Article On: Best Life Insurance Agency
Agent Life Insurance Help & Advice
UK Life Insurance Agents:
Professional ‘Advice on Life Insurance’ & Other Financial Services
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‘Life Insurance Agency’ FAQ | ‘Advice for Life Insurance’
1] What is a ‘Life Insurance Agent’?
A life insurance agent is someone who usually works for a number of insurance companies, or maybe in other countries just a certain insurance company barnd.
So, this means an agent is effectively representative of these uk life insurance companies with a purpose of selling their brand policies. So an agency life insurance adviser should act in an ethical manner giving ‘advice for life insurance’ under FCA consumer duty regulations.
2] Do you compare the Whole of Market?
Yes, we are whole of market life insurance brokers. This means we are unlike some life insurance agent reviews or indeed independent mortgage brokers (who perhaps are tied to just 1 Insurer).
We are offering a service as both term life insurance agents & whole life insurance agents near me – but now conveniently your online insurance agent near by me.
3] ‘Advised sales’ & ‘Non-advised sales’?
We operate on a ‘advised sales’ process for giving ‘advice about life insurance’. This however is an interesting question, as not all Life Insurance Agencies operating are the same.
A ‘non-advised’ sale means you are just given information guidance about the insurance policy. Therefore, the sales agent (or nobody if execution only) is unable to offer advice on what they may feel is best for you. This could mean you have no come back should you find out that the plan is inappropriate for your needs. Note: execution only means no ‘life insurance advice’ at all.
An ‘advised’ sale means that your insurance policy will have been specifically recommended to you by the adviser. They have given advice about life insurance and explained why they feel the policy maybe best for you, after fully assessing your individual demands & needs, health issues and affordable budget.
You should then get a fully documented report highlighting all this for your records and future peace of mind.
This could be one of the most expensive purchases you ever make eg; £1/2 million life insurance policy. We recommend to ideally seek advice via a ‘fully advised sales process’.
4] FCA regulated Agent Life Insurance?
We are fully qualified FCA regulated and appointed representatives of Stonebridge Mortgage Solutions. To maintain our license, our advisers have to take initial and ongoing professional compliance exams. This will give you additional peace of mind plus we are part of one of the UK’s largest independent life insurance & mortgage networks.
5] How does your ‘Life Insurance Agency’ get paid?
We get paid a commission from the Insurers for giving our professional advice via our ‘Life Insurance Agency’ deals. We don’t charge any additional fees, nor do we tie you into any contracts should you decide to cancel the policy for whatever reason in the future, should your circumstances suddenly change.
6] Is my contract with you or the Insurance Company?
Your life insurance contract is always with the Provider. As a ‘life insurance agent’ we may advise, help arrange & set up the policy for you but you pay your premiums direct to the Insurer. In the event of claim, you or your beneficiaries would also deal with the Insurers. We can only assist with any general enquiry but naturally it is down to the Insurers to fully settle any claim.
7] What if health or lifestyle changes after starting a Policy?
Any health or lifestyle changes after starting policy, usually does not void your existing plan, if it wasn’t relevant at that time of initial application.
For example, if you had legitimately quit smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again. This should not affect the original policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case.
It maybe the Insurers will request GP reports when you originally apply, to check any health details disclosed. Likewise they may not.
So take care to doubly re-check on your application what you initially disclosed to the Life Insurance Agents to the Insurers, as this information then stands now and in the future. Please check your original T&C’s.
8] Can you make Amendments to your Policy once it starts?
In terms of changing a life insurance policy, often you can request some of the following via your life insurance agents or direct with the Insurers:
- decrease or increase the amount of lifecover
- reduce or perhaps extend the period of cover
- indexation option removed or any specific paid for policy features
- change the collection date of your usual premiums
- remove a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up
The changes could be subject to new medical underwriting based on your circumstances at the time & may well affect your premiums.
Life Insurance Agents
‘Agency Life Insurance’
9] Single or Joint life Insurance?
A single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life. The benefit of having 2 x seperate plans (known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy.
A ‘joint’ life insurance policy means it jointly covers 2 lives but then usually pays out on ‘1st death or claim’ basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers (as it only pays benefits once) but conversely leaving the surviving partner without any life cover. Discuss these options with your life insurance agents and get advice on life insurance here.
10] Should I put my Life Insurance policy into a Trust?
When a life insurance isn’t written into trust, it will be paid to the executors of the deceased’s estate on death. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will, this can then cause further complications with the life insurance monies.
Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.
So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Life Insurance Agents or Insurers to kindly provide their available free standard trust form wordings. Seek legal advice if unsure.