WHY USE A BROKER?
An insurance broker is an independent professional adviser who acts for you.
Insurance brokers are specialists in insurance protection. Our task is to help you identify the risks that you or your family may be exposed to and then advise you on what risks should be insured against. We canvass the insurance market to obtain the best insurance protection to meet your needs, at a competitive price, and assist you during application process.
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We are instructed by you, and at all times, act on your behalf. Our independence ensures that you benefit from the convenience, knowledge, choice, innovation and our high level of professionalism through:
Convenience
We can arrange all the insurance and risk protection you need. Probably only one meeting is necessary to identify your needs, and we can develop a comprehensive insurance proposal for you.
Professionalism
We are bound by the Code of Conduct for Financial Advice Services which requires us to treat you fairly, act with integrity, give advice that is suitable, ensure you understand the financial advice provided, protect your Information, have general competence / knowledge and skill for product advice and keep these up-to-date.
Knowledge
We have daily contact with many insurance companies, and we know where to obtain the best insurance protection at the best cost.
Choice
We deal directly with most insurance companies, and can present your risks in the most effective way. We can canvass the market to obtain competitive terms and costs, and then suggest a contract, which best fits, your needs.
“The best policy is a happy client – you’re covered on that.”
In personal and business matters, the correct insurance is vital. Wrong or inadequate protection can lead to disastrous consequences for individuals, families or businesses. The right advice makes all the difference and prevents costly mistakes.
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As your circumstances change, we will review your policies ensuring that the policy is appropriate, and that you remain well protected. We may suggest amendments to the policies in the light of changes in your business or domestic situation.
Frequently asked questions
“Why do I need an advisor, can’t I just do it online?”
Yes, you can go online, but unfortunately, not all insurance companies or insurance policies are created equal, especially with health, life, serious illness and disability insurances. Some companies may call their policies by the same names but may have significantly reduced features and benefits or have a much higher threshold to trigger a claim (often referred to as “the small print”). An advisor will ensure you have the correct insurance policies for your individual circumstances and needs. This is important because you never know the true value of an insurance policy until it’s time to claim.
Why use an insurance broker?
Insurance can be complicated and having someone you can meet with can make things much easier. If you want to buy insurance but are not sure where to start, and/or are insuring for something unusual, an insurance broker is a great place to start. They’re experts in the insurance market and can usually find you excellent cover at a price that beats going directly to an insurance broker. Best of all, when it’s time to claim.
What are the advantages of using an insurance broker?
Getting expert insurance guidance does not cost you more: Insurance brokers are paid a commission by the insurance provider for selling their products. You won’t pay for their time, and if you don’t go ahead, there’s no cost either.
Specialist expertise: Insurance brokers sell insurance all day long, and bring specialist expertise no matter what your needs are. This is important when you’re looking, for example, for life or income protection insurance and have a pre-existing health issue; brokers know which policies will be most suitable.
Awareness of options: If you go directly to an insurance company, in most instances, they won’t know specifically what you need. An insurance broker will sit down with you, ask questions and listen to your needs, and explain the types of cover available. Their process is to get you the ‘right’ insurance by covering you for your needs. Insurance brokers will be able to let you know if any existing insurance covers you to avoid overlap (and overpaying).
Price flexibility: Insurers don’t usually drop their prices if you go to them directly. However, insurance brokers are more flexible on price and can, in many instances, negotiate on policy costs.
Tailored policies for income protection and critical illness protection: An insurance company will sell one-size-fits-all products, which might not be suitable for your needs. An insurance broker matches your situation with specific policies to ensure a ‘best fit’.
Claims are taken care of: This is one of the biggest benefits of using an insurance broker in the first place. If you do need to claim on your policy, you’re likely to be going through a lot of stress without dealing with an insurance company on top of that. Your insurance broker will take the details and make a claim, and deal with any pushback or issues. In essence, they fight in your corner and help you get the appropriate payout. If you buy insurance directly, you’ll have to go back and forward with the insurance company directly, which can be daunting and cause a lot of hassle and worry.
How much does an insurance broker cost?
There are no upfront or service fees. Insurance brokers make their money from commissions paid to them by the insurers you buy a policy from. You won’t necessarily pay more for your insurance either by using an insurance broker. To explain further, insurance brokers work the same as travel agents who earn commissions from airlines and hotels etc.
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It is up to you to decide which policy and company you want to be insured with. Unlike the process of getting a mortgage, the insurer you select probably isn’t as important as the bank you borrow from. Nonetheless, insurance brokers will be paid differently by each insurance company, so be sure you pick the right policy that meets all of your needs.