The following posting, by a member of the public, was recently placed on our website in response to an article we published a few months ago:
What a pity I didn’t see this website before I went and purchased life insurance, thinking getting something back is better than nothing.
Wrong!! Exploitively expensive, and if I stick with a cheaper, but better covered product elsewhere and save the difference in an investment fund, I would benefit far more!!
Then I went on to cancel it days after, only to be met with hostile and extremely emotional responses from the client department.
Wow, lesson learned, fingers burnt!! I won’t do business with them anytime soon.
Your article was highly insightful. I saved it so I can use it to help others as well.
I am seeing my husband’s broker on Monday. I’m adopting him and I know the advice I will get will be truthful and gold.
I responded as follows:
Thank you for the feedback, Susan.
Each insurer has a specific target market. If you do not fit their profile, they charge a higher premium which they will gladly accept if you are prepared to pay it.
A good financial advisor knows the fine print, and the pitfalls. There must be a reason why the biggest insurers endorse the use of broker. It saves both them and the client a lot of trouble, and enables them to underwrite the risk at application, and not when a claim arises.
In case you missed the article, click here to read it.
