Life assurance brokers offer more for clients

Press, 12 July 1979, Page 10

Life assurance brokers offer more for clients

A significant development in recent years within the life assurance industry has been the success of the life broking principle. The life broker is not limited in his assurance planning to the use of only those contracts offered by one life office as is the case with single office agents. In the past, it was a relatively simple task to make a selection from the range of life assurance contracts available. The number of offices were few and the type of contracts limited.

Today, the picture has changed, there are now about 30 life offices in New Zealand and a renewed spirit of competition is evident within the industry.

As a result of this growth a wide variety of policy conditions, premium rates, bonuses and benefits is available, making the selection of a suitable contract at competitive rates a matter for the specialist.

This situation . created the need for an advisory service and emphasised the value of the life broker in all aspects of life assurance.

Whether you have a few dollars a month to invest, or hundreds of dollars a year, you naturally require the best advice and service available. There are

only two ways you can arrange your investments in life assurance.

You can approach a life insurance company or a life insurance broker. The distinction between the two is, essentially', that the insurance company sells its own particular policies, while the life broker buys the best available contract within his portfolio on behalf of his client. In other words, he cap “shop around” and purchase a life assurance plan

from a much wider range of policies, through his association with several highly competitive insurance companies.

The life broker is in a unique position. He is not tied to any of the life insurance companies with whom he is associated as he is free to place business with any of them. It follows, therefore, that he offers a wider and more competitive range of life policies than any single life insurance company. He is one person who truly represents his client, and he is completely professional. Life insurance was devised to help people to

Although many people, including retired ones, widow’s and children are the main beneficiaries, the benefits that are obtained through the “peace of mind” acquired via the action of life insurance is incalculable. It follows therefore that the application of the benefits of life insurance a major social service. The life broker, because of his unique position as advise, and buyer, can offer the finest service within the life insurance industry without any additional cost to the client.

Life assurance brokers have been responsible for introducing many improvements to life assurance contracts which have favoured the client. In the United Kingdom, the bulk of new life assurance contracts has for many years been arranged through the service of life assurance broking com-. panies. In the last 30 years life broking has , grown rapidly in many other countries including, the United States, Canada, South Africa, Australia and in New Zealand.

Life broking successfully injected the competitive element which was needed within the industry to bring to the public this fine service and expertise.

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