Steven Keogh – My blog island

Have you been turned down for life insurance?
If so then don’t worry (even if you’ve been turned down a few times). This doesn’t mean that you won’t be able to get yourself insured.

If you have obtained your life insurance quotes from the banks or large brand supermarkets then there is a strong chance you may have applied to the same insurance company.
This is because some banks and supermarkets just re-brand the insurance to look like their own when in fact they are just acting as a broker for the actual insurance company.

Because banks and supermarkets have a very large customer base and receive a large amount of queries, this means they can pick and choose their customers and select the customers who are least likely to make a claim therefore resulting in greater profits. This means that they are more likely to turn down customers who pose a slight risk such as Over 50 Life Insurance applicants.

If you have been turned down for a life insurance application then all is not. What is recommended is that you go to an independent insurance broker who can compare Life Insurance Quotes from the UK’s leading insurance providers and not just from one insurance company. This usually results in lower quotes and being able to speak to a qualified advisor can help in finding the best policy for your circumstances.

So when you next search for your life insurance quote ask if they are independent and can search the ‘whole of the market’ for you? If not then shop else where.

Well it only seems right that my first post is about Life Insurance Quotes as I have recently started a partnership company which supplies online life insurance leads to insurance brokers and independent financial advisors.

It seems that the normal way to compare insurance quotes, credit cards, loans etc it to visit the latest trend of comparison websites such as go compare, money supermarket, compare the market etc.
Whilst at first they seem great value for money by showing lists and lists of cheap offers, what is actually happening behind the scenes is quite a different story.

What happens when you fill in your details on a comparison site for lets say Life Insurance Quotes for example is that after entering your details you are shown a list of generic quotes. The comparison website then sells your details (know as a lead) to one of their highest bidding registered brokers so you have no idea who is going to contact you regarding your insurance quote.

If for some reason the broker is unable to contact you they may even sell on your details to another insurance broker or independent financial advisor at a hugely discounted rate.

You are far better of going direct to an online broker as they will not then have their lead purchase price  to add on to their fee or commission structure so this immediately makes your quote cheaper.

Make sure you choose an independent brokerage who can compare quotes for you from many of the UK’s largest insurance companies and preferably one who is an officialy appointed agent of a large company such as ‘ptfs’ or ’sesame’ as due to the large number of brokers buying together, this gives them a very strong purchasing power resulting in bigger discounts which means cheaper premiums for us customers.

Also, you can talk to a broker and usually haggle them down a little (just say you’ve had a slightly cheaper quote from one of their competitors) which will usually result in a pleasant discount.

So bear in mind that whilst you think you may be saving money with these comparrison sites the truth is that you could save much more going to an independent broker or financial advisor.