If life insurance is on your mind, you should be aware of all the ways a broker can save you a great deal of time and hassle. They can also ensure you find the best possible deal from the full UK market. Read on to learn about the role of life insurance advisers in the UK – the work that they do, and the advantages and of working with one.

If you have any questions or need further help, please don’t hesitate to contact Think Plutus and we’ll be happy to help. This guide offers general information about why it might be worth considering an insurance broker for your life insurance, but everyone’s situation is different.

What is a life insurance broker?

In simple terms, a life insurance broker is an expert in everything to do with life insurance.

A good broker has a wealth of experience and knowledge of the life insurance market which they draw on to help customers find the ideal life insurance product for their needs. This will ensure you get the best possible cover at the right price.

A life insurance broker like Think Plutus has access to the whole of market for life insurance providers and products. Some advisers charge a fee for their services, but this often pays for itself in the savings gained by finding the right policy.

You can arrange an initial no-obligation consultation with Think Plutus that won’t cost you a penny.

What are the advantages of using a life insurance expert?

Let’s look at how working with a life insurance broker will benefit you:

Whole-of-market access to find the best deal available

An independent broker is not affiliated with any specific insurer and has access to a number of insurance policies that are not available to the general public. Going direct to an insurer could mean you miss out on your perfect deal.

Authorised and regulated by the FCA

Any reputable broker arranging policies for individuals, like Think Plutus, is regulated by the Financial Conduct Authority. This means a range of protections for the customer that ensure your adviser always has your best interests at heart.

Loyalty is their motivation

A good broker will put you front and centre in the working relationship, since your loyalty is what will earn them repeat business from you. Brokers will take the time to get to know you as understanding your circumstances and needs will help them assess the right cover for you. A customer service employee at an insurance firm is unlikely to offer this level of loyalty or personal service.

Expertise in your corner

The experience and expertise a broker brings to the table is their most valuable asset – it’s the thing that saves you money. The input of an expert broker will ensure you secure the right amount of cover for your needs and never pay too much for unnecessary features or take out a policy that fails to protect you when you need it.

Brokers know the companies and products that will be the best fit for you. They also have access to discounts that aren’t publicly available when they recommend multi-policy options. If your circumstances are more complex, like if you have a pre-existing medical condition, this can be a particularly important factor.

IMPORTANT: Not all brokers are created equal

Traditionally, there are various qualifications a life insurance agent must gain before they can begin practising, and the sector is tightly regulated.

Trustworthy life insurance providers will list their credentials. Look out for qualifications from the Chartered Insurance Institute (CII), the Personal Finance Society (PFS), the Chartered Institute for Securities & Investment (CISI) and the London Institute of Banking and Finance (LIFB) – these are good signs for the skills of the broker.

Bear in mind that not all brokers possess the same level of expertise or experience. Feel free to ask our team at Think Plutus about our experience in the industry.

What should I ask a life insurance expert to establish whether they will be good to work with?

It’s important to get a sense of a broker’s skills, experience and methodology to understand whether they will be a good fit for you. Here are a few key questions you should ask to help with this:

Can you provide a reference/testimonial from some current and former clients?

A reputable broker should have no issues with showing you a couple of references. With online brokers, try looking at independent third-party review platforms like Feefo to see some impartial feedback from real clients.

What are your qualifications?

You may be aware that insurance is a complex field. With that in mind, it’s reasonable to assume that the more qualifications your broker holds, the better their understanding of the industry will be. This means their advice is likely to be of a higher standard.

Are you ‘independent’ or ‘tied’?

An independent, or whole-of-market, broker has access to the full market of insurers and products. A tied broker, on the other hand, is affiliated with a more limited number of insurers. Independent is usually a better way to go because it gives you access to a wider range of choices. This increases your chances of finding the right deal at a competitive price.

How do you make money?

Brokers are legally required to disclose exactly how they make their money. This includes the amount of commission they will make on any deal. Don’t be shy to ask, because you want to feel confident they have your best interests at heart.

Frequently asked questions about life insurance advisers

Here are the answers to some common questions about life insurance brokers:

Are there any advantages to working with an expert near me?

The only real advantage of using a broker who is based locally is that it is easier to visit their offices. However, you are still likely to need to make an appointment to do so. It’s worth mentioning that if you limit your search to brokers in your local area you may miss out on a better broker simply because they are based a little further afield.

What about online life insurance advisers?

There are plenty of brokers that offer their entire service through online channels, so if that is your preference then you should have no trouble finding a broker. Consider whether a more personal approach might be better, but feel free to use an online service if that works for you.

What are the advantages of an independent life insurance broker?

Independent, whole-of-market life insurance experts are not tethered to any specific insurers. This means their search is not limited and they have access to a far wider range of life insurance products. Furthermore, many of the products they can draw from are simply not available to the general public and cannot be found on comparison websites.

Is there such a thing as a term-life insurance agent?

The answer to this question is sort of. Some life insurance advisers may have more specialist knowledge of certain sectors, like term life insurance, but the majority of agents can advise on a broad range of products. This means things like whole of life or funeral insurance as well as the various other forms available. In many ways, this is preferable, because it means the adviser can help you understand what type of policy will be best for your needs.

Get life insurance advice from an expert

If you are not feeling confident about your search for life insurance and would like some trustworthy, expert advice, contact Think Plutus today and ask us how we can help.

Our team of experienced life insurance advisers can answer your questions and arrange a free, no-obligation consultation to get the ball rolling.

With our help, you will identify the right type and level of cover and find the best possible price from the full market of products. We will stop at nothing to find you a policy that ticks all your boxes so you can rest assured you are in safe hands with us.

To work with a quality, trustworthy life insurance broker who genuinely cares about your needs, Think Plutus.

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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

We do not charge a fee for our advice, instead we charge for arranging your mortgage. Our typical fee is £495 depending on your personal needs and circumstances. For insurance business we arrange policies from a panel representative of the whole of the market. Think Plutus® is a trading name of The Finance Planning Group Limited. The Finance Planning Group Limited is authorised and regulated by the Financial Conduct Authority (FCA). Registered in England No. 3894404. Registered office: Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex RH17 7QX. The FCA does not regulate most buy to let mortgages.