Insurance Brokers Have Their Uses

    January 12, 2015

    An insurance broker has in-depth knowledge of various insurance companies and the packages they offer. A broker can be an individual or a company. Insurance brokers can help you to find a suitable insurance portfolio for your specific needs.

    Generally, an insurance broker will start off by assessing your needs and requirements. Then the broker will look at what is on offer in the industry that is suitable. The monthly or annual premiums you pay include the insurance broker’s fees.

    Women’s insurance brokers

    As women we have different needs and priorities from our insurance policies than men do. So using an insurance broker is a way to ascertain which women’s insurance policy would best suit her.
    Insurance Brokers
    As a woman, it might be an idea to find a female insurance broker since. That is because she might better understand and assess your needs.

    Insurance broker versus insurance agent?

    An insurance broker is different from an insurance agent in that an insurance agent is paid to manage your insurance policy and deal with any claims that need to be made. An insurance broker, on the other hand,  must know exactly what you need from a policy. The broker will ensure that you have the best policy to suit your needs as they change and develop.

    Insurance brokers should always be made aware of changes to your circumstances. That is so that they can update your policies as required. One advantage of using a broker is that they can explain the ins and outs of the policies. And these, at times, can be confusing.

    Do I need an insurance broker or an insurance agent?

    Many insurance companies deal direct with the public now, cutting out the insurance brokers.

    Such ‘direct insurance’ companies claim that this means that the policy holders get lower premiums as there is no brokerage commission involved. But direct insurance companies do pay commission to those who bring them the business and some brokers also deal with such companies.

    One advantage (even if it does cost a bit more) in dealing with an insurance broker is that you have someone ‘on your side’ when it comes to a disputed claim. Brokers may not be able to perform insurance miracles but it can help a lot to have someone knowledgeable in your corner when the time to claim comes.

     

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    All info was correct at time of publishing