A Broker Saves You Time And Money!
Post date: December 14th, 2010 |
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I cannot imagine my life without my broker! I regard my broker just as important as other necessities such as my cell phone and my car! Having a broker is so convenient that I can’t grasp why some people are still hesitant to make use of a broker’s services.
A broker is appointed to look after the interests of their clients and, based on their needs and requirements, offer them advice in choosing the best products and services. The broker therefore acts as middleman between their clients and the companies wanting the clients’ money.
Brokers specialize in different areas of insurance and other important products. Some brokers will focus only on short time insurance; where other brokers will cover the whole spectrum from medical aids straight through to life insurance and retirement annuities. The most important thing when choosing a broker is making sure that he/she specializes in the field that you would require assistance in.
Let’s use medical aid as an example. The main benefit of dealing with a broker when you want to purchase medical aid is that the broker is familiar with the products and requirements of many different companies. You don’t have to phone 10 different companies and try to make sense of their various products available. A broker will sit down with their client, and determine each client’s specific needs. Based on that he/she will be able to suggest the best medical aid and medical aid option.
Many people are afraid that making use of a broker will result in more expensive premiums as a brokerage fