To think this is a bit dodgy?

[struggling1983]

My financial advisor is encouraging me to take out a more expensive life insurance/critical illness policy. Its basically a joint policy and will get 1 payout between me and my partner depending on who dies first. The policy is in place and there has been issues with the underwriting from my husbands side and they have 'refreshed the policy' and the price for me is now coming out higher because apparently the price of insurance has gone up. For the same price we can get two policies which will pay out independently of others.

Financial advisor has offered to offset the difference of the policy each year from his business 'rebating' us to our own account and then we can look at a new policy in 4 years time.

He has yet to put it in writing and I have asked him to do so. I am in the background looking for a separate policy.

AIBU to think this isnt right or am I over thinking it?

It seems a little strange. Personally if you can get it cheaper, for a better deal then I’d look elsewhere. Could you get a second opinion?

He’s clearly contracted or on commission to sell a certain amount. Don’t touch it.

Wouldn't touch it.

If it's the policy that best suits and you can't get it cheaper elsewhere why wouldn't you buy it through him?

Once you have the details just find out the price if you buy direct and then you'll know which is better

I accept that hes on commission. Thats how he gets paid he doesnt do it for free.

Just seems odd that he wouldn't just move me to another provider. Husband cant move providers as he's developed an underlying medical condition since the policy began. But my health (touch wood etc) has stayed the same.

I have contacted the provider directly to find out what would happen if the policy was split. I am also making enquiries myself.

Is he an IFA (independent financial adviser) or does he work for a particular organisation and is marketing their policies?

I wouldn't touch this with a bargepole until getting different advice. Oh and by the way, many IFAs will arrange to take a small fee from you instead of commission.

He said he is whole of market for insurance but restricted for investments and pension funds. We havent done our pension with him. Not sure if hes an IFA or not. Think hes a financial advisor.

Just checked one of the policies he did for me and hes made some mistakes with the health declarations.

He sent me over the policy schedules but not the health declaration so i have sent over an amendment form and also asked if he would have seen this information.

He just sounds like a dodgy geezer to me, too many mistakes he is making. I have never had an introduction letter or anything from him and he puts very little in writing.

Feels like he just wants to get the deal. we also asked for some income protection cover and whilst we were applying for it hubby got symptoms and diagnosed with something. he was adament that he didnt need to declare it as its when the application starts apparently. luckily i was able to quote the letter sent to us from the provider as us needing to provide this information.