Independence

Lo-Cost Life Cover is entirely independent from all Life Insurance companies and so is able to offer completely impartial advice.

Security

Lo-Cost Life Cover Ltd is a subsidiary firm of I.D. Bond Independent Financial Services Ltd, an experienced, reputable and successful IFA since its foundation in 1997.  We are also a member of DBS Protection Services (membership number 6080).

Commission

A life insurance company will pay us commission for a policy we introduce and they underwrite.  To obtain this income, we need you to be totally happy with our service from start to finish.  The potential earning of commission allows us to afford to provide the levels of service we do and provides you with the assurance that we are likely to be around for the long term – it’s certainly our intention.

Code of Practice

Lo-Cost Life Cover adheres to the spirit and letter of the selling code of practice of the Association of British Insurers (www.abi.org.uk) for Life Insurance (non-regulated business).  The applicable points from the code of practice are included below and provide you with guidance of the minimum levels of service and professional courtesy you can expect from Lo-Cost Life Cover Ltd:

General Sales Principles

The intermediary shall:

• ensure as far as possible that the policy proposed is suitable to the needs and not beyond the resources of the prospective policyholder;



• give advice only on those matters in which he/she is competent to deal and seek or recommend other specialist advice if this seems appropriate;



treat all information supplied by the prospective policyholder as completely confidential to himself/herself and to the life office or offices to which the business is being offered;


• in making comparisons with other types of policy, make clear the different characteristics of each policy;



• when acting on behalf of a consumer in arranging their insurance and when asked, provide the consumer with details of the commission earned and any other amounts received for arranging the insurance or providing any other services.

The intermediary shall not:

• make inaccurate or unfair criticisms of any insurers;



• attempt to persuade a prospective policyholder to cancel any existing policies unless either these are clearly unsuited to the consumer’s needs or it is clearly in the consumer’s interests to do so.

Explanation of the Contract

The intermediary shall:

• explain all the essential provisions of the contract, or contracts, which he/she is recommending so as to ensure as far as possible that the prospective policyholder understands what he/she is committing to;



• draw attention to any restrictions applying to the policy;



• draw attention to the long term nature of the policy and, where appropriate, to the consequent effects of early discontinuance and surrender;



in the case of change to a policy qualifying for tax relief on the premiums, draw attention to the fact that the relief may be lost as a result of the change.

Disclosure Of Underwriting Information

avoid influencing the proposer and make clear that all the answers or statements are the latter’s own responsibility;


• ensure that the consequences of non-disclosure and inaccuracies are pointed out to the proposer by drawing his/her attention to the relevant statement in the proposal form and by explaining them to the proposer.