Life Insurance News in Category "Life Insurance Comparison"
Lifebroker has launched a new Over 50’s life insurance comparison engine due the high demand for this product. It was not that long ago that Lifebroker introduced this channel and had an exclusive arrangement with Scottish Friendly, however with Lifebroker’s objective of offering a site where consumers can compare premiums the channel had to evolve.
James Markwich, Managing Director at Lifebroker said “Scottish Friendly has been the preferred partner due to their ease of use. They have allowed our visitors to access their applications online and get instant cover. It was only a matter of time that we expanded this channel to include other providers to offer choice.”
Lifebroker has now added:
- Shepherds Friendly
- Engage Mutual
Posted under : Shepherds Friendly, Scottish Friendly, Over 50's Life Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Engage Mutua, Aviva, Aegon, Armed Forces Life Insurance, AlcoholKnow more
Have a great St. Patrick’s Day everyone; but make sure that you do not drink too much alcohol if you are looking to apply for life insurance in the near future.
The reason for this is that you will be asked about your drinking habits including volume per week, frequency and whether or not you have been advised to reduce your consumption. The answers that you provide will help the insurance company determine if you are a higher risk than average based on whether or not they deem your drinking habits to be within a 'safe level'. If they deem you to have a 'potentially dangerous' bracket, your monthly premium is likely to be increased. British Medical Practitioners continually advise life insurance companies regarding excessive drinking and the associated health problems. If you decide to not tell the life insurance company about your drinking habits when applying for life insurance, you could find that your life insurance policy may be declared invalid.
Lifebroker has found that some life insurance companies have a diverse range of what they believe the be ‘safe’; therefore if you think that you cannot get life insurance due to your level of alcohol consumption it is always worth contacting a life insurance consultant at Lifebroker to see if they can find an insurer that is willing to accept your life insurance application at normal rates.
Lifebroker welcomes other professionals to become a life insurance affiliate whether you are an Accountant, a seller of telephone leads or another life insurance website.
All you have to do is contact James Markwick, Managing Director of Lifebroker in the UK and have a chat about what your plans are. James said "I am finding more and more that other professionals are contacting us to try and work out a solution of how we can work together. These professionals range from Accountants to sellers of telephone leads. Accountants have traditionally referred their clients to Financial Advisers (IFA's), however we are finding that Accountants feel that they get better service and value for money by using the Lifebroker site. Traditional buyers of telephone leads have dropped in numbers due to some of the buyers going out of business or finding alternative arrangements; the knock on effect is that the lead providers need to find an alternative. Lifebroker can be the solution."
Lifebroker only provides life insurance quotes - therfore you can be assured that we will not sell other products to your consumers
Services offered range from:
- instant quotes
- tailored web pages that can be adapted to promote your website and company
- dedicated telephone line for your brand
- call recording
- choose your preferred life insurance providers
- set your own commission rates
- opportunity for applications to be made over the phone
- access to Fastrack applications (developed in house by Lifebroker allowing your clients to apply electronically)
- individual commercial terms (per click, commission split or hybrid)
- star rating guide
- professional life insurance service
- guarantee that Lifebroker will not sell other products to your client as we only provide life insurance
Lifebroker announced a few weeks ago that it would be offering the new Ageas Protect Low Start life insurance product and we are pleased to announce that we added it to our website today. Please click here to see a full list of the life insurance companies that Lifebroker deals with.
Instant Quote Now
The new product from Ageas Protect (formerly Fortis Life) is designed to offer consumers a low cost alternative. The pricing of the product is certainly different to competitors in that it begins very low in terms of the initial premium and increases every policy anniversary. This is very unorthodox compared to traditional guaranteed products that are on the market as the price is fixed from outset, However it is very important to note that when getting a life insurance quote for the Low Start product that Ageas Protect will clearly outline the premiums for the first 10 years when downloading the Personal Illustration from the Lifebroker website. Furthermore Ageas Protect will also inform you in writing what you will pay for the whole term so that you can easily compare it to life insurance products.
Ageas Protect have carefully designed this product with the following consumer in mind:
- Consumers with a set budget that want a high level of cover
- Consumers that may want to pay less for life insurance now, who think that their incomes will increase in the future
- Consumers that require a high level of cover now than they will in a few years' time
- Consumers that are no longer cover by their employer's Death In Service policy
- Consumers that require more than just life cover (Low Start also offers the option of Critical Illness Cover)
If you are interested in the Ageas Protect Low Start product please call Lifebroker on 08452 51 61 71.
If you do not have life insurance in place, or already have a life insurance policy why not start 2011 by comparing life insurance with Lifebroker?
