10 Reasons To Use A Life Insurance Broker
Start saving money on Life insurance today
What is a life insurance broker?A life insurance broker is an expert in life insurance. They use their expertise to choose from the hundreds of possible options to select the best policy for you.Using a life insurance broker can help you find the cheapest and most suitable type of life insurance and help you get comprehensive cover. Using their expertise, a broker will be able to match you with suitable policies and take away some of the stress of finding life insurance.Unlike banks, retailers and other insurance providers, you’ll get a personal service that makes recommendations in your best interests so that you can find the best deal.
What does a life insurance broker do?As experts at what they do, a life insurance broker will search through the different life insurance policies to find ones that best meet your needs.Your life insurance broker will guide you through the process to help you get your policy in place. They’ll be on hand to answer any questions you might have, and make sure you’re comfortable at each stage.Life insurance brokers provide tailored solutions based on your personal circumstances, saving you the trouble of having to search for relevant policies yourself.
Will a life insurance broker charge me a fee?At Discount Life Cover, we don’t charge a fee. We also have a no-obligation policy that can put your mind at ease when searching for a quote.
How does a life insurance broker make money?If life insurance brokers don’t charge fees, you’re probably wondering how they make any money? Brokers recover their fees from the insurance provider, who pay them a commission based on their sales.Now that you know a little more about what a life insurance broker does, here are ten reasons to use a life insurance broker to help you find your policy.
1. Save money by getting the best deal for youWho doesn’t love to grab a bargain? Using a life insurance broker could help you get the best deals around to save you a lot of money versus doing it yourself.A life insurance broker can take a ‘whole-of-market’ view to help find all of the best life insurance deals. This allows them to find the most affordable policy and ensure it’s one that meets your needs. For example we are often able to place your insurance 20% cheaper than going to the same provider direct!The insurance broker works for you, helping you to get the best deals on the market. Brokers are paid a commission by the insurer, but that doesn’t mean the cost is transferred to you. When you go through a broker, you can access different quotes to those that might be available if you went directly to the insurer.Comparing life insurance quotes helps you benefit from the most affordable cover that also meets all of your requirements.
2. Get cover that’s tailored to your circumstancesNo two people are the same, and that’s why it’s important to get life insurance cover that’s tailored to your circumstances.Purchasing life insurance can be a complicated process. You may even find that you’re rejected by some insurers based on different criteria, which can make it difficult to find affordable cover.However, by finding insurance through a broker, you can get access to a wide range of policies. They’ll find the insurers with policies that meet your circumstances, helping you find the cover that you’re looking for. Having this whole-of-market approach means your broker will get to see many more policies than what you’d be able to access by yourself.If you’re looking for a specific type of cover, or you have a certain budget in mind, a broker will be able to help match you with the most suitable life insurance policies. A broker may also know if there are any special offers such as life insurance with a free gift for example.
3. Get peace of mindChoosing life insurance is a big decision. How will you know you’ve selected the right cover, and a provider that’s trustworthy and reliable?It’s easy to chase the cheapest quote when it comes to finding life insurance. But what if you buy the cheapest policy, only to find that you haven’t received the right amount of cover?Life insurance brokers are experts at what they do. They know the questions to ask and know how to find the right cover for you. When you work with a broker, you’ll get peace of mind that your policy is suitable for your needs and will take care of your loved ones when they need it most.Discount Life Cover provides regular training to each broker. This knowledge and experience puts brokers in the best position to help people find the right type of life insurance. Having that experience gives you confidence that you’re working with an expert, giving you full trust in your life insurance policy.
4. It’s easy to doThere are a lot of ways to find life insurance, but searching through the various policies can take time, and leave you confused about which product to buy.With a life insurance broker, you get the benefit of having them search the market for you. You won’t have to go to a bank, retailer or another service provider to ask for a quote. You won’t have to provide the same details again and again, nor lose track of your applications. Not only that, but you risk getting fed up with chasing quotes, and you could end up settling for a policy that is overpriced or doesn’t fully meet your needs.When you approach an insurer directly, you may only see a limited choice of products. An insurance broker, however, will be able to access a wide range of products from across the market. They can also access some exclusive deals and policies you may not be able to view yourself.They’ll be able to narrow down the search from all of the available choices and give you the best ones to compare. This makes finding life insurance much easier, freeing up your time for other things.
5. It keeps insurers on their toesLife insurance companies know they have to stay competitive in order to attract business. And it’s you who can help keep them on their toes.Your broker will narrow down the options to give you the best deals, leaving you with a choice between either picking the cheapest provider, or the one that’s the most reputable. While price is an important factor, it isn’t always the deciding one.Insurers know that they face a lot of competition, and therefore, it’s important that they retain affordable rates and provide cheaper services. Brokers understand different providers’ offering, and will be able to make recommendations to you based on what they find.Ultimately, the choice of which provider to go with is yours – putting you, and not the insurer, in control.
