What you pay has to be worth what you get
Value is not the same as cheap. A policy that costs less and pays out on almost nothing is poor value. So is a policy that costs more than it needs to for cover you will never use.
Price and value, in plain English
What it means for you
You should be able to see what you are paying, what it buys, and how the firm makes its money. If a price cannot be explained in plain terms, that is a warning sign.
What you should expect from us
Protection advice normally costs you nothing directly. The insurer pays us when a policy starts. We tell you that upfront rather than leaving you to wonder. Where an introduced firm charges a fee, that fee comes to you in writing before any work begins.
An example of poor value
Say two critical illness policies are quoted, five pounds a month apart. The cheaper one covers far fewer conditions and defines them more tightly. Bought on price alone, it looks like a saving. At the point of a claim it may pay nothing. Price without cover quality is not value.
An example of fair value
Say a household can afford sixty pounds a month. Spending all of it on critical illness leaves nothing for income protection, which is more likely to be claimed on. Splitting the budget gives less headline cover and a far better chance of the money arriving when it is needed.
What to ask, whoever you deal with
- Ask how the adviser is paid, and by whom.
- Compare definitions, not just premiums.
- Ask what happens to the price over time.
None of these are awkward. A firm working properly will be glad you asked.
Free.
Check broadband before you make an offer
Broadband speeds can vary street by street, so check the exact address before you commit. Ofcom's free checker shows which broadband speeds and mobile coverage are available at any UK property.
Check broadband at an address (Ofcom)
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Common questions
What does the price and value outcome mean for me?
What should I expect from That’s Family Finance on this?
What if a firm gets this wrong?
How do I check broadband speed at a property?
The other outcomes
The four work together. One without the others does not get you a good outcome.