Choose the right product and the one best tailored for you and your needs. Picture: Pexels
Choose the right product and the one best tailored for you and your needs. Picture: Pexels

Four benefits of consulting an insurance broker

By Staff Reporter Time of article published May 28, 2021

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USING an insurance broker helps you to navigate through the options with an overview of the products and the one best tailored for you and your insurance needs, according to FNB.

Elizabeth Mountjoy, private wealth manager for FNB Insurance Brokers, said: “Making the right insurance choice for you and your family depends on your individual needs, and who or what can best cater for them. As insurance brokers, we are well versed in insurance and risk management and use our knowledge and expertise to discover your unique needs to provide you with various suitable insurance options”.

Below are some benefits of using an insurance broker

They give you unbiased advice

An insurance broker is a trained specialist in insurance practices and management. After getting to know you and your family’s insurance needs, a broker will be able to provide advice and solutions specifically tailored to the individual’s needs.

Insurance brokers help keep your policies up to date

A professional insurance broker will stay on top of any changes to legislation, and update your policies accordingly, to ensure you and your family are covered for any unexpected occurrences.

Insurance brokers act as an advocate for any claim settlement

Using a professionally qualified insurance broker will mean you have someone to act on your behalf for the settlement of any claims made under your insurance. As your advocate, it is in your insurance broker’s best interests to ensure speedy and accurate settlement of your insurance claims and when things go wrong, they are there to support and act on your behalf.

Insurance brokers are specialists and generalists

Brokers are obliged to be registered as financial services providers with the Financial Sector Conduct Authority (FSCA) and must comply with the requirements of the FAIS Act and other applicable insurance legislation. This addresses things such as disclosure, needs analysis and rights of recourse. Brokers receive ongoing professional education through regular conferences and workshops. Relationship managers from the insurance companies regularly call on brokers to keep them updated on developments and latest products available.

“Your insurance broker should be a trusted advisor and partner in your insurance journey. As one moves through their various life stages, their insurance requirements evolve likewise, and an insurance broker is able to assist in tailoring the right insurance cover to support one’s life stage needs,” Mountjoy concluded.

PERSONAL FINANCE

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