An insurance broker is a middleman; someone who acts as an intermediary between an insurance company and a person who wants to buy life cover. A discount life insurance broker goes one step further by sacrificing all or most of the commission paid for selling a policy to reduce your premiums.
If you’re on a budget, using an independent discount broker can help you get a good deal on your life cover and allow you to save as much as 40%. Note that the term ‘discount’ doesn’t mean the insurance you buy is of any lesser quality. The insurance policy you buy is exactly the same as the policy you’d buy directly from the company, but you pay less.
Using a discount life insurance broker is typically cheaper than buying directly from an insurance company for three reasons:
1.First, the broker has access to a large number of companies, so they’re able to quickly and easily search for cheaper policies that match what you want.
2.Second, a broker typically does a large amount of business and can often access volume discounts from insurance companies that the general public can’t. They receive commissions from the...
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