Most people spend December shopping for Christmas presents, getting ready for the big day. December is also traditionally a quiet time for the life insurance industry and a good time to apply for life insurance so that by the time January comes your new life insurance policy is in place.
James Markwick, Managing Director at Lifebroker said “As December is quiet, why not shop around during the lull so that you can get the policy you want. By the time Christmas has come and gone you can then start the policy. It seems sensible to me that as a New Year’s resolution that you could get your life insurance policy in place or review your cover to see if you can save money. With the expense of Christmas out of the way it is only logical that consumers want to cut back so that they can get their finances back on track”.
You can use the Lifebroker website to search for life insurance for free. Lifebroker deals with all the main UK household brands such as Legal & General, AXA, Aviva & PruProtect. Once you have decided you can then buy online with now hassle. What’s more Lifebroker’s service is fast and efficient which means that it will not hold up your festive preparations.
Lifebroker specialises in Life Insurance, Over 50’s Life Insurance, Mortgage Protection Life Insurance, Critical Illness Cover & Income Protection. Click here if you want a quote or call Lifebroker on 08452 51 61 71 if you want a life insurance quote over the phone.
HAVE A MERRY CHRISTMAS FROM LIFEBROKER!
Posted under : Income Protection, Critical Illness Cover, Legal & General, Mortgage Protection, PruProtect, Personal Insurance, Over 50's Life Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, AXA, AvivaKnow more
Fortis Life (soon to be Ageas Protect) specialist providers of personal protection such as life insurance, critical illness cover and income protection has introduced a low cost alternative to term insurance named 'Ageas ProtectLow Start'. Quite simply the premiums start low and increase with your age at each policy anniversary.
Brydee Greene, Sales Consultant at Lifebroker UK who is normally based in the Melbourne office at Lifebroker Australia said "This product is very similar to the products that have in Australia in that the policy increases each year with the consumer's age."
In Australia there is huge demand for stepped premiums rather than fixed ones as the cover is initially lower in cost. Presently in the UK there are two types of premium; reviewable (the premium is reviewed and the insurance re priced) or guaranteed (the premium is fixed for the duration of the insurance contract).
James Markwick, Managing Director for Lifebroker said "It is going to be very interesting to see the level of interest that this product attracts. We are hoping to add it to the Lifebroker website next week to see how the premiums compare to reviewable and guaranteed premiums. Personally it is good to see an insurance provider trying to reduce the premiums by introducing new innovative insurance products.
Lifebroker provides 5 star ratings for life insurance products to compliment live pricing and online applications. The ratings system encompass level term life insurance, mortgage protection, critical illness cover and also income protection. When using Lifebroker's website for life insurance quotes the premium and also that rating will be displayed side by side.
James Markwick, Managing Director at Lifebroker said "This is something that Lifebroker has wanted for some time. Lifebroker in Australia has used a similar system for many years now and it was only a matter of time that this became available here in the UK. Lifebroker has a close working relationship with Webline part of Capita Financial Software and it is thanks to Webline's innovation and close relationship with Synaptic (also part of Capita Financial Software) that this has become available. The Synaptic is updated every 24 hours. So far I am impressed with what it can offer consumers in assiting them with their purchaing decisions."
When using the rating system consumers need to use it as a guide only as Lifebroker does not offer financial advice
The guide is aimed at helping consumers choose life insurance by something more than the premium. Most comparison websites only display premiums; Lifebroker can now offer more to consumers.
Bettina Richen, Lifebroker's Sales & Marketing Manager said "The new rating guide really compliments Lifebroker as we are always looking to be innovative. We already have live quotes and online applications. In my opinion Lifebroker are the most forward thinking online life insurance broker in the UK."
Lifebroker is looking forward to seeing how the 5 star rating is used by consumers to assist them in choosing their life insurance.
Posted under : Income Protection, Critical Illness Cover, Mortgage Protection, Level Term Life Insurance, Life Insurance Research, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance ProductsKnow more
Comparing life insurance is hard work and also confusing. In today's world you have many choices; you have the old fashioned way of comparing products by making an appointment with your Bank or Buidling Society, or you can use the internet. Either way both can be time consuming and horribly confusing.
Lets work through the implications of using your Bank. Firstly you will have to make an appointment for the luxury of being sold a life insurance product from a tied Financial Adviser (can only sell products from one insurance company). Once the adviser has gathered enough data from you, you will be sent away and asked to come back so that he/she can present to you what they advise. If you want to compare Banks you will have to carry out this exercise again and again until you are satisfied that you have enough information to make the correct choice.
