What is a life insurance broker?

A life insurance broker compares quotes from multiple providers with the primary objective of helping you to find the right policy at the right price.

In contrast to a life insurance provider, a broker works for you; assessing your individual needs and sourcing suitable quotes from a range of the best life insurance companies.

Life insurance brokers in the UK are regulated by the Financial Conduct Authority (FCA) who work to “ensure that our financial markets are honest, competitive and fair[1].

Reassured are the UK’s largest life insurance broker * , with over 14 years of experience.

We have a dedicated team of experts on hand to help you find the right cover to meet your needs, at the cheapest price offered to you from our panel of insurers.

Life insurance through us starts from just 20p-a-day, simply get in touch today for your fee-free quotes.

What does a life insurance broker do?

The primary goal of a life insurance broker is to compare quotes on your behalf. However, a good brokerage can do so much more.

They can also guide you through the entire application process, offer non-standard applicants a specialist impaired service, help write your life insurance in trust to avoid/minimise 40% inheritance tax for your loved ones and even help loved ones when making a claim.

There are two different types of life insurance broker to choose from:

  1. A non-advised broker
  2. An advised broker

What is the difference between advised and non-advised life insurance?

The service you receive can differ depending on whether you opt for a non-advised or an advised broker.

This is because a non-advised life insurance broker doesn’t provide advice or advise on which specific policy would best meet your needs (placing you in control of the final decision).

However, they can provide support and are on hand to answer any questions you may have.

They use the personal information that you provide (such as age, health, smoking status, cover amount and policy term) to identify the most suitable quotes, allowing you to make an informed decision.

Often a non-advised service doesn’t charge a fee.

In contrast, an advised life insurance broker is qualified to make recommendations on which specific policy or provider they think would best meet your needs.

Customers using an advised service are sometimes charged a fee.

At Reassured we provide an award-winning non-advised quote comparison service, completely free of charge.

However, in recent years we have also introduced Reassured, an advised service for customers requiring more guidance.

This service allows customers to compare quotes for additional cover options such as income protection and family income benefit.

Below, we explore the key reasons why we believe using a life insurance broker could help you find the perfect life insurance…

Save money on life insurance


Perhaps the most compelling reason to use the services of a broker is to save money on your monthly life insurance premiums.

The price for life insurance can vary significantly between different insurers, which is why it’s important to compare quotes.

A term policy could last up to 40 years and, therefore, even a small saving each month could add up to a significant sum over time.

Using a broker, like Reassured, enables you to run a comprehensive quote comparison quickly and easily from a panel of UK insurers, completely free of charge.

We do the hard work for you by presenting you with all your options available through us, allowing you to save time and money.

You may wonder if we don't charge a fee, how do life insurance brokers get paid?

Insurers will pay a commission to the broker on the sale of a policy. This is why insurers would rather that you purchased a policy directly with them, often offering incentives like life insurance with free gifts.

Save time on life insurance application


Whether you're a stay-at-home parent, work full-time or are retired, your time is precious.

Many of us simply don’t have the spare time or the desire to scour the web or call multiple providers in search of the lowest quote.

By allowing us to guide you through the application process over the phone, we could save you time as well as the hassle of having to complete all the necessary paperwork.

What’s more, we can present you with initial quotes from a range of insurers in minutes, completely free of charge.

Want to save time when buying life insurance, why not purchase a policy online?

We also now offer a buy life insurance online service for those who know the cover they require and don’t need to discuss their needs.

Using this service, you can browse through multiple term life insurance quotes and complete the application form at a time and place that suits you.


Start your buy life insurance online journey here »

Provide policy information


A good broker has the knowledge to support you throughout your life insurance journey.

From explaining the key differences between the various policy types and the common expenses which need to be considered, to accurately calculating your required sum assured and how to make a claim, we have the knowledge required to answer all your queries.

At Reassured we have a dedicated, free, customer service team who are on hand to help you with tasks such as writing your life insurance in trust (for the majority of applications).

We also have specialist team who can help non-standard applicants find some form of cover.

Whatever your circumstances, a broker is an expert whose main priority is ensuring you secure the cover you need.

Did you know that by writing your life insurance policy in trust, you can avoid/minimise 40% inheritance tax?

Also, by avoiding the probate process your loved ones could benefit from a faster life insurance pay out?

Life insurance jargon explained


When taking out life insurance to protect your loved one’s financial future you need complete peace of mind that your policy is set up correctly.

A good life insurance broker will help ensure all the key questions are answered and that you feel confident your policy covers what you need it to.

From experience, we're aware of the common pitfalls and will ask the appropriate questions to ensure we're quoting you for the right product and that the cover meets your specific needs.

This provides reassuring peace of mind that your family is protected if the worst were to happen.

Please note, a future pay out may depend on the validity of the information you have provided to us during the application.

Always be open and honest when answering questions and if you’re unsure of anything, please ask.

Ease of application


It’s not just life insurance providers selling policies these days, you can now take out cover through a bank, building society or even a high street retailer. As a result, it can be overwhelming when comparing quotes yourself.

When compiling your own research, you may be required to provide your details multiple times to secure a variety of quotes.

When using a broker like Reassured, we can provide initial quotes using just your date of birth and smoking status, (however to receive your final quotes an application will need to be completed).

At Reassured we’re here to help make your life insurance journey easier. We even offer a free buy life insurance online service for added convenience, 24/7.

Life insurance jargon explained


Do you know the difference between level term vs decreasing term insurance? What about life assurance vs life insurance and what is a guaranteed over 50s plan?

