Life and Critical Illness Insurance Without Advice

Many of the larger insurers have recently released online life and critical illness sites whereby customers can complete a full application without taking guidance. Bright Grey have been the most recent firm to announce their site.
If you enjoyed this article and you would such as to obtain more information concerning Versicherungsmakler Kassel kindly check out our own internet site.

Roger Edwards, proposition director at Brilliant Grey, said: “We need to know that a certain segment of the population is using the internet to buy protection without professional advice. This group chooses the particular Internet-only approach to buy and may not look to buy in any other method. Until now there hasn’t been a product that offers life or critical illness cover specifically tailored to this group of people, exactly where they can complete the whole process on the web.

Roger is quite correct. There are those who just want to do the whole process online without actually speaking to anyone or even taking advice but at exactly what cost? The main reason the insurance companies possess launched these sites is due to the popularity of price comparison sites. It is true to say that life assurance has always been an interest rate driven product. There is only one reason it will ever payout so the cheapest premium is usually the best product to go for. You could argue that customer service comes into the equation, which might mean that somebody chooses a slightly higher premium based on an outstanding customer service record. However , most people applying over the internet would not know which provider had the best customer support or the quickest claims settlement history.

Critical illness, on the other hand, is not an interest rate driven product as far as professional agents are concerned. The differences in cover among two providers can be vast although they might both offer the same superior. Also, customer service and claims settlement history do come into the equation for an adviser when recommending a policy.

Critical illness cover has improved over the years and life assurance companies now payout more than ever thanks to an awareness of the product from advisers that is then passed on to policy holders. The Association of British Insurers (ABI) has published a standard definitions guide which clearly describes what is necessary to make a successful claim. Making vital illness a rate driven product with no advice could potentially damage the good work that has been done. There could be more situations of insurers not paying out due to non-disclosure at the point of application. This would only damage the reputation of the product and make future sales harder.

From an advisers point of view I would say that critical illness insurance coverage is something that should be advised. In case you are intending on paying premiums regarding insurance the least you should do is definitely know what you are paying for regardless of what the premium is.