life insurance broker

Life Insurance Broker

What is a life insurance broker?

A life insurance broker sells, solicits, or negotiates insurance for compensation. The sale of general insurance was regulated by the Financial Services Authority (FSA) from 14 January 2005 until 31 March 2013, and by the Financial Conduct Authority (FCA) since 1 April 2013. Any person or firm authorised by the Authority can now call himself or herself an insurance broker. To deal with life insurance pensions and investments a broker must be IFA registered. Independent Financial Advisers don’t work directly with insurance companies or banks, but they mediate and advise appropriate action to meet the client's objectives; if necessary, they can recommend a suitable financial product to match the client’s needs and requirements. Individuals and businesses consult IFAs on many matters including investment, retirement planning, insurance, protection, mortgages and other types of loans. IFAs also advise on some tax and legal matters.

What are the benefits of using a life insurance broker?

The first thing an IFA will do is conduct a detailed survey of their client’s current financial situation. They will look at what the client requires, and any objectives or preferences they have. This can be known as a ‘fact find’. Using all the information they have collected, they will advise appropriate action to meet the client's objectives and needs, and recommend a suitable financial product. IFAs don’t work with insurance companies or banks, so they will always get the best deal on the market. IFAs are regulated by the FCA, which is regulated by the government. Life insurance brokers should never pressurize you into signing anything, or give you the wrong advice. If you ever believe you are being mistreated, get in contact with the Financial Ombudsman Service. This organisation will conduct an independent investigation and also has the power to award compensation, if warranted.

How do our life insurance brokers work?

We understand how important it is to find the right life insurance broker. Quotemeless work with a panel of brokers who try to find the best possible policy for each any every one of their clients. If one broker can’t find what you’re looking for, we can assure you there will be others who will search the market for you. They will do their best to find you the perfect policy, or help you make the right decision with regards to your future and finances. Our brokers don’t put pressure on any of their clients, and there is never an obligation to buy any services. So even if you decide not to go ahead, this will not affect your future relationship with the brokers that we work with.

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