What do insurance brokers do?
Insurance brokers are professional firms whose purpose is to help customers find the most suitable insurance protection for them. Often comparison websites will only offer generic policies, whereas a broker is able to help provide you with a policy that meets your individual circumstances.
An insurance broker is different to an insurance provider, who will be the ones to provide you with the policy and be responsible for paying out if a claim is made.
When to use an insurance broker
Insurance brokers are experts in their field. This means they are best positioned to help you find the right insurance products for you. They are also able to give advice on whether you should take out insurance, if you are already through a separate policy or whether other products are more suitable. If you’re unsure what type of insurance you need, then contacting a broker can help make sure you get the right cover without doing the leg work for yourself.
Benefits of using an insurance broker
- It’s no extra cost to you – Brokers get a commission from the insurance provider for selling their products and don’t charge you any extra to use their service or to get you a good deal.
- Access to broker-only markets – Some insurers will only work with brokers to generate business, so you are unable to access these providers without the help of a broker.
- Find the right product for you – As experts in their field, brokers can ensure you get the right type of product by assessing your personal circumstances first.
- Access to specialist providers – Many comparison websites don’t provide cover for specialist insurance types that might need to be tailored to suit your needs. A broker is in a better position to source these types of providers for you.
Things to consider
How much cover do you need?
The amount you should be covered for will depend on your individual circumstances and the type of protection you require. We can help work this out for you by taking into consideration your debts, mortgage and how much your family members might need to get by without you.
Cost of living
The cost of living is getting more and more expensive, that’s why more people are choosing to protect their income in case they unexpectedly lose their job. We can help you work out how much you spend each month so you know how much of your income you should protect.
Why Clever Mortgages?
Clever Mortgages are an insurance broker who specialises in mortgage related insurance products. We provide our customers with access to life insurance, critical illness and income protection. We recommend considering these types of insurance when taking out a mortgage. This ensures that your family and loved ones are protected in the event that you are no longer able to contribute to the monthly payments. If you currently have a mortgage we can still look at insurance options for you.