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What is a life insurance broker?

Insurance brokers can help you to find the best life insurance deals for your needs. They are there to ensure that you donít pay any more than you have to for a life insurance policy and that you donít make any mistakes when you are sorting out the details of the policy. There are two main types of insurance brokers Ė independent and companies with an affiliation to one or more insurance companies. There are advantages to both. An independent broker can give you truly independent advice and help you find a policy which really is the best for you in terms of price and coverage. If your requirements are very specific this could work out very well for you as your needs might only point towards a couple of options. An independent dealer with have no problem with recommending the deal that really is best for you whereas one affiliated to a particular company will probably be tempted to lean towards that companyís policy as they will receive a larger commission from the sale of the policy. 

However, there are advantages of brokers being connected to large insurance giants. Sometimes a broker may be willing to effectively pass some of their commission on to you in the form of lower premiums meaning that you get the same coverage for less money. The advantages are clear for the consumer and some business rather than none is better for the broker. Therefore you should not necessarily be put off by a broker that is effectively acting as an agent for a particular insurance company. 

You should always be able to find out what type of broker you are dealing with before committing to a product with them. If the broker is unwilling to discuss if they are connected to a particular insurance company then it is advisable to take your custom elsewhere. 

Brokers can also serve other purposes other than to just find you the best deal. Life insurance, particularly whole life insurance, is a highly complicated field and the many pitfalls that you can fall into when taking out your policy. By utilising the services of an insurance broker you can make sure that you donít make any mistakes in the completion process. This type of service is generally known as an execution only service, where the broker simply makes sure that you have all the necessary paperwork completed in the right parts to begin the policy. 
These days, some insurance brokers are beginning to operate online. You can enter your details into their systems and receive real quotes which you can either follow up directly with the insurance company or through the insurance broker. By using an online service, the broker has reduced overheads and may be able to offer you an even lower price on an insurance policy.

Disclaimer: The information contained on this page is not intended, nor should it be construed as providing any form of financial advice or guidance as to which insurance product/policy is right for you. If you are unsure as to which product meets your requirements/needs you should always seek advice from an Insurance Professional.

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