This blog is a hard one to get through, mainly because as third-party advisers/brokers on all things protection insurance, we are bound to say that we are awesome and you should use us anyway. So maybe we are on a to loser before we even get started…
It’s not a sexy industry.
It’s pretty awful really.
Sometimes we feel a little like detectives. We have to ask all the difficult questions, you need to disclose to us your earnings, what your debts are, what your assets are. If that’s not bad enough then we need to know the ins and outs of your medical history too. Whether any of your close relations suffered any serious illness’ before the age of 60, what they were and whether they are still alive.
You need to trust us.
Your closest friends and family won’t even know some of the details we need if any. It’s not something you share.
We have learned not to be afraid, as many advisers are, to ask the difficult questions. The information is completely confidential, protected and not shared with anyone other than the relevant parties that will end up possibly providing you with the cover.
Believe us no two families or individual’s circumstances are the same and everyone has a story to tell. We find it interesting getting to know our potential clients, who will hopefully become clients.
The process starts with a ‘Fact-find’ industry speak for a nosey questionnaire. We keep ours small yet detailed, quality, not quantity. This what points us in the right direction to decide what sort and what level of life cover would be ideal for you and your family.
So back to our point. Why would you bother disclosing all this information to a virtual stranger? Especially when you can do it yourself. You can go online and buy it there, no worries, right?
Well yes, you can.
But, if it doesn’t cost you a bean more, why wouldn’t you use an industry professional to make sure that it is set up properly?
Every Life Insurance provider indeed provides you with the same products:
Life Insurance - Lump Sum should you die.
Critical Illness cover (aka Serious Illness cover) - Lump Sum should you suffer an illness covered on your policy.
Income Protection - Monthly sum to cover part of your wages should you be unable to work.
I could go on…there are tonnes…
The issue is all of them have differences in how they are set up, conditions covered and extras available on different types of cover.
So YOU might look the cheapest and decide it is the best option for you, but how do you know? We know! We have access to adviser websites that can compare the benefits of policies, so we can look for you and advise you which one has come out best. The payout rates for the insurance companies differ too, wouldn’t you want to use one with great settlement figures? There are some companies that provide outstanding cover that isn’t even available direct to the public. We have access to them.
Another, point to make is that should you manage to get the cover seemingly cheaper per month with an ‘online only’ non advised company. You have no come back.
We want to make clear that taking a non-advised service will limit consumer protection as the client will not have recourse to the Financial Ombudsman Service.
The value of good advice is evident; the cost of taking no advice is now equally evident too.
This is one thing that you cannot buy one second after you need it. We hope you never do, but this is for the just in case scenarios, the what if this happened, how would we cope scenarios.
We can work to a budget, to get you as much appropriate, tailor-made cover as we can.
We will continue to keep in touch in future years to make sure that the cover is up to date. As your circumstances change, so should your life insurance.
There are loads of excellent brokers out there, making sure that families and individuals have the best cover possible. Use one, if not us, find someone that you know someone else has used and would recommend!