A WOKINGHAM financial adviser is offering a new, free service aimed at helping people establish the true cost of their life insurance policy.
Andy Pulford, director at Faron Partnership, based in Shute End, says many people are unaware that comparison websites are not divulging additional charges when compiling quotes.
He says that often people select the cheapest policy only to be hit with additional charges, known as loading, related to their lifestyle and health.
So to help, Faron Partnership is offering to review people’s existing cover to determine how it stacks up against other policies on the market.
“When people buy life insurance they often go to a price comparison website and buy the cheapest product,” Mr Pulford said.
“Then, when they go through the underwriting process, various charges are added to the cost based on their specific health issues meaning the policy is no longer the cheapest, but they go with it anyway.
“What they don’t realise is that other policies which may have seemed more expensive are actually cheaper because they don’t apply the same loading for the same complaints.
“We can carry out a free review of your existing policy to see if it’s value for money in real terms and related to your specific set of circumstances.
“And remember, if your existing policy proves to be the best value then we’ll tell you so!”
If a cheaper policy is found, and assuming the policy is then taken out with Faron Partnership, the company is offering a free, professionally produced trust to protect the proceeds of the policy.
“The proceeds from life insurance policies often finds its way into the deceased’s estate and added to other assets it increases the value of the estate to a level whereby inheritance tax is payable,” continued Mr Pulford.
“Using the correct trust can help to reduce Inheritance Tax for the estate whilst protecting the surviving family, such as children, from the financial effects of let’s say a second marriage that goes wrong.
“We like to ensure as our clients do that anything that they intended for their family goes to their family.”
For more details, log on to: www.faronpartnership.co.uk or call: 0118 974 0159.