A recent issue of Business and Commercial Life ran an
article on aircraft insurance and offered the following advice to their
Use a broker who specializes in life insurance and
understands the life business well.
"In arranging life insurance, there is no doubt that the
first and most important step is the selection and appointment of an
experienced insurance broker with specialist knowledge in life insurance. It
is not necessarily the best option to deal directly with the insurance company
when it comes to life insurance. You will in fact be on your own with no
one in your corner should a dispute arise. Everything is fine as long as you
don’t have a problem with a claim and need some good independent advice as to
how things should work. This is one area of life insurance where a
knowledgeable broker can play a pivotal role in achieving the correct balance
between the three crucial insurance ingredients: Coverage, Cost and Security".
What it all boils down to is making the best decision by
having the most options available to you. Dealing directly with an
underwriting agency, you get one option – one product. With a broker working
for you, you are able to get the big picture of how the life industry
currently views and prices your risk.
One final point – don’t be fooled into believing that you
can ask six different brokers "get me a quote" and think that you are going to
get a wide range of proposals to consider. There are a finite number of
markets to access and nothing causes more damage than to have multiple brokers
all running around on the same account, tripping over each others feet and all
trying to present the same risk in a different manner! It is the quickest way
known to man to drive the premium up and to ensure that the insurers lose
Select the best broker in the first place and trust him to
do the job for you.