Will I get a better life insurance rate if I use my mortgage broker? Or, is it better to use insurance specialist?
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My mortgage broker is trying to upsell me an insurance policy.
althomson
1 year ago
Expert Financial Adviser Answer
Paul Richardson
answered 1 year ago
It all depends - find out who is independent and will source the entire market for you
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Expert Financial Adviser Answer
John Stirling
answered 1 year ago
Mostly brokers and websites all use the same quote engines - so the prices should be the same. The cost of advice (or sale), also known as the commission makes a difference too - some websites and some brokers give a bit back to you, and this can reduce your premium.
However you have to decide whether you need advice as to what cover you should have, and whether that advice is worth any extra it costs - cheap is an interesting concept, and with any form of insurance you only know later what was cheapest - if a policy doesn't pay out because it was the wrong cover it is very very expensive, even if you paid less per month for it.
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However you have to decide whether you need advice as to what cover you should have, and whether that advice is worth any extra it costs - cheap is an interesting concept, and with any form of insurance you only know later what was cheapest - if a policy doesn't pay out because it was the wrong cover it is very very expensive, even if you paid less per month for it.
Expert Financial Adviser Answer
Tony Pomphrett
answered 1 year ago
seek out an insurance specialist and not someone who just uses quoting software. Make sure they have tried to fully understand your circumstances both now and in the future and recommended the plan (not just the cheapest) for you.
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Expert Financial Adviser Answer
Richard Salter
answered 1 year ago
You need to determine if your adviser is independent - able to research the whole market - or tied. Restricted to only a single life companies products or a limited 'panel' of providers.
You might be surprised to learn that with over sixteen years experience and the best qualifications i would add that life assurance can be one of the most complex solutions to buy and get right. Tax, trusts, insurability, duration, simple or complex cover, definitons of what is covered and what is not, specialist solutions for those in poorer health, maximum and minimum cover insurable interest, proportionality, renewable, convertible and other options may all need to be weighed up. Indeed the main solutions themsleves range from DTA, LTA, PHI, CIC, WOL, shareholder and keyman. All this means that this is often far from being a premium rates driven purchase. Many do not need complex solutions but you do need an adviser who is aware of all the options just in case. Mis buying can be just as bad, if not worse than misselling! I know where i would go for my advice and seeing an adviser is likely to generate the same monlthy premiums as tryig to do it yourself - only the provider keeps the adviser commission without accepting any liability for the advice!
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You might be surprised to learn that with over sixteen years experience and the best qualifications i would add that life assurance can be one of the most complex solutions to buy and get right. Tax, trusts, insurability, duration, simple or complex cover, definitons of what is covered and what is not, specialist solutions for those in poorer health, maximum and minimum cover insurable interest, proportionality, renewable, convertible and other options may all need to be weighed up. Indeed the main solutions themsleves range from DTA, LTA, PHI, CIC, WOL, shareholder and keyman. All this means that this is often far from being a premium rates driven purchase. Many do not need complex solutions but you do need an adviser who is aware of all the options just in case. Mis buying can be just as bad, if not worse than misselling! I know where i would go for my advice and seeing an adviser is likely to generate the same monlthy premiums as tryig to do it yourself - only the provider keeps the adviser commission without accepting any liability for the advice!
Expert Financial Adviser Answer
Darren Smith
answered 1 year ago
I agree with Richard above, and simply you get what you pay for. use a quote engine on a website and get a cheap premium but NO ADVICE.
be prepared to use an experienced IFA and they will help you to assess your requirements and the most appropriate way to meet them. But no, this isnt for free, there is a cost but the reason for the cost is to ensure that you have what you are looking for (peace of mind).
the real emphasis here is use an IFA, someone whose vested interest is in getting the right deal for you and not just recommending the best of what they have available as this might well be a restricted panel. The extra effort now will help to prevent the likelihood of a claim being refused due to an inappropriate policy or non-disclosure of relevant information.
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be prepared to use an experienced IFA and they will help you to assess your requirements and the most appropriate way to meet them. But no, this isnt for free, there is a cost but the reason for the cost is to ensure that you have what you are looking for (peace of mind).
the real emphasis here is use an IFA, someone whose vested interest is in getting the right deal for you and not just recommending the best of what they have available as this might well be a restricted panel. The extra effort now will help to prevent the likelihood of a claim being refused due to an inappropriate policy or non-disclosure of relevant information.
