Life Insurance  

Mystery shopper: Norwich

This week the mystery shopper is in Norwich. He is looking for advice on life cover on behalf of his brother. He and his wife, both 30, have recently taken out a £230,000 mortgage to be repaid over 25 years. They have a four-year-old child and no medical problems.

Adviser (independent):

Brancaster House, 30 Cattle Market St, Norwich, NR1 3DY

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Speed of response:

Time of call: 2.02pm. The call was answered after three rings. 5/5

Telephone manner:

Polite and professional. 5/5

Relevant qualifications:

The representative said he was not qualified to give financial advice. 0/5

Payment method:

Commission. 5/5

Guidance given:

When the shopper asked to be put through to an adviser, the representative politely refrained from doing so, citing the company’s policy for him to answer questions in the first instance. After being informed of the shopper’s brother’s circumstances the representative said that the firm’s advisers would generally recommend people to take out life cover when purchasing a mortgage.

2/5

Knowledge:

Difficult to gauge. While the representative seemed to understand and empathise with the shopper’s brother’s situation, he did not explore the benefits of life cover in much depth. 2/5

Email/web presence:

tom.butcher@brancasterhouse.co.uk

www.brancasterhouse.co.uk 5/5

Verdict:

The shopper would have preferred to have spoken to a bona fide financial planner. The representative was well-mannered and had an agreeable approach to the conversation but did not divulge much information on the topic.

24/35

Adviser (independent):

Jones Financial (Norwich), 9 Bank Plain, Norwich, NR2 4SF

Speed of response:

Time of call: 2.07pm. The call was answered after two rings. 5/5

Telephone manner:

Friendly. 5/5

Relevant qualifications:

Chartered financial planner. 5/5

Payment method:

Payment would depend on individual circumstances. 4/5

Guidance given:

The adviser said that it is generally a good idea to take out life cover when purchasing a property, adding that the product might not be necessary for an unmarried individual with no immediate dependants. The adviser also raised the possibility of incorporating critical illness into the life cover policy, although monthly premiums would increase as a result. 4/5

Knowledge:

The adviser displayed comprehensive knowledge of the topic. He gave a detailed explanation of what is covered by life and critical illness insurance. 4/5

Email/web presence:

simon@jonesfinancial.co.uk

www.jonesfinancial.co.uk 5/5

Verdict:

Very good. The adviser delivered detailed guidance on the topic in an appealling manner.

32/35

Adviser (independent):

K2 Financial Services, 83 Grove Rd, Norwich, NR1 3RT

Speed of response:

Time of call: 2.13pm. The call was answered after one ring. 5/5

Telephone manner:

Very friendly. 5/5

Relevant qualifications:

Level four diploma. 5/5

Payment method:

Dependent on individual circumstances. 4/5

Guidance given:

The adviser said that purchasing life cover along with a mortgage is generally a good idea. He also explored the possibility of incorporating critical illness into the life cover.

Going a step further, the adviser used an online comparison tool to generate estimates based on the shopper’s brother’s circumstances. He stressed that he would need to do a comprehensive fact-find before making a recommendation. 5/5

Knowledge:

Excellent. The adviser seemed to have a broad knowledge of the options for the shopper. 4/5