Buying life insurance is an important commitment, ensuring your family is protected should anything happen to you. That means there are lots of factors to consider when choosing which company to go with.
But what if you could save time by comparing different companies side-by-side instead of going through each individual agent one by one?
That’s where an independent broker comes in. They’re able to look at all the options available to you and find the right policy for you. Here’s why you should consider using an independent life insurance broker to compare life insurance quotes.
How can I compare life insurance quotes?
Thanks to the internet, you can get a quote for life insurance in a matter of minutes. There are an abundance of comparison sites across the internet that allow you to compare quotes in order to find the best deals.
These websites will show you how much you would have to pay for a certain amount of coverage. You may be surprised to see just how much cheaper it is to buy life insurance from some companies compared to others.
Directly from insurers
You might also want to consider contacting the insurer directly. This is especially true if you’re looking for a specific type of cover or if you’re not sure about any of the terms and conditions. For example, if you’re buying term life insurance, you might want to contact the insurer directly, as they’ll be more familiar with the product than a third party.
The downside is that you’ll only receive quotes from one company, meaning you’ll still need to compare with other insurance companies. This can be a hassle if you want to compare prices from a range of providers.
An independent broker is someone who works on behalf of the insurer. They’re paid commission based on the policies sold. However, there are also discount-based brokers who will only charge a one-time fee instead of percentage.
In return, they can provide expert advice on which policy is best for you, helping you find the lowest premiums. For example, some advisor brokers will offer free advice to those with pre-existing conditions who want to buy cover.
Why compare life insurance through an independent broker?
Here are just a few reasons you should compare quotes through an independent broker:
1. Save Time
By using an independent broker, you won’t need to visit multiple agents to get a quote. Instead, you can simply head onto a website and get a quote within seconds. You can then compare the cost of your premiums from leading providers.
2. Get Expert Advice
If you decide to use an independent broker, you can expect them to give you expert advice on which policy suits your needs. In addition, they can help you understand the ins and outs of the products so you know exactly what you’re getting.
3. Find The Best Deal
As mentioned above, you can often get better rates through an independent broker. This is because they don’t work on commission, so they’re committed to helping clients get the most affordable premiums available.
4. Avoid Hidden Fees
When comparing life insurance quotes, you’ll usually be charged a small fee by the provider. However, this isn’t always clear when you go directly to the insurer. Independent brokers will tell you upfront whether you’ll be paying a fee or not.
5. No Hassle
It’s easy to compare life insurance online. All you need to do is enter your details into a form and wait for the results. If you’re worried about privacy, don’t worry – all information is kept confidential.
Which type of life insurance policy do I need?
There are two main types of life insurance cover – term & whole. Each has its own benefits and drawbacks, including the cost of monthly premiums and length of policy term.
Term Life Insurance
This type of policy is designed to last for a set period of time. It’s ideal for people who want to protect their family for a temporary basis, as well as covering a mortgage. However, the policy only pays out if you die within the agreed policy term. If not, the policy ends and you won’t receive anything. Because of this, premiums for term life insurance are often cheaper than other types of cover.
Whole Of Life Insurance
A whole of life policy protects you on a permanent basis, lasting right up until you die. Because of this, premiums for whole life cover are generally high. In the event of your death, the policy pays out a fixed lump sum to your loved ones. This can help them cover any income lost as a result of your death.
How much life insurance do I need?
This depends on your financial situation and circumstances. For example, if you are married with children, you’ll likely need more cover than someone who doesn’t. The payout from your life insurance policy can be used to help your family with various finances, including:
- Living costs
- Funeral expenses
- Mortgage payments
- Utility bills
- Child support
- Credit card debt
Once you know which type of policy you want and the amount of cover needed, all that’s left is to apply for a quote through an independent insurance broker. They can show you a quote in minutes, and show you exactly how much you’ll need to pay each month for premiums. With their help, you and your family will be covered in no time!