What is a life insurance broker?
A life insurance broker is a financial advisor, who specialises in life insurance. They will be able to provide you with expert advice, guiding you through all the steps of finding the right life insurance cover. They will make suitable recommendations based on what type of insurance and level of cover you need, whilst finding the best price. A life insurance broker is not just employed by one specific company and working to do what’s best for them, a life insurance broker works to find you the best life insurance at the best price.
Why would I need to work with a life insurance broker?
There are a number of different reasons why you might want to work with an insurance broker, here are some of the benefits of working with a life insurance broker:
Unlike comparison sites life insurance brokers can give you guidance and expert advice, guiding you through the different products that will suit your needs best.
A life insurance broker can quickly and easily check multiple insurance companies for you, instead of having to check multiple sites yourself. Your life insurance broker will be able to talk you through the different insurers and the different types of cover.
Easy application process:
A broker will make the application process a lot easier for you, they’ll hold all the application information for you. You can also save time as your broker can update you on any application processes, instead of having to deal with the company on your own.
Should I use an IFA life insurance broker?
An IFA life insurance broker should be able to provide you with unbiased advice. They will not be restricted to financial products, meaning they can provide you with every financial product on the market. As you are paying their fee, this means that you are their responsibility, meaning that you will receive genuine advice on which is the best life insurance for you.
If you decide that you want to go ahead and use an independent financial advisor for your life insurance, Suttons IFA is a life insurance broker here to help anyone who is looking for life insurance. Suttons IFA always has someone on hand to help anyone with their life insurance.
What makes a good IFA life insurance broker?
Having the appropriate qualifications:
Keep a lookout for any important qualifications from institutes including the London Institute of Banking and Finance and the Chartered Insurance Institute.
Have your best interests at heart:
From your first meeting with your IFA insurance broker, you should get the sense that they want to look out for you, and they are genuinely interested in your circumstances and why you want life insurance.
Have a Statement of Professional Standing (SPS):
This means that they have to adhere to the code of ethics, it will also mean they undergo yearly training to stay up to do with the industry.