission broker for incomplete forms and non disclosures, its not important at the point of sale who you have done your cover with but it can be critical at the point of claim. (anyone remember Equitable Life)

I really think that this statement is preposterous. It is common knowledge that all Insurance sales people work and derive their earnings from Commissions, whether it be Life Assurance or Investments.

Why do you think they have outlawed this type of selling in the UK ??

The main and only difference is that the Low Commission broker will tell you the truth. Main line full commission brokers will fill their clients with bull.
 
Yes I went ahead and have all my documentation very happy with the service. A few of my friends have since used them.

PadKiss I don't see why I need a broker one of my answers on my application didn't give enough information, I received an email from low commission asking for more info.
 
I also used LowCommission.ie.

I added 10 years to my existing policy term, with slightly more coverage for a 3% lower premium.

I'm happy with their service.
 
25 years, 300k for myself and wife...28% cheaper than the main players per their website quotes.
Nearly sounds too good to be true
 
I'd a similar experience with my quote and decided to go for it. Delighted I did, my policy has been in place for a good while now.
 
A life insurance agent's commission depends on factors such as the company's commission plan and how much life insurance the agent is selling. But, agents do make a substantial difference in commission on different plans.
 
Generally a 20% discount on premium gives 0% commission for the intermediary. An intermediary could do a rate that gives a very low level of commission but for their business they run the risk of (a) running at a loss as writing such products is generally very time consuming and (b) there would be no guarantee of customer loyalty next year when competitive forces may premiums for new business are further reduced. For the consumer who isn't loyal and shops around every year it is worth considering.
 
I really think that this statement is preposterous. It is common knowledge that all Insurance sales people work and derive their earnings from Commissions, whether it be Life Assurance or Investments.

Why do you think they have outlawed this type of selling in the UK ??

The main and only difference is that the Low Commission broker will tell you the truth. Main line full commission brokers will fill their clients with bull.

the low commission broker doesn't tell anyone anything, you just use their agency and get no advice. The same people who get no advice are the same people that will complain down the road. And these type of brokers do get commission based on the amount of business they place with one company, it is called over ride commission. Nobody does anything for free, A professional sales person offering professional advice deserves the commission they get for offering a valued service. Unfortunately a few people charging high commission ruins it for everyone with regards reputation. Same way accountants were on commissions back in the day, that moved to a fee basis.
 
Unfortunately a few people charging high commission ruins it for everyone with regards reputation.

The companies these people work for charge the commissions. They in reality do a Hard Sell to assist people in emptying their pockets and Bank Accounts. In fairness it really is the companies these people represent need to brought to task.
 
With these types of products commission is now 'earned' over a far greater period of time than just the first year. Business that goes off the books early results in commission claw-back. You take out a low commissdion product this year and chances are you'll change provider next year. Because of this the intermediary will feel the financial pinch in about two to three years time and could actually end up owing money and that is the problem. Override is now almost extinct.


It is the same problem that I'd imagine has many intermediaries out there afraid to move their clients to more competitively priced products because in doing so he or she is affecting their long term earning prospects which are now more based on a persistency of business model than previously.

Full commission or low commission results in the same adverse selling mindset. Fee based advice is probably more ideal but in reality it only appeals to a small segment of the market. So what can the industry or regulator do for the vast majority of people who need advice but are not prepared to pay a fee? In their time, Equitable didn't pay intermediary commission and their life products were practically half the price of their competitors (especially for smokers) yet even at that they only appealed to a small sector of the population and their market share in those products was tiny.
 
So what can the industry or regulator do for the vast majority of people who need advice but are not prepared to pay a fee?

It really is quite simple. The industry needs to rebrand itself and the sharks (top, middle and bottom) need to be shown a door. One of the biggest operators in this country refuse to display the level of commissions on an individual Policy.

Its like all commission products. The more the client pays, the more the seller makes. Personally I would never go for a commission payable product ever again.
 
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