Health and Life Assurance Insurance Brokers

LMSC

One of the perks of employment is a private cover. I am also aware this luxury won’t last our life time, unless we put something running (moratorium) in parallel so that I can fall back on this when I can no longer work. This would be expensive for some one aged 60 and above.

Can any one recommend good health and life insurance broker(s) please? We are looking for brokers who would actually care to provide a personalised service than getting directed and handled by a call centre (large brokers).

I have already googled. I am looking for recommendations based on personal experience.

Thx,
Sundar

dfk41

LMSC Look for Independent Financial Advisers (IFA’s). They provide advice from the whole of market. Call centres are not licensed to give advice as they are usually representing one company only. the advice an IFA gives you will be based on a full fact find with a recommendation made in writing.

HarveyMushman

Always had good experiences with Bupa.

HarveyMushman

Sorry it’s just struck me that you might be talking about life insurance and not medical insurance so my Bupa recommendation is not helpful!

LMSC

HarveyMushman Both mate. Thanks re-Bupa.

Mattius2

Applying for your own life cover while you are well and making the assumption your employment death in service will stop at some point is fine. If you need advice then fine but if you know roughly what you want lots of low cost online brokers for that try Lifesearch.

For the private healthcare/private medical eg: Bupa your corporate cover will give you a continuation option with continuous underwriting when you leave employment, no need to have your own in parallel.

dfk41

Mattius2 Sorry, do not agree with you. Do you feel qualified to consider tax and trust arrangements, term v whole of life etc etc….you pay for advice from a qualified person who is insured and has the relevant exams

LMSC

While I am comfortable with retirement planning without any paid advice, the cover for life is complex and subjective. As dfk41 posted, one should take the services of an IFA and possibly legal depending on individual circumstances for a variety of requirements.

I have been taking the services of an IFA during the last 10 years, and recently talking to a couple of others in the case tax and legal areas.

Although the corporate health cover can eventually roll
into a private cover, it will be very expensive at the time of retirement. That’s why, I think some thing to run in parallel with a higher excess is probably a cost-effective option, IMO.

Bupa, Exeter, Vitality are on top of my mind at the moment.

Thx every one with their thoughts! 😊

drdre89

Excess deaths are at an all time high in the UK (for some unknown reason) so getting life insurance is possibly a good idea.

Redla

I work for a life insurance broker, wouldn’t suggest using them but why not apply directly online via the insurers website? I have life insurance with Aviva and the application process was easy.

dfk41

Redla Are you saying that you do not need advice, same goes for the average person? Do you realise if you insure yourself, without advice for 500,000k then die, the proceeds are income tax free but not inheritance tax free. If you had wrapped a simple trust around the life plan then this issue would have been dealt with. The online, do it yourself approach does not give you advice. It just sells to you. Possibly through ignorance creating another problem for your loved ones to deal with further down the line when you thought you were doing the right thing

LMSC

Redla I have always found working through brokers is better than directly dealing with insurers. You can shop around, but we need to ensure the payout or claims are hassle free.

As far as a life cover is concerned, as I said before, it is a complicated area. One needs a proper advice before choosing the correct life product and cover. @dfk41 hit the nail on the head. :-)

Thx anyway.

HarveyMushman

@LMSC (or anyone)

Did you find a good health insurance broker?

Looking for ongoing private cover, not any specific treatment. Whilst the wizards on the various websites are good I’m wondering if I’d get a better package going through a broker.

Thanks!

LMSC

HarveyMushman Not really. Found one, who even after chasing 6 months, never bothered to send quotes. Every time, they would run a few quote, promise to send by return email and never bother. I am thinking of direct to the likes of The Exeter and Bupa to compare.

HarveyMushman

LMSC

Thanks yeah that’s been my experience with Brokers in the past too.

AXA look pretty good and their online questionnaire / plan builder works well but as has been said here it’s really not the sort of thing to be guessing and assuming about.

dfk41

Being a retired IFA, and not trying to give advice, can I just double check with you guys, exactly what you are trying to buy. Is it private health insurance like BUPA, or life insurance?

HarveyMushman

dfk41

Private medical insurance, just ongoing cover not for any specific condition or treatment.