Banker V Broker Game on!
So what’s the major difference in using an Independent broker rather than a bank? Here are 5 reasons…
1) The bank cannot other the same product’s a broker can!
Hey Anthony the bank has agreed to match the price and cover you quoted for us both so we went with them as it’s handy.
We have heard this a few times. Oh they are sneaky. The truth is the bank can’t! They simply don’t have the product. All our Mortgage Protection policies are written on a Dual lives bases. Your bank can only offer Joint lives.
We have also heard of banks pushing people into buying Level term insurance instead of Mortgage Protection. Why? Because it will increase the premium you pay and they will earn more money. Sneaky eh?
2) Group Mortgage Protection
If you took out mortgage protection under the banks group scheme you cannot change it from them in future. Let’s say you want to switch you mortgage to a new cheaper lender. You would have to take out a whole new Mortgage Protection as well. That’s fine if you haven’t had any health issues but what if you have? If you aren’t able to get a mortgage protection policy you will have to stay with your existing more expensive bank.
With a policy set up by a broker you would be able to switch it to a new lender at any time. It’s your policy you decide!
Imagine going to a restaurant and only being offered 1 choice. Or only having one choice of car/phone etc etc. Would you be happy? I doubt it. So why be happy with only have the choice of 1 insurer? An independent broker can advise you and give you a choice from all 5 insurance companies and give you the best price from them. A bank can only give you advice and a price from their one insurance.
AIB, Ulster Bank, EBS and PTSB all only deal with one insurance company and that’s Irish Life. This means they can only offer you advice and prices from Irish Life. Bank Of Ireland only deal with their own insurance company.
While other insurance companies have upgraded their Mortgage Protection policies to include more freebies like Dual life cover Irish Life have not.
4) Banks will sell you anything.
You’re after getting mortgage approval. You’re happy excited and want to move on it fast. The banks know this. They know they could probably talk you into anything so long as they convince you it’s needed. Life Cover instead of Mortgage Protection add in a little bit of serious illness cover, maybe some income protection etc etc etc. Why do they do this? Because the more you pay per month the more the person selling it to you gets!
Independent brokers not only shop the market for the best price but also the best policy. They explain in plain English how the policies work and what happens at claim stage, We work for you not the bank. Our interest is in protecting you not the big fat banker.
5) Medical Issues
Let’s say the bank refuses cover due to your medical history. What choice do you have then? -None!
With a broker you would have the choice of all 5 companies and we would know from experience which companies are better for medical issues and which one are stricter.
So there you have it 5 reason to choose us over your bank. After reading this what will your choice be?
While you are here why got get a 30s quote!