Why use a Broker for Health and Life Insurance?
When it comes to buying professional insurance we get the feeling most people think the man in the middle is a hindrance not a help.
The problem is buyers tend to think that any additional link in the chain means more cost and hassle to them. Before you pick up the phone please look at the following good reasons to use insurance broker broker
Service
It is a free service. Any regulated insurance broker will not charge you to search the market and find the best insurance options for your needs. Insurance brokers receive commission once the plan has started.
They are experts in insurance and therefore have knowledge of the best product for you
Brokers are not tied to any one insurer. A quick chat with you is usually all they need to find a suitable policy from the insurance they work with. That means you get the right cover at the right premium
Cover
A broker identifies the cover you need, arranges it with the appropriate insurer and makes sure your documents are present and correct too.
Price
Their service is free and brokers very often get cheaper policies than direct insurers.
How is this possible? It is simple. insurers often give different brackets lower rates to brokers than their direct customers. This is because business through brokers is a lower risk for insurers. Brokers are professionals and their job is to properly assess the customers risks and find suitable cover.
The theory is that insurance use brokers to choose the right policy with the right cover at the right price for any given customer – avoiding claims and maintaining premium income.
Claims
This is probably the best reason to use a broker. Frankly when the worst happens you will need all the help you can get.
A broker supports you and your family through the claims process. They represent you, not the insurer and it is their job to make sure your interests are covered. Your broker will know you and your needs. The broker understands the technicalities of your policy and in the event of a disputed claim can argue the case on an equal footing with the insurer. A good respected broker really can be the difference between insure a paying a claim and not.
Time
It will save you time. You do not need to search for the best product for the best price. The broker can do all this for you including filling in the application form.
My extra advice in finding a good a broker is to check they are regulated by the Financial Conduct Authority (FCA). Ask them if they are registered. In fact , once you find a good broker you will never look back.
If you would like us to try and save you time and money, email Tracey Taylor BA Hons, CII (FP) for some advice on tracey@thelondoncompanies.co.uk
The London Tax Company is regulated with the FCA as an exempt firm to provide insurance cover for its clients.