What is most important to you when it comes to life insurance cover? Cost, ease, speed and peace of mind? We’ve listed out a few reasons why using a broker can provide you with all of these and more…..
We all want to know we got what we paid for, or better still, that we got a good deal on what we paid for.
Brokers are able to search the market on your behalf, securing you the most suitable cover, at the most affordable price.
A reputable life insurance broker won’t charge you a fee (their commission is paid directly from the insurance provider), and there is no obligation to take out the policy once you have started the process.
Remember, insurers would rather that you went direct to them, (so they don’t have to pay commission). They’ll often encourage this by offering you free welcome gifts.
It’s not just banks and building society’s that sell life insurance nowadays with many retailers offering policies too. This can be quite daunting when you start to look through the market.
Brokers are able to compare different policy types across a number of different providers, giving you the best options to choose from.
3) Define the jargon
Do you know the difference between level term and decreasing term insurance?
Understanding exactly what your options are is important not only for your peace of mind but to make sure your policy is valid.
Using a broker means you have a real person on the phone who can demystify the jargon and make everything a little clearer than they may be with an online comparison site.
A broker can provide you with a clear understanding of how life insurance works.
From explaining the process of taking out your policy, right through to how to make a claim, they have the experience and knowledge to let you know what to expect throughout the process.
Unless you are in the industry or really know your stuff, it’s unlikely you’ll be familiar with the ins and outs of life insurance, so this can be really helpful.
Time is precious. When did you last have a spare hour to sit and fill out an application form?
(That is if you don’t make a mistake and have to start again!) – you can’t remember? Me neither…
A broker will complete the form on your behalf as you speak with them, leaving you more time to do what you want to do!
6) Peace of mind
If you are taking out life insurance to protect both your loved ones and the family home (mortgage) you’ll want peace of mind that you have set up your policy accordingly.
A good broker will ensure all your key questions are answered and that you feel confident in the product you choose.
They are also fully aware of common pitfalls, so they’ll ask plenty of questions to make sure they are quoting for the right product and that your cover is valid, giving you peace of mind that your family is covered.
7) Hassle free claims
If you need to claim on your life insurance, your broker could be able to help you with this and deal with your provider directly, making the whole process simpler – just what’s needed.
8) Financial Conduct Authority (FCA)
Being a financial company, an insurance broker should be represented by the FCA.
This means that if the broker or your insurance provider ceased to trade, you wouldn’t lose out and would still be covered.
9) They work for you
Remember, a life insurance broker works for you, the customer, and not insurance companies.
They represent your interests and are focused on your unique needs. Bear this in mind whilst speaking with your broker; they are providing a service for you.