Life Insurance News - April 2010
Lifebroker joins local Shop Smart
Lifebroker recently joined Shop Smart, a local initiative created by Chris Windridge in late 2009 to promote and increase trade for businesses in the local area. Bettina Richen, Sales & Marketing Manager at Lifebroker said "although Lifebroker is an international online business that operates in the UK and also in Australia and New Zealand, it is paramount that we support local companies and are in touch with our community.'
Lifebroker has a charitable link with the Terence Higgins Trust whereby they provide life insurance to people living with HIV. Lifebroker will be donating £10 to St. Catherine's Hospice in Catherham for every policy that is purchased via the website from a Shop Smart buyer. Lifebroker hopes it is a success.
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Lifebroker clients can now compare the cost of life insurance from Fortis Life to that of the other main stream life insurance providers in the UK.
Many people in the UK may not be aware of Fortis Life. They claim to provide customers with high quality insurance products and have many awards to support this including; British Insurance 'Claims Initiative of the Year' award 2008, Insurance Times 'Motor Insurer of the Year' 2008. Fortis was the first ever general insurer to be awarded the Incisive Media 'Gold Standard Award' and in 2007, Fortis won the British Insurance 'General Insurer of the Year' award.
Lifebroker looks forward to working with Fortis Life.
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Lifebroker met with Bristol's THT group at the weekend to discuss life insurance and what their options are. The presentation was received well and the group all agreed that Lifebroker's online service was ideal for people that are HIV positive as it is non intrusive and remote. The group provided Lifebroker with some great feedback that will help enhance our service - thank you very much for inviting us and making it really enjoyable to meet with you.
Lifebroker currently offers a very secure and personal service that can be tailored and offers online HIV life insurance quotes that can be emailed.
Lifebroker provides:Secure website
Personalised contact (email, phone or both)
Initially Lifebroker does not need your name (if you prefer)
Online HIV life insurance quotes
Online application forms that are encrypted
Lifebroker is flexible and can work around you. We are aware that it can be uncomfortable going to see a Financial Adviser in an open environment.
If there is anything else that you would like to see us provide please let us know and we can build it into our service.
Life Insurance is set up to financially provide for your loved ones in the event of death. But what are the drivers that instigate the search for life insurance?
Lifebroker finds that there are three main reasons for taking out cover;
- Taking out a mortgage or other type of loan
- Having a baby
- Someone close has just suffered from a serious illness or died
Lifebroker offers a full range of life cover that can suit most people's needs but points out that it is usually more obvious to protect the main earner as their lost income would have a huge financial impact, however a mistake that is often made is not insuring the partner that stays at home to look after the children. Although this person may not earn an income directly, they still add considerably to the family. If the non employed partner were to pass away the surviving partner has to adapt to ensure that children are taken care of. This process can prove to be very costly.
Lifebroker has listed the main reasons that their clients seek to get life cover:
1. Taking out a Mortgage or increasing an existing one
2. Becoming a parent
3. Someone close has suffered a serious illness or died
4. Income level change
6. Providing financial security for loved ones
7. Existing policy expired
8. Inheritance Tax Liability
Contact Lifebroker if you need help with getting the best quote.
Looking to compare life insurance quotes?
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Comparison websites are everywhere - even the major supermarkets in the UK are launching their own comparison sites with ASDA being the latest. Lifebroker actually specializes in life insurance products (life, critical illness and income protection) and feels that it is better to specialize with the end result to be the best and not just 'one of the others.' James Markwick, Managing Director of Lifebroker said "when we launched Lifebroker in the UK it was clear that we had to specialize. There are too many comparison sites that sell pretty much anything from utilities to credit cards. I think that it is too confusing."
Lifebroker is pleased to only offer life, critical illness cover and income protection and feel that this is easier. Mr Markwick adds "as Lifebroker does not offer financial advice and it is really important that we promote clear and concise information throughout our website. We are not one of those sites that bombard visitors with other products or unwanted advertising."
