What is a life insurance broker?
A life insurance broker works on your behalf to find the best life insurance company for your circumstances. Most often, a broker will start by doing what’s called a fact find, gathering information from you about your requirements, history and health before finding the right policy for you. Life insurance brokers are paid by the insurer and therefore there’s usually no direct cost to use one.
What does a life insurance broker do?
A life insurance broker assists in every step of your life insurance application. They’ll first take the time to get to know you and your circumstances, before researching your best options and presenting them back to you. Brokers are experts in their field and therefore can answer all of your questions and give you reliable advice.
In this article, we’ve looked at the top ten reasons for using a broker.
1. Save Money
Life insurance brokers search the market on your behalf to help you find and secure the most suitable cover at the best price, thus saving you money.
Life insurance brokers generally don’t charge for their services, and are instead paid by the insurers themselves by way of a commission. That commission doesn’t affect your policy cost, and in fact, we can sometimes actually undercut the providers themselves.
Simply speaking, you won’t find a better deal by going direct, working with a broker is almost always the best option.
2. Ease of use
There’s a huge number of providers in the market selling life insurance these days, which can make finding the best policy daunting in the least. A life insurance broker does all of the hard work for you, searching the market for the best policies before presenting you with the right option for you.
3. Jargon Explained
When it comes to life insurance there’s a good amount of jargon to get your head around. Do you know what level term is instead of decreasing term? What about life assurance vs insurance?
You’d be forgiven for not taking the time to get up to speed with all of the jargon, but not knowing it can make finding the right policy difficult.
A life insurance broker will explain all of the jargon to you and make sure you’re comfortable with what you’re signing up to.