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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. The best life insurance brokers will be regulated by the Financial Conduct Authority and will work on an advisory basis, firms that provide a non-advised service will only be able to give you the facts and not provide you with any constructive advice.

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.

Why might you need life insurance?

There are a variety of reasons why you might need life insurance, but typically people take out a policy due to a change in circumstances, such as having children or buying a home. Life cover provides you with protection should the worst happen, ensuring that your mortgage and other financial obligations are taken care of. With hundreds of insurance policies to choose from, getting help from an independent expert such as ourselves not only makes sure you get the best deal but also gives you the assurance that if you die your cover will provide the protection you are seeking.

Alongside life insurance, people often opt for extras, such as a critical illness policy or income protection insurance, while these aren't essential, they're useful policies which you should discuss with your life insurance broker when you get the opportunity.

Top 10 reasons for using a life insurance broker

Without further ado, let's look at the top ten reasons for using a life insurance 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 and the way to get the best value.

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.

The great thing about working with a broker is that the advice you receive won't be limited to life insurance, a good broker will often be able to provide financial advice on a variety of policies, from income protection and critical illness to health insurance and even business cover. They effectively become your one-stop-shop for everything financial, your own private expert if you like.

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? Whole of life vs term life 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.

4) Free advice

You don’t have to take out a life insurance policy, and if after speaking to a broker you decide you don’t need or want life insurance, you can walk away without paying a penny. That’s the great thing about life insurance brokers, the advice is free and there’s no obligation to buy. A good life insurance broker will be able to walk you through all the benefits of life insurance and of course, let you know of any disadvantages too.  Simply put, they are your independent expert who will make sure you get the best deal at the best price.

5) Save time

Time these days is at a premium and if you’re like us, your time is precious to you. Working with a life insurance broker saves time - from the start to finish the process will be made quicker and easier. The broker can even complete the application form for you over the phone, avoiding any potential mistakes and delays in setting the policy up.

6) Peace of mind

When you’re taking out life insurance you’ll want the peace of mind that should the worst happen, your loved ones will be looked after. By working with a broker, you can ensure that all of your requirements and circumstances have been taken into account and your family are protected in the event of your untimely death.

A good broker will also ensure all of your questions are answered and that you feel 100% confident in the policy you’re choosing. This will give you the peace of mind that should something happen to you, your family will be looked after.

7) Hassle-free claims

If your family needs to make a claim a life insurance broker can help them with the process. While issues with claims are uncommon, it’s good to know you’ve got an independent expert on hand to help should something go wrong.

8) FCA registered

Credible life insurance brokers are FCA (Financial Conduct Authority) registered which means they have been vetted and have to follow certain policies and procedures. It also means that if your broker ceases trading, you won’t lose out financially and will be protected. myTribe Insurance only works with brokers that are regulated by the financial conduct authority, and when you contact us you can be sure you're getting a service that is market-leading.

9) A broker works for you

Life insurance brokers work for you, not the insurer. A broker will support you with professional advice and guidance should you have any questions, concerns or issues.

10) Advice on other products

A good broker also knows a thing or two about other products so they can help you find the best private health insurance for example. Just ask your broker what products they know about, chances are they are experts when it comes to other financial services too.

Is it better to use an insurance broker?

Whether it’s better to use a life insurance broker or not will depend on your personal circumstances. But, buying life insurance is very different from other types, such as car, pet, or travel insurance. Life insurance is hugely personal so using an online automated tool just may not be good enough.