Your Money or Your Life: How ‘Protection’ Became Exploitation

For every pension holder being told they’ve dodged the taxman with a shiny new Whole of Life policy—this one’s for you.

Not because you’re being protected. But because you’re being played.

The New Scam in Town

It sounds clever, doesn’t it?

“Buy a Whole of Life policy to cover the potential inheritance tax on your pension after April 2027.”

Neat. Clean. “Tax-efficient.”
Except it’s not.

It’s a loaded gun dressed as an umbrella. You’re paying—now—for a problem you might never have. And guess who wins if you don’t live to see it?

Not your family.

The insurer. The adviser. The system.

And here’s the kicker: those premiums you start paying immediately? They’re funding commissions—often undisclosed. In some cases, the page disclosing them goes conveniently “missing” from the client report. Or it’s buried in jargon. Or it says “a commission may be payable” with no figure. That’s not disclosure. That’s deception.

And that commission? It can be the equivalent of up to four years’ worth of your premiums, front-loaded into the adviser’s pocket. Before you even realise what you’ve bought.

The Real Cost of “Cover”

This isn’t about protecting your heirs from tax. It’s about protecting adviser income.

Let’s break it down:

A pension untouched stays high—generating maximum assets under management fees.
A Whole of Life policy adds a fresh stream of commission income.
The adviser gets paid twice—for not encouraging drawdown or gifting during your lifetime.

Why would they recommend anything else?

Drawdown during life? No commission. Gifting to family or charity? No fees. Spending it on your dreams? No profit for them.

And if you die early, the return on the policy looks great—just don’t call it what it is: betting on your early death.

Do you really think you’re being advised? Or are you just being harvested?

When Advice Becomes Exploitation

The FCA knows. They’ve said it outright: commission in protection sales can lead to “negative outcomes” for consumers.

Let’s say it plain:

Rebroking for repeat commissions? Commonplace.
Selling unsuitable cover with loaded premiums? Widespread.
Designing “advice” around hidden incentives? Industry standard.

All while the client believes they’re being helped.

And what of the mutuals? The honest providers who refuse to play the commission game? Shut out. Not invited onto the panel. The adviser never even mentions them—because they don’t pay to be heard.

This is not just poor practice. This is financial violence.

A Better Way Forward

You are not a commission stream. You are not a balance sheet. You are not a means to someone else’s lifestyle.

You are a human being with choices.

Before you take that policy, ask:

Did your adviser truly explore drawdown or gifting?
Were all commissions clearly disclosed in pounds and pence?
Did the strategy serve your goals—or theirs?

And if the answer makes you uneasy, you’re not alone. You’re just awake.

Now Is the Time

The system counts on you being too busy, too trusting, or too polite to challenge. That stops here.

If you’ve been sold a policy like this, speak up. If you’re being pitched one, ask questions. And if you’re an adviser reading this—decide whose side you’re really on.

It’s time to stop playing their game.

It’s time to rewrite the rules—with integrity, truth, and empowerment.

Your money or your life?

They’ve been asking that question for too long.

Now it’s your turn to answer.

🔍 Appendix: The Hidden Cost of Commission – When Incentives Corrupt Advice

The FCA has sounded the alarm—and for good reason. Below the surface of the financial advice market lies a dangerous undercurrent: commissions that distort intent, compromise trust, and expose clients to risk without their informed consent.

Here’s what’s really happening behind the polished sales pitch:

1. 🌀 Unnecessary Re-broking

Re-broking—replacing one policy with another—is often sold as a “review” or “upgrade.” In reality, it’s frequently just a commission refresh.

The impact?

Clients pay new premiums for similar or even inferior cover.
Original policies may have built-up benefits that are lost.
Vulnerable clients are especially exposed, believing the advice is in their best interest.

This is not financial planning. It’s financial recycling for personal gain.

2. ⚠️ Unsuitable Product Sales

Some advisers push protection products that:

Overinsure to inflate premiums (and commission).
Underinsure, leaving clients exposed but policies active.
Ignore client needs entirely—just ticking the compliance boxes.

What does this look like?

A single person sold family income protection.
A retiree sold critical illness cover with minimal payout potential.
A healthy 35-year-old sold an over-50s plan they don’t qualify for.

This isn’t mis-selling. It’s profiteering.

3. 🚪 Low-Quality Market Entry

High commissions up front make advice seem lucrative—fast. But this attracts short-term players chasing quick wins, not long-term client outcomes.

The result?

An influx of inexperienced or untrained advisers.
High turnover. Low accountability.
Poor advice that doesn’t surface until years later—if ever.

When the industry rewards entry over endurance, consumers pay the price.

4. 🎯 Low-Quality Leads

To chase commission targets, intermediaries often purchase “leads” with no vetting or interest in protection—just cold names.

The fallout?

Clients pressured into policies they don’t need or understand.
Data misused. Trust eroded.
Genuine consumers drowned in spam and sales tactics.

This turns financial planning into a numbers game—and you into a mark.

⚖️ What Needs to Change?

Transparency isn’t enough if it’s buried in footnotes.
Commission caps may help, but don’t address conflicted business models.
Salaried advice models—like those adopted by mutuals or progressive firms—should be the standard, not the exception.

But ultimately, change comes when consumers see behind the curtain—and refuse to play the game.

🧭 At the Academy of Life Planning, we believe in advice without agenda. That means empowering individuals to make informed choices, free from commission-driven bias. That’s what ethical, human-first planning looks like.

If you’re tired of being a revenue target and ready to become your own best adviser, the journey starts with truth—and ends with transformation.

Let’s rebuild. Let’s thrive.

See also: Transparency Over Commission: Why the Academy of Life Planning Supports a Fairer Protection Market.