Setting Up Group Life Insurance: DIY Or Through An Adviser?
There are two main routes to set up a Group Life policy: doing it yourself directly with an insurer or working with an employee benefits adviser such as one of the team at Drewberry.
It’s essential you recognise the difference between these two approaches. This is because one offers you much more protection and support than the other.
The DIY Approach: Going Direct To An Insurer
Going directly to an insurer is classed as a non-advised sale. This means it’s all on you to ensure:
- You’ve done thorough market research
- You’ve negotiate the most competitive premium
- You continually review your policy to ensure it remains competitive.
Most importantly, as you’ve personally made the decision to take out the policy with an insurer, there’s no regulated financial protection should the policy be wrong for you and your workers. This responsibility is on your shoulders.
Working With An Employee Benefits Adviser
On the other hand, working with an adviser is very different.
Not only do we take all the heavy lifting off your shoulders, from gathering data to researching insurers, but we give you the security of an advised sale.
- Undertake full market research for you
- Use scale and experience to negotiate the best premiums
- Offer ongoing support with claims
- Review the market regularly to ensure you retain the best deal.
Above all, an employee benefits consultant from Drewberry offers you an advised sale. Not only do you therefore benefit from expert advice, you also get full financial protection should the policy turn out to be unsuitable.
If you need help don’t hesitate to pop us a call on 02084327333 or email email@example.com.