Quilter reprice Oct 2022
Changes to our fees: october 2022
New fees from Monday 3 October 2022
We make administering protection as easy as possible, managing the full process: from completing the application and submitting it to the insurer, chasing GPs and dealing with underwriters. Using LifeQuote to administer your protection policies saves you, on average, three hours per case, freeing you to meet and advise more clients.
On Monday 3 October 2022, we are making some changes to our fees. This includes a small price increase to help simplify our charging structure, making it clearer on what you pay when using us. This is the first increase we’ve made to our services since we first partnered with Quilter in 2015.
The good news is that insurers will continue to fund the majority of cases administered by us – including menu and multi-benefit cases, which are processed free of charge*.
These terms are exclusive to Quilter Financial Partners, providing significant discounts – insurer funding is not available to other network members. What’s more, there is no change in pricing for SmartCompare.
The majority of cases submitted by us will continue to be paid for by insurers:
- All policies going on risk with Aviva and The Exeter
- All business protection policies going on risk with Aegon
- All policies going on risk that include income protection or critical illness with Aegon, AIG, Legal & General, Royal London and Vitality.
New fees for adviser-funded cases
This table explains the new pricing structure for adviser-funded cases:
- The current £25, £45 and £85 charges for abandoned, immediate start and referred start cases are being replaced with simpler charges, based on whether the case gets an immediate decision or requires additional underwriting.
- Business protection cases (including relevant life cover) paid for by an adviser will incur an additional £30 to cover the extra costs involved in these more complex applications.
- Advisers will pay a fee if a case normally funded by the insurer does not go on risk:
- £69 for personal protection or £99 for business protection where applications submitted get an immediate decision but do not go on risk
- £95 for personal protection or £125 for business protection where applications submitted require additional underwriting but do not go on risk
- The change in fees comes into effect for all cases sent to LifeQuote from Monday 3 October 2022
- There is no change in pricing for SmartCompare, available at the LifeQuote Platform.
If you any questions about the changes, please call our sales team on 01243 791199 opt 3