Choosing a life insurance quote from the right broker can be tricky. Even more difficult can be getting the right person for you.
We recommend using a specialist risk insurance broker, who concentrates on providing life insurance quotes for the best products and the best service in their chosen field.
Whilst the idea of a ‘one stop shop’ for mortgages, life insurance, household insurance, financial and investment advice might sound attractive, the reality is that it would have to be a pretty special person to be totally up to date in all of these areas.
That’s why getting quotes from a broker who specialises in life insurance quotes is a good idea.
Get Quotes From Multiple Insurance Companies
When you are looking for a life insurance broker we recommend that you choose one who has relationships with all o f the major life insurance companies. This gives you – the client – more options. It also means that the broker has more than one chance to give you the best quote and the best deal.
Most life insurance brokers hold a number of formal agency relationships with insurance product providers. These relationships are usually reviewed on a regular basis using a number of different criteria listed. They include but are not limited to:
- Claims experience
- Underwriting terms
- Financial backing and credit rating
- Relative market position
- Premium rates
- Product features and benefits
At the end of the day, getting the best life insurance for you or your family is not just about price. An insurance company can have the most competitive pricing around but if they don’t pay out their claims, or are difficult to deal with they probably aren’t the right company for you.
A good life insurance broker will have established relationships with multiple providers and should be able to offer you free, no obligation quotes and advice.
Look for life insurance brokers who are happy to give you their disclosure document as soon as possible, this document should set out who they deal with, what their qualifications are etc ,and if they are affiliated to an industry body.
A key part of any life insurance plan is ensuring that it is kept up to date. Your life insurance is only good if it is current. The right broker should have a process where they review their client’s insurance plans to ensure that they are still meeting their needs as their circumstances change.
A good question to ask your prospective life insurance broker when you receive a quotes or several quotes would be ‘Do you have a review process? What happens if I need to claim? They should be able to answer these question easily, reviewing clients cover on annual basis is the best answer, at a minimum every second year.
As for claims, you should know that you can pick up the phone and talk to someone who is on your side and will act on your behalf at claim time whenever you need them.
