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How do I save some money on my life insurance? Thumbnail

How do I save some money on my life insurance?


Whenever I talk to financial advisers about the good that they do for their clients, I always reference this quotation 

 

“If I had my way, I would write the word ‘insure’ over every door of every cottage and upon the blotting pad of every public man, because I am convinced that, for sacrifice that are conceivably small, families can be secured against catastrophes which otherwise would smash them forever.”

— Winston Churchill

 

The value that a contract for life insurance brings is so substantial that it is a requirement when arranging a mortgage in Ireland.

However, there is also substantial value that the financial adviser brings to the process of arranging the contract.  A financial adviser is being appointed as the agent of the life insurance company not only to sell the policy and assist with the underwriting of the contract at outset.

What is sometimes overlooked is that the financial adviser will often assist in dealing with a claim and, when this relates to a contract for life insurance, this is at a time when a family member has died.

In these circumstances, the financial adviser finds themselves elevated from the role of “life insurance salesperson”, to a pseudo-bereavement counselor, sensitively assisting in managing what could be a huge financial transaction at a time when the beneficiaries are grieving the loss of a key member of the family.

Whenever, a financial advisor engages with a client they give a small part of themselves to the process since its impossible not to be emotionally involved when we can have such a dramatic impact on our client’s lives. Read Annie's story here

Getting the cheapest insurance isn't always a good idea. It may seem like a good idea when you are paying the premium and we often hear of wanting to "cut out the middle man", but what happens if there is a claim?

Knowing that someone will be there at the darkest hour to help to manage the finances is literally priceless and certainly worth a few euro a month.

For Financial Expertise, with Ethical Principals visit Ethical Financial