One of the life assurance companies has representatives calling to our doors in the evenings for “market research”. I have been asked me about this, given that I have operated as an independent life assurance and mortgage broker in the industry for many years.
1. The idea of the research is purely to generate sales leads. This is not a bad thing given the relatively low level of family protection cover in Ireland and the poor level of adequate pension provision. If you do agree to an appointment, make sure you get a detailed review of your current position, which should include the financial implications on the family of a premature death or illness.
2. When faced with proposed solutions, bear in mind that the representative can only offer the most suitable products from that one insurer. Is there a better way?
Traditionally the word “broker” for life assurance means a regulated intermediary which has at least 5 life assurance company agencies. For instance, we have agencies with Aviva, Caledonian, Canada Life, Friends First, Irish Life, New Ireland, Standard Life and Zurich Life. Any life assurance member of P.I.B.A. (Professional Insurance Brokers Association) can offer such independent advice. We are listed on the piba.ie website as “The Loan Arranger Ltd t/a Lucas Mortgage Finance”. We also trade as “Good Financial Housekeeping” which better describes what we do these days.
The Loan Arranger