Understanding exactly how your policy works is vital, not only for peace of mind but to make sure your policy is valid (and, therefore, pays out when the time comes).

Using a broker means you can speak to a real person with all the necessary knowhow to demystify the life insurance jargon, maximising your selfless investment.

Hassle free life insurance claims


If when the time comes to make a life insurance claim you're unsure of what to do and who to contact, no problem give our dedicated customer service team a call.

We will happily put you in touch with the relevant department for your chosen insurer so that you can start the process.

FCA-regulated life insurance broker


As a result of being a financial company, insurance brokerages are required to be regulated by the Financial Conduct Authority (FCA).

This means that our service abides by their high regulatory standards put in place to protect customers.

The role of the FCA is to ensure financial markets are honest, fair and effective so consumers get a fair deal.

Therefore, by purchasing your life insurance through a broker (such as Reassured), you can be confident that you’re being well looked after.

Reassured are authorised and regulated by the FCA (616144).

Life insurance brokers works for you


Ultimately, a life insurance broker works for you (the customer), not the insurer.

At Reassured we compare quotes from our panel of insurers to find you the most suitable life insurance protection to meet your needs.

The key benefit for those using our quote comparison service is that we never charge a fee, (although, some other brokers do charge).

We passionately believe that a good life insurance broker should always represent the best interests of the customer.

Commonly asked questions about using a life insurance broker

What is an online life insurance broker?

You may have heard of online life insurance brokers. These are brokers that offer the chance for customers to take out a policy online.

This is not to be confused with comparison websites, such as Compare the Market or Go.Compare.

Many UK brokers now offer an online service, including Reassured, giving you control of when and where you apply for life cover.

If you know exactly what form of life insurance and how much cover you need, then applying online can help you to save time.

Do you pay for a life insurance broker?

Some life insurance brokers, such as Cavendish, do charge a fee to use their service.

However, at Reassured we don’t charge a fee for our quote comparison service.

How does an insurance broker make money?

Life insurance brokers usually make money by earning a commission from the insurer for the sale of a policy.

As mentioned above, some brokers will also earn money by charging the customer a fee.

Can I trust life insurance brokers?

Yes, life insurance brokers are regulated by the FCA and, therefore, customers are protected by the high regulatory standards which are enforced.

If ever you were not happy with the service you received you could lodge a complaint with the Financial Ombudsman.

What are the disadvantages of using an insurance broker?

Although there are many advantages to using a broker, as detailed above, it won't be right for everyone.

As mentioned, some brokerages charge a fee, whilst others only offer a telephony service during work hours, which won’t suit everyone.

Lastly, most brokers will use a set panel of insurers to compare quotes and, therefore, it’s possible that there could be a cheaper quote elsewhere on the market.

Is it better to go through a broker for life insurance?

If time is limited or you have questions regarding life insurance, then the support and knowledge of a life insurance broker could make this a good option.

However, the best option for you will always depend on your individual circumstances.

What is the difference between a life insurance agent and broker?

A life insurance agent is a licensed professional who sells policies on behalf of a specific provider(s).

Whereas, a life insurance brokers’ role is to act in the client’s best interest as opposed to the insurers.

Do insurance brokers really save you money?

Insurance brokers can help you save money by comparing quotes for your chosen policy from a panel of providers.

As quotes can vary between providers, you’ll be presented with the cheapest quote the broker can offer from their panel.

However, there are no guarantees that they can help save you money.

The top life insurance brokers

Research carried out by Reassured has found that the top life insurance brokers in the UK are:

NameTrustpilotPanel of insurers
1 Reassured logo plum Rated "Excellent" (4.8)
73,806 reviews
AIG, The Exeter, Legal & General, Aviva, LV=, Zurich, SunLife, OneFamily
2 Cavendish logo Rated 4.9
2,090 reviews
Budget, Zurich, Virgin Money, VitalityLife, Legal & General, Aviva, Beagle Street
3 Drewberry logo Rated 4.8
74 reviews
Aviva, Unum, AIG, Aegon, Zurich, Legal & General, LV=, Vitality
4 LifeSearch Rated 4.9
20,886 reviews
Aviva, Legal & General, LV=, Vitality, Royal London, AIG, Beagle Street, Scottish Widows, British Friendly, The Exeter, Aegon, Unum, Zurich
5 Protectline logo Rated 4.9
41,617 reviews
AIG, Aviva, HSBC, Legal & General, LV=, OneFamily, Scottish Widows, The Exeter, Shepherds Friendly, Vitality, Zurich
6 Assured Futures logo Rated 4.9
3,302 reviews
LV=, Legal & General, The Exeter, Royal London, British Friendly, AIG, Zurich, WPA, Vitality, Saga, Realm, OneFamily, National Assurance, Bupa, Axa Health, Aviva, Assurity, SunLife
7 A-Plan logo Rated 4.8
38,528 reviews
In an arrangement with Assured Futures Limited (share insurers as listed above)
8 InsuranceHero logo Rating: 4.8
547 reviews
(Rating taken from Proven Expert)
Legal & General, Aviva, Vitality, LV=, Zurich, Scottish Provident

Compare quotes with the UK’s largest life insurance broker

We hope this article has provided some compelling reasons on why using a broker could be a great way to secure your life insurance.

We can compare quotes from a range of major insurers completely free of charge, whilst also providing an array of additional support.

Therefore, if you’re looking for life insurance cover to secure your family’s financial future, why not put Reassured to work? You have nothing to lose.

Sources:

[1] https://www.fca.org.uk/about/what-we-do/the-fca

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