Making Informed Choices for Your Protection Plan

When considering your protection plan, it’s essential to understand the roles of brokers/advisers and direct options. Let’s explore the benefits and differences between the two.

Advisers at the Start
An adviser takes the time to understand your unique requirements. They recommend a tailored solution, including the right insurer, coverage types, and amounts. Advisers leverage their expertise and technology, saving you the effort of comparing various providers’ pricing and offerings. 

Cost Considerations
Some believe that dealing directly provides better prices. However, advised risk insurance plans often offer competitive rates. Advisers provide professional knowledge and personalized care, ensuring appropriate coverage. Avoiding advice may lead to inadequate coverage or a less satisfying claims experience. 

Throughout Your Life
Regular reviews keep your plan aligned with life changes such as:

  • Buying a home 

  • Marriage or finding a permanent partner 

  • Parenthood 

  • Career advancements 

  • The plan adapts as your risk exposure evolves. 

Later Years
Ongoing reviews allow adjustments as follows:

  • Reducing or removing covers as debt decreases 

  • Children leaving home 

  • Accumulating other wealth 

  • The plan remains relevant to your changing risk exposure. 

Claims Assistance
Advisers facilitate smooth claim payments. They manage claims from start to finish, ensuring a seamless process. Advisers often identify claim opportunities that clients might overlook. 

Managing Expectations
Regular contact with a broker/adviser keeps you informed about policy changes. Staying up-to-date lets your policy work effectively for you, this may include winding the policy up or down as your circumstances change. 

Living Your Life
Working with an adviser allows you to focus on living your life while they handle the financial matters. Advisers use their specialist skills to create and maintain your financial security, allowing you to enjoy peace of mind. 

Not All Advisers Are Equal
Before you engage an adviser, you can request a copy of their disclosure, which will tell you their history, qualifications, areas they can advise on, and available providers. Chat with these potential advisers so you can gauge the mutual partnership which is likely to last many years. 

Being a Trusted Adviser
Advisers often become integral parts of their clients’ lives over extended periods. Being a trusted adviser is a privilege, and at Carricks, we appreciate and nurture these long-term relationships. 

Remember that financial advice is personalised, and finding the right adviser ensures that your financial journey is well-guided and successful.