Now for the the internet. This can also be confusing due to the range of products and online brokers you have at your fingertips. If you want to compare using Google or an alternative search engine, the usual culprits appear on the first page; Comparethemarket, Moneysupermarket and GoCompare. It apprears that these comparison sites only compare price and not quality, is this what you want? When researching life insurance does 'value' come into it, and how do you calculate value? For this surely you need to know the price, but also more about what you are getting for the price. Most comparison sites deliver on price but still leave you confused.
Lifebroker is preparing to launch a new part of the site that will allow you to compare life insurance quotes based on featues and quality. You need a website that will allow you to compare products without wasting your time, and a website that takes your purchaing decision seriously.
Lifebroker is not looking to use meerkats (as nice as they are) or annoying men that shout and sing about insurance. Buying insurance is horrible enough as it is, Lifebroker will take you seriously and wants you to make the correct decision first time.
Posted under : Key Man Insurance, Terrence Higgins Trust, Income Protection, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Business Protection, Diabetes Life InsuranceKnow more
PruProtect are certainly trying to be different in their fresh approach to protection in the UK, however are they missing something?
PruProtect is the new name for the good old Pru. Let's be honest, the Prudential needed a new name to shake off that old school door knocking life insurance agent image that it had. Prudential are now positioned at the cutting edge of the protection market – they have created PruProtect who have brought in new ideas to the UK that are innovative and exciting, however are these new concepts working or are PruProtect selling themselves short?
James Markwick, Managing Director at Lifebroker said "My opinion is that PruProtect are competitive on price however they are not in the top 3 when Lifebroker clients get quotes."
PruProtect is a joint venture between Prudential and Discovery (a major player in the South African life insurance market). Prudential have moved their back office functionality to South Africa, and it works really well, however this has not reduced their premiums enough. They have some great features; the major one being their 'Vitality Points' programme which rewards you for looking after your health. The Programme will reward you for doing a few simple things, like eating well and taking a bit more exercise. For certain healthy activities you take part in, PruProtect will give you Vitality points. The more points you earn, the higher your 'Vitality status' and the greater your rewards (reduced premiums later in life).
Lifebroker believes that PruProtect relies heavily on face-to-face Financial Advisers recommending their product, or web based comparison sites displaying their product at the top of a list; the latter is not possible if the premium is not the most competetive. When most UK shoppers are wading through price comparison websites do they have time or the inclination to stop and read about Vitality Points? Most consumers do not even look to see if the premiums can rise so the chances of them digging through the finer details of a policy are very unlikely. All online consumers want is the best value life insurance premiums - the cheapest.
James Markwick said “We strongly believe that PruProtect need to address whether or not the Vitality Points Programme is good for all products. We suggest having a life insurance policy aimed at the ever growing online market. This could be a product that is more basic than the Essentials product that does not participate in the vitality points programme. This would reduce the underlying premium and win more business for PruProtect from online sources”.
Lifebroker hopes that PruProtect addresses and launches a new product that is aimed at the online consumer.
Natalie Holt’s article in MoneyMarketing dated July 8 2010 highlighted that there is improvement to be made in the online protection arena in the UK.
The article draws on data from Swiss Re’s latest Term and Health Watch Report and states that the internet accounted from just 1.4 per cent of the total number of individual term insurance policies sold last year.
Lifebroker finds this hard to believe as protection websites generate traffic for IFA’s. In fact some IFA’s live off traffic from websites. Has this been thought about and included in the stats?
We all know that there are many life insurance websites that have been purely created to generate phone based leads that are touted to IFA’s. Are these the same IFA’s that cannot generate their own leads through great customer service resulting in recommendations? Most IFA’s that purchase these leads are very target driven. They pressurize people to buy their insurance over the phone at full commission.
Lifebroker sits proudly to one side whereby protection is not sold, it is purchased. Of course Lifebroker calls visitors but it is simply to ensure that the visitor knows what they are doing and to see if they need a hand. Lifebroker believes very strongly in quality financial advice and are aware that buying life insurance from a website is simply not the ideal solution for everyone. People that purchase their life insurance from Lifebroker have either carried out their own due diligence or have had advice from an IFA. The decision to purchase online is usually due to the IFA charging too much to set up a simple life insurance plan.
With regards to persistency; Lifebroker believes that where a client has purchased from a website and has not spoken to an adviser the persistency is more superior to meeting an IFA as the decision to buy is isolated. Lifebroker has spent time researching why so many protection websites have such poor persistency. Most Business Development Managers say that is due to pressured selling on the phone or the client finding cover cheaper elsewhere. One this is for sure though; most lapses take place at the lower end of the market where clients are the most price sensitive.
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