The benefits of consulting an insurance broker for cover suited for you

May 31, 2021
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These days the insurance industry is filled with countless insurance options that make it difficult to know just what is right for you and why. Fortunately, using an insurance broker helps you to navigate through these options with an overview of the products and the one best tailored for you and your insurance needs.

Elizabeth Mountjoy, Private Wealth Manager for FNB Insurance Brokers says, “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.”

When one is looking for an insurance policy, there are generally a few key things that need to be considered such as cost, the flexibility of the plan, the extent of the cover, the benefits, and most importantly the peace of mind. Since insurance brokers deal with a wide variety of products and services, they’re able to tick each of these checkboxes.

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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 that 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 brokers’ 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 the latest products available.

“Your insurance broker should be a trusted advisor and partner in your insurance journey. Their professional impartiality allows them to match one’s insurance needs with the right policies, companies, as well as premiums. 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,” concludes Mountjoy.

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