Level term assurance

Peter Simpson is aged 40 and wants to take out life assurance fixed at £200,000, with guaranteed monthly premiums for a term of 20 years.

With Well Money Clinic on nil commission
Fixed monthly premium	£14.79
Total cost over policy lifetime	£3,799.60

Through a commission based adviser, there would be initial commission and renewal commission payable and consequently a higher product charge.

With a commission-based advisor
Fixed monthly premium	£20.20
Total cost over policy lifetime	£4,848.00

Notes: through Well Money Clinic there is a fixed fee of £250, and the life assurance is arranged on NIL commission terms. We have added our fee to the total premiums payable over the policy lifetime to give a like for like comparison. This case study is based upon actual product illustrations acquired in March 2009 from a leading product provider.

In this example, Well Money Clinic’s fixed fee service will give you real savings in the form of cheaper premiums than with a commission based adviser.

 

Income protection (permanent health insurance)

Simon Rye is aged 40 and has earnings of £40,000 pa. He wants to take out income protection with a fixed benefit of £20,000, up to age 65 with a 3 months deferred period (the policy will not pay out unless he has been unable to carry out his job for 3 months consecutively).

With Well Money Clinic on nil commission
Fixed monthly premium	£40.10
Total cost over policy lifetime	£12,330.00

Through a commission based adviser, there would be initial commission and renewal commission payable and consequently a higher product charge.

With a commission-based advisor
Fixed monthly premium	£50.42
Total cost over policy lifetime	£15,126.00

Notes: through Well Money Clinic there is a fixed fee of £300, and the income protection is arranged on NIL commission terms. We have added our fee to the total premiums payable over the policy lifetime to give a like for like comparison. This case study is based upon actual product illustrations acquired in March 2009 from a leading product provider.

In this example, Well Money Clinic’s fixed fee service will give you real savings in the form of cheaper premiums than with a commission based adviser.