Why use an Adviser for Insurance?
The number of people choosing to use mortgage brokers is growing rapidly. With lending criteria becoming ever more complex, specialist help is being sought by many borrowers. However, for some strange reason, many clients having arranged their mortgage with a broker will then go onto a comparison website to find their own home insurance and mortgage protection...without seeking professional help - probably not a very good idea in the grand scheme of things!
Just how important is Life Insurance?
Well, life insurance is something that you cannot see, cannot touch and quite frankly may never need...until a problem occurs when it becomes the single most important consideration for you or your family...it is your personalised 'plan B' for when something in your life goes badly wrong! If we all lived in a perfect world where nothing bad ever happened to us or our possessions there would be absolutely no need for insurance. Sadly, we do not live in this Utopian world and the constant need for a reliable Plan 'B' is always there.
It is here that the comparison websites fall flat...they do not offer you a tailored, bespoke review of your personal circumstances or offer advice on what your ideal back up plan should look like and it is here that a chat with a qualified and experienced Adviser will help you fully understand what options are available to you and will also recommend what is appropriate to you and your family's own specific circumstances. If you look at this in conjunction with your mortgage, your adviser will be able to ensure your back up plan is relevant to your new financial arrangements.
So, what should I protect?
Financial Planning is NOT a 'one size fits all' process! Everyone's list would be different...the mortgage, your monthly incomes, your property, your children, your possessions...the list goes on!
If budget is a major concern we can help you identify the priorities and find solutions that will fit your budget cutting costs ONLY in the right places making certain that your priorities are properly protected first.
We find that comparison websites often produce very low cost quotes, but they are based on their criteria NOT what is important to you, the customer!
Guiding you through the process from start to finish!
With any type of insurance, the application must be completed accurately, you are establishing the basis of a legally binding contract between yourself and the insurer...you have to get this 100% right, there is no room for error! With Life Assurance, Critical Illness Cover and Income Protection you will be required to declare your current and past medical history. If you have some medical issues and your health has subsequently been affected, the insurer will need to assess both the risk and probability that you may make a claim at some future date. This assessment may mean, should the proposal be accepted, that your cover either has a rating applied (meaning it may cost more) or exclusions may be applied (meaning that some conditions may not be covered). Whatever the outcome, we will always be here to advise on the best way forward. Above all else, as your professional Adviser, we know exactly what needs to be completed for any form of insurance and the importance of disclosing all relevant facts accurately to the insurer. Over the years, your circumstances may well change and you may have a need for more or less cover. The advantage of having an Adviser who will remain in regular contact with you is that he will know how your circumstances have changed since your last meeting and will be able to ensure that you and your family remain properly protected.
Online or through an Adviser?
What is really important is the key differences between buying online and via an Adviser -
If you buy online , you are responsible for what you complete and organise. If it goes wrong, you are on your own!
If you buy through an Adviser, the Adviser is providing Advice, Recommendations and is responsible for what has been arranged - if it is wrong, then you have courses of action for Complaint.
Ultimately whether you buy online or through an Adviser is totally down to your choice and preference.
We meet many clients with little or no protection in place and even more concerning clients who have cover they have taken out themselves that would not pay out in the event of a claim as the application had been completed incorrectly. Buying online might save you a few pounds a year, but these savings may be worth nothing if you have a policy that would be void in the event of a claim!
Professional advice and guidance could mean the difference between a back up plan that works or a back up plan that fails just at the time it is needed.
If you still have concerns, feel free to give us a call on 01206 252025 to chat through any issues you may have.
As with all insurance policies, conditions and exclusions will apply.
There is a quote I remember from my very early days in this business told to me by a now long retired Bank Manager - "In my years as a Bank Manager I have met many wives who feel that as a family they are paying far too much in Life Insurance premiums, equally I have met many widows who felt the Life Insurance payout they just received was nowhere near enough...odd that!"