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How do LifeSearch make money if advice is fee-free

LifeSearch author Katie Crook-Davies
5 min read

by Katie Crook-Davies, Protection Writer

See author bio

Katie works with insurers and distributors to make protection propositions more accessible, pricing more transparent and marketing messages more simple.See author bio

Guide last reviewed 10 Oct 2023

When you make the decision to protect yourself and your loved ones with a product like life insurance, critical illness insurance or income protection insurance, usually the first question to pop into your mind is, ‘right, now how do I actually go about buying one of these policies?’ There are a number of routes you can take. Firstly you can approach your chosen insurer directly, secondly you might decide to use a price comparison website, and thirdly (this is our personal favourite) you could get some professional protection advice.

Why is the third route our favourite? Well, firstly, LifeSearch is a protection advice business, so you could say that we’re slightly biased there. But secondly, and more importantly, we think that getting advice around products like life insurance, critical illness insurance or income protection insurance is probably one of the best things you can do. Why? Well getting professional advice means that you get the right insurance product to perfectly meet your needs, at the best price, without all the hassle of researching the insurance market yourself. 

What’s also important to know, is that our advice is fee-free*. What’s not to love about that?! 

Our advice is fee-free, because there is no obligation to purchase through LifeSearch, or at all. If you do choose to go ahead through LifeSearch then we do earn a fee (a commission)*, which you can find out more about at the bottom of this article.

Okay, so you might be thinking, ‘hang on, what does this advice process actually involve and how can it be fee-free in the first instance?’ Good question, let us explain all in this guide.

What is protection insurance advice?

Protection advice is provided by insurance professionals. They’re able to recommend specific insurance products to you, based on your needs - it’s a personalised service. At LifeSearch, we specialise in products like life insurance, critical illness insurance, income protection, mortgage protection, family income benefit, over 50s life cover and business protection.

We’re the biggest and most well known life insurance adviser in the UK. Established 1998, we have helped to protect in excess of 850,000 families from horrible things like death and illness. 

Do I need protection advice for my life insurance?

In most cases we would say yes! But there may be situations where you don’t. For example, if you already know exactly what insurance you need - which product, how much cover and how long you need to be covered for, you could use a price comparison website to find the insurer which offers the protection you need at the cheapest price. Equally, if there’s a certain insurer that you really like - perhaps you’ve had great service from them in the past, you could choose to contact that insurer directly and apply for a policy with them.

There are, however, a number of situations when protection insurance advice might be a good option for you:

You're not sure exactly which product you need.

LifeSearch protection advisers will take time to get to know you and your family’s financial protection needs. They’ll be able to recommend the right product for you based on your financial situation and longer term financial goals.

You don't have time to research the insurance market.

Don’t worry, not many people do! But that’s where protection advisers can help. The team at LifeSearch understands the insurance market inside and out. They know which insurers offer what and at what price. Plus, because we’re the UK’s biggest protection broker we have strong relationships with top UK insurers and can often get cheaper life insurance deals for our customers.

You have, or have had, a health condition.

Getting life insurance can be a little trickier if you have, or have had, any health conditions. Also, if you have any illnesses in your family, things can get complicated. This is where protection insurance advisers come into their own. The team at LifeSearch knows what medical questions insurers will ask when you apply for a policy. They also understand how your protection premium - the price you pay for insurance, may be affected by your condition and will help you to find cover at the most affordable price.

If you have health concerns and would like to explore your insurance options, request a callback from one of our expert advisers who will be very happy to help!

Is protection advice really fee-free*?

For the type of advice we offer at LifeSearch, which is focussed specifically on protection insurance products, the answer is yes! And remember, you don’t have to buy from us - even after we’ve spoken with you and provided options and advice. 

So how do we make money? Let us explain.

Instead of charging you as the customer for our advice, LifeSearch receives a payment directly from an insurer when they sell a particular insurer’s policy. It’s basically a commission we receive, which is included in your monthly premium. So, yes; you could get it cheaper by going directly to the same insurer, but not always - and the added cost (the commission) is usually negligible over the duration of your policy compared to the piece of mind that you’ve been given the best advice along the way.

Extra services for you, included in your premium.

On top of the advice around personal and business protection insurance, we also offer our customers access to a range of free support, including policy reviews, support with putting your policy in trust, and a dedicated claims team to fight your corner, if ever you or someone on your behalf ever did need to make a claim on your policy.

And finally, if you haven’t created your will yet, and would like to, we’ve teamed up with Which? to help you get your will sorted.

*Protection advice is fee-free to consumers and without obligation to purchase a policy, but if you do purchase a policy through LifeSearch, we are paid a commission by the chosen insurers, which means that sometimes the cost of your insurance policy could be higher, compared to if you went directly to the insurer. For more information, please call us.

Get no obligation life cover advice and quotes from an expert adviser

One of our advisers will get to know you & your personal needs, talk about which types of life cover might suit you best, and can even provide quotes specific to you.

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LifeSearch author Katie Crook-Davies
Katie Crook-Davies Protection Writer
Katie is an independent insurance consultant who is passionate about protection and wants to share that passion with others through engaging marketing content. She hopes that one day people will get as excited about protecting themselves and their loved ones, as she does!
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LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.