Life Search: How to recognise a good life insurance broker

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Life Search: How to recognise a good life insurance broker

Fri 26th Sep 2008

A checklist for spotting a good life insurance broker has been devised by LifeSearch.

The independent life insurance and protection specialist said that a good broker should have a dedicated claims desk and be able to say how they will help the customer fight their case if the insurer declines or delays a claim.

There should also be hidden benefits available such as care and counseling services.

A good broker will record all underwriting and sales telephone calls, which LifeSearch says is "crucial for consumer protection" as it proves the customer gave all the information required.

Trust advice should also be given as part of the policy set-up, as this stops the Inland Revenue from holding back the policy when inheritance tax bills are paid on the estate of the deceased person.

In addition, income protection ought to be recommended over Accident Sickness Unemployment (ASU).

The former will pay regularly until the claimant returns to work while ASU covers for only a short period and has a bad claims record.

Earlier this month, LifeSearch's Matt Morris stressed the importance of income protection, noting that unemployment cover is also an option.

He warned against overestimating the amount of state support available.

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