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Most life insurance and life assurance policies today are sold by intermediaries (often called brokers) which can be businesses set up to specialise in insurance, banks or building societies or traditional retailers who are simply trying to find new ways of making money from their customers.
Some life insurers do sell their policies direct to the public although they often do this on a limited basis and, contrary to the way other retail markets work, these policies can be more expensive when bought directly from the life insurer.
Intermediaries or brokers can nowadays offer life insurance and life assurance products from a single insurance company, a panel of insurance companies or from what is also described as ‘whole of market’, although in truth ‘whole of market’ is rarely the whole of the market and is just a way of describing a large panel of insurers which are prepared to sell their life insurance and life assurance products through the particular broker or intermediary.
For customers the benefit of using a broker who offers life insurance and life assurance policies from more than one life insurance company isn’t always obvious because not all brokers discount the basic cost of life insurance and life assurance policies. It is also true that not all brokers selling one life insurance company’s life insurance and life assurance policies offer discounts all of the time and therefore it pays to shop around.
At Direct Life we do provide discounts to customers on their life insurance policies and these are hard coded into our online and call centre quotations service.
10 January 2008 11:58:09
Individuals ought to read the small print when buying life insurance and other financial products such as critical illness cover, according to independent advisors.
Representatives for Ashley Law Limited pointed out that most people tend to overlook the finer details of a premium.
"People tend to look at the top line and not the small print and, if you take critical illness cover as an example, some critical illness cover will have lesser benefits than others, but obviously the premiums are also lesser," remarked Jock Cassidy, director of the financial advisory firm.
He continued: "If people don't take the time to read the small print, then they'll go for the cheapest option, but it does depend on each person's circumstances."
Mr Cassidy added that more affluent customers tend to turn to a financial advisor to do the "shopping around" for them.
According to website Unbiased.co.uk, record levels of customers have being seeking independent financial advice in order to get the best deals on life insurance, critical illness cover and other products.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
27 November 2007 10:32:42
Improved standards of care are needed for dementia patients in the UK, it has been claimed.
According to the Alzheimer's Society, all care staff should be given mandatory dementia training in order to improve the quality of life for almost a quarter of a million people living with the condition across the country.
In the charity's survey of more than 3,500 people including those affected by dementia, care home staff and managers, it was revealed that more than half of people with a relative in residential care feel there is not enough for their loved one to do each day.
Furthermore, the average individual with dementia currently spends just two minutes in every six hours socially interacting with other people in a home.
"We hear the horror stories, but also the hope among people with dementia and their carers about the difference good dementia care can make," said Alzheimer's Society chief executive Neil Hunt, who recommended that care homes operate as specialist dementia care providers.
A quarter of family carers polled admitted they do not receive enough information about the care and treatment of the person they look after.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
15 October 2007 13:13:09
Employees should take time every month to look at income protection, unemployment cover, life insurance and other options, according to AXA.
The life insurance provider has reminded bosses and workers alike of My Budget Day on November 21st, a national initiative to encourage UK adults to commit an hour a month to organise their finances.
"Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism," commented AXA's Steve Folkard.
"The annual cost of stress to UK plc is estimated to be around £9.6 billion," he added.
AXA has already pledged an hour to its 12,000 employees to consider options such as low cost life insurance or critical illness life cover.
The firm pointed out that employees already cost employers over £1 billion every week by wasting time on "non-work related activities" such as gossiping, texting and emailing.
A report from Norwich Union recently showed that many Britons do not give enough thought to safeguarding their financial futures through solutions such as life insurance, critical illness cover or unemployment protection.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online.