At present the Lifebroker site uses a rebate structure to make their premiums lower and they are looking to enhance their customer experience by adding research to the site that will allow clients to choose their insurance based not only on cost but also on the fundamental features of the product. Mr Markwick says "this is something that I have seen in overseas markets. Clients will consider buying a slightly higher priced product due to the fact that it may be superior in quality. This will help them see more value."
Comparison sites in the UK are based mainly on price and Lifebroker want to change this.
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Lifebroker has recently started offering life insurance for people living with HIV with PruProtect. PruProtect is a joint venture between Prudential and Discovery - a leading life insurance provider in South Africa. They offer policyholders up to £250,000 of life cover for a maximum of 10 years. Their website allows visitors to get an HIV Life Insurance quote emailed to them via the website that is secure and enctypted.
Not everyone that is HIV Positive will instantly be able to be insured as there is a criteria that must be met, however this criteria will be broadened PruProtect have assured. Lifebroker Managing Director, James Markwick believes that PruProtect are very innovative and forward thinking. “For me they are a pleasure to deal with. Lifebroker has recently added PruProtect's life insurance that is for people suffering with HIV. Lifebroker is proving again that we are a traditional life insurance broker albeit online, rather than just another comparison site."
Tia Malibe from PruProtect South Africa, states that the application process is straightforward. Miss Malibe said “once the applicant has met the qualifying criteria they will be sent a confidential HIV Questionnaire that they will need to send back directly to us at PruProtect”. The questionnaire informs PruProtect about the client’s condition in more detail. This is used to assess whether the applicant can then be insured.
Lifebroker’s complete online experience means that people looking for HIV Life Insurance can complete the purchase without having to meet or even speak to anyone. Lifebroker does not have client meetings and all their application forms are online. Mr Markwick thinks that this is the way forward for many people with existing conditions. “We have found that most clients that are HIV positive just want to find out how much it is as easy and quickly as possible. We make it easy for them by asking as little questions as possible. Our process is designed so that you can tell us how you want to be communicated with. We are aware that security of information is paramount. Too many life insurance websites collect your data and sell it on without making it clear that this was always their intention. At Lifebroker we deal with you from start to finish. Lifebroker plans to roll this process out across other pre existing conditions to make the process easier.”
Lifebroker is in discussions with The Terence Higgins Trust, a charity that raises money for HIV research so that Lifebroker can donate funds for every life insurance policy that is purchased by someone suffering from HIV.
Posted under : Terrence Higgins Trust, PruProtect, HIV Positive Life Insurance, Level Term Life Insurance, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance ProductsKnow more
Lifebroker welcomes the news that the Income Protection Task force is running Roadshows across the UK (Moneymarketing March 18 2010) to make Financial Advisers more aware of the need for this key insurance. Do Financial Advisers need to be educated about the need to provide Income Protection or do the public need to be made aware of the range of income protection products?
Lifebroker is not sure why so few income protection policies are purchased in the UK but they think that they may have an idea.
One thing is for sure though and that is that there is too much confusion in the market. With most protection sales being made via websites there is too many grey areas in defining exactly what income protection is. James Markwick from Lifebroker thinks that there needs to be some clarity in advertising income protection products. Mr Markwick said "when using search engines to get an income protection quote you will find that some companies are actually promoting Mortgage Payment Protection, others Accident Sickness & Unemployment cover, and other websites display it as longer term income protection (traditionally Permanent Health Insurance)." Lifebroker prefers the latter as it is more comprehensive.
Mr Markwick explains further what this means to the purchaser. "For me it is chaotic, definitions need to be put in place so that people know what they are being quoted." Having worked overseas for Lifebroker's Australian office Mr Markwick makes it clear that this confusion does not need to exist; he says "In Australia there is only really one type of income protection and that is of the longer term nature. In the UK I am continually told website sales of income protection are low due to the fact that it has to be an advised sale. I completely disagree with this as I know that many Australians buy the product from the Lifebroker Australia site in the same way. If it is an advised sale why are the advisers not selling it?"
Lifebroker are going to be improving this part of the site to reflect the Income Protection Taskforce's initiative by making it simpler and easier to understand.
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