Benefits of Buying Life Insurance Directly from the Insurer
Last updated on March 3rd, 2022
There are many benefits of buying life insurance directly from the insurer, two immediate benefits are that it can be a fast and easy way to get life insurance – whether it be online or over the phone with a company representative. While some may benefit from the financial advice of life insurance brokers, there are also some benefits from doing it by yourself and directly from the insurer. Here are 4 benefits of buying life insurance directly from the insurer.
It Makes Cents to compare your Life Insurance
Enjoy these benefit when you deal with your insurer directly.
- You may be more satisfied.
A study which involved 50,144 Australians conducted by Roy Morgan’s Single Source Australia revealed that Aussies had higher satisfaction levels when they bought their life insurance directly from an insurer. They claim this to be less risky and much simpler.
From the survey, 76.4% of Australians are satisfied from buying insurance from an in-person negotiation in the insurance company, 74.9% are satisfied from buying insurance online, and 71.9% are satisfied from buying insurance over the phone; comparing with the 67.8% and 67.1% satisfied Aussies from a direct bank negotiation and from a life insurance broker respectively.
- You could save a lot of money.
Buying directly from the insurer eliminates the need to hire a broker for your f. You wouldn’t need to pay the financial adviser to guide and construct a full financial plan for you. Also, since these insurance companies no longer need insurance agents, their company would save a lot of money. These saving can be passed back on to you as a form of a discount on your monthly coverage payment due to a lower premium.
- You will save a lot of time.
Most insurance companies allow you to purchase insurance online or over the phone, which either way saves you a lot of time. The quoting procedure is often faster than dealing with a life insurance broker. Usually, the application process is time efficient because it includes minimal or even no medical exams.
When you consult with a broker, you will spend a lot of time researching your most preferred policy or product, contacting the insurance company in your behalf, and getting back to you for your final decision.
- You have more freedom and control.
Buying directly from the insurer means that you know what you’re looking for in life insurance. You have total freedom and control of your future. You do not have to deal with a life insurance broker and his suggestions which may differ from what you really want. Besides, if your needs change, you can easily contact the insurance company, unlike when you have a broker, you need to consult with them first.
Directly buying from the insurer also helps prevent the sharp practice of brokers with ulterior motives. Since these brokers are experts and are familiar with the know-how of life insurance policies, they can easily trick you in getting the policy or product which gives them more commission. They would push their suggestions to you even if it does not necessarily benefit you.
These four reasons why you should directly buy life insurance from an insurer will surely benefit you and protect your family through the years.
