How much do you know about Direct Insurance?

When it comes to life insurance in South Africa, consumers have the option of buying insurance through a broker or skipping the middleman and choosing direct insurance.

Direct insurance or insurance brokers?

Brokers have been around much longer than direct insurers, and they offer a more personal and in-depth service.

If you get insurance quotes through a broker, it means a face-to-face meeting where you discuss your risks. You receive expert advice on a broad range of life insurance options, and, you build a long-term relationship with your broker.

This means they have valuable insight into your personal finance and insurance history. The agent can make better decisions when it comes to choosing the right insurance company for your specific needs.

You should have annual assessments with your broker, and they must be available to answer all your insurance inquiries.

An insurance broker is a good option for people who know little about insurance and for those who don’t want to handle their own insurance and quotes.

Financial advisors need to know about a broad range of policies and so are helpful for more complex insurance requirements like estate planning. This type of insurance can take longer to process because customers aren’t dealing directly with insurance companies.

Direct insurance – a better way to go if you prefer to be in control

The firms that offer direct quotes for an insurance policy claim that their product is cheaper because there is no middleman.

You deal directly with the insurer, and you don’t pay broker fees or commissions. According to them, the savings are passed onto their customers which make their products better value for money. Go online and get free Life Insurance quotes now!

This type of insurance is quick and convenient to arrange. It can easily be done with a single telephone call, and, the immediate cover is one of the advantages of this type of insurance.

People who want to be in control of their life insurance prefer direct insurance. It’s also a good choice if you know exactly what type of insurance you’re looking for.

Direct insurance requires attention to detail from your side

However, without a broker, you have to be proactive and contact your insurer if your situation changes. If your status has moved from single to married, or you’ve just become a parent. When your needs change you require a new insurance product.

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Direct insurance firms have call centres but you’ll speak to different consultants every time you phone which can delay how swiftly your issue is dealt with.

Brokers have a longer history in the insurance industry, however, direct insurers are gaining market share. They offer an affordable product to a broader clientele.

One life insurance option is not better than the other and the choice tends to come down to personal preference. Some people favour a broker while others who prefer to be in control, choose to go direct.

 

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All info was correct at time of publishing