Life Insurance Brokers - Buy Direct From A Company Or Through A Life Insurance Broker

Life insurance brokers, in fact brokers in all areas such as home, car or travel insurance and home loans, play a valid role assisting consumers to sift through the vast range of products on offer to find the one right for them.

Their role can include sourcing the most suitable products and acting as the go-between for the consumer and the relevant insurance companies, and saving the consumer significant time providing a range of options, all of which can be applicable to the role of life insurance broker.

A life insurance broker, or any broker, will have a set number of companies they deal with and are specialists in these products, and in their overall industry. They can deal with around 20 or 30 companies offering a range of life insurance options. The broker receives his commission from the insurance companies, the consumer should not be asked to pay any form of fee to the broker prior to or during the transaction.

If you have the need for insurance broker or financial advice, you are entitled to look around and compare brokers, and to ask them questions such as which companies they work with and why they have chosen those companies as this may at times impact on the information and options they provide.

5 Independent Tips for Choosing Life Insurance

The insurance industry, including brokers, is regulated by the Australian Securities and Investment Commission (ASIC). According to ASIC, areas to look out for when purchasing whole of life and term life insurance include:

1. Decide how much cover you need
2. Discuss the policy with your partner and family and don't just insure the highest income earner
3. Read the product disclosure statement carefully and understand the fees and charges
4. Compare costs with a number of insurance companies and make sure the product is indexed to inflation
5. Be sure to answer all questions fully and accurately

Affordable Cover, Broad Options

At 1 Cover we have put together a range of affordable, comprehensive options and, being an online company without the excessive overheads of ‘standard’ companies, our premiums are cheaper.

Taking out life insurance is an important life decision, therefore, it needs to be your choice to purchase from an insurer direct or to go through one of the life insurance brokers available.