6. Get information in an accessible, jargon-free wayWhat is life assurance? How is it different to life insurance?</What is the difference between a decreasing term and a level term?Life is full of jargon, and life insurance is no different. There are a lot of terms that you may be unfamiliar with that can make life insurance confusing. It could even put you off looking for insurance altogether.If you don’t understand the different elements of life insurance, how are you supposed to know which policy to choose, or what type of cover you’ll need? This is where a broker can step in and help you understand the information.Using a life insurance broker will help you understand the process, what different terms mean, and the types of cover that are available. You’ll be able to ask them all kinds of questions, and receive answers in a digestible way. Your broker provides a personal service, helping you get to know the different types of cover and will ask the right questions to find the most suitable products.Life insurance its self is relatively quite straight forward. It pays out if you die. Critical illness insurance on the other hand can be very confusing and a broker will be able to talk you through the different conditions covered and help you understand which provider is the best.
7. Hassle-free claimsDealing with the loss of a loved one can be a difficult and stressful time. Your life insurance broker will be able to help your family make a claim, giving them one less thing to worry about.Making a life insurance claim can be a complex process, and not one that people want to think about while they’re dealing with the shock and grief of losing a loved one. Your insurance broker can help with the claims process, taking care of a difficult task for your family at a difficult time.Putting life insurance in place is one of the things you can do to protect your family’s future. Working with an insurance broker can also help your family make a claim to help with funeral costs, bills and other expenses.A hassle-free claims process makes things easier for you and your family. Discount Life Cover will be able to help when the time comes.
8. A broker works for you, not the insurerYou might be wary of using an insurance broker because you think they work on behalf of the insurers. But the truth is, they work for you.A life insurance broker might be paid through commission from an insurer, but this wouldn’t be possible without a purchase from you. At Discount Life Cover, we work for you, providing a service that helps you find the best life insurance policy for your needs. We’re fully transparent about the commission we make, and this information is included in the documentation you’re provided.We don’t charge a fee for our services. We want to help you find the best life insurance cover, helping you benefit from affordable and comprehensive cover. It’s important that you’re happy with the cover you receive, so that you can feel confident that your family are going to be taken care of.
9. FCA-RegulatedLife insurance brokers are regulated by the Financial Conduct Authority, as is required by law.When you work with an FCA-Regulated broker like Discount Life Cover, you can feel confident knowing that we work to a set of standards that protects customers.Working with a life insurance broker will also mean that if either your broker or insurer stops trading, you’ll be covered by the Financial Services Compensation Scheme (FSCS). This protects your money and means you won’t be left out of pocket. You can check if a broker is FCA regulated here.
10. A better experience for youWhile you can find life insurance through a number of routes, you can get a more personal service with a life insurance broker.You could go to an insurer directly or try a comparison site, but these can provide a limited service in the hunt for the best life insurance cover.With a life insurance broker like Discount Life Cover, you’ll benefit from a better experience. We’ll work with you to find the most suitable life insurance based on your specific needs. Talking through your questions and concerns with an advisor can be reassuring. You’ll benefit from accurate quotes, instead of estimations, and you won’t have to deal with sales pressure that can come from insurers.A personal touch goes a long way, especially with something as important as life insurance.And remember, there’s no obligation, so if you decide not to go ahead with your policy, then you can simply walk away.
Should you use a life insurance broker?As you can see, there are a lot of great reasons to use a life insurance broker. Whether it’s right for you depends on your personal circumstances and preferences.It’s likely you have multiple insurance policies covering different aspects of your life. From home and car insurance to pet and even tech or mobile phone insurance, you may have a lot of experience choosing insurance for yourself. Why should life insurance be any different?Life insurance is a lot more personal than other types of insurance. The answers to key questions may not be so clear-cut, and you may have medical conditions that you need to declare. Age can also be a factor in obtaining a life insurance policy.All of these factors make finding a one-size-fits-all policy almost impossible. You can use comparison sites or request quotes from providers, but getting the best deal from the wide breadth of policies that are out there takes a long time and a lot of work. When you work with a broker, however, you can cut out a lot of the hard work and searching, and have the choices narrowed down for you by someone with the right expertise and experience.You could have a lot of questions about life insurance, including how much cover you need. A broker will be able to discuss your needs in detail to help find the most suitable type of cover. Many people find this tailored service to be very valuable, helping them navigate an emotional and complicated topic.Even if you explore the idea of using a life insurance broker, there’s no obligation for you to go through with your policy.
Why choose Discount Life Cover?Why should you use Discount Life Cover for your life insurance? Some of the main reasons include:
- Tailored life insurance broker service, helping you find the best cover for your needs.
- Competitive on price thanks to low overheads allowing us to give away more of our commission.
- Whole-of-market broker, able to find you the best life insurance deals.
- A friendly, experienced team ready to help you in a jargon-free way.
- Rated ‘Excellent’ on TrustPilot.
Find your life insurance cover with Discount Life CoverIf you’re looking for life insurance, contact Discount Life Cover today. Our team of expert life insurance brokers are ready to help you find the most suitable cover for your needs.Contact us to start your quote or call us today on 0207 112 8844.
Jody is the Managing Director and founder of My Key Finance Ltd. He has over 16 years experience as a protection adviser and is an authority within the UK business protection market. Jody has written articles for Business Matters Business Directory, and been featured in Forbes. As editor and Author of our blog Jody is hoping to educate and advise people with more in depth details and information on the various subject relating to the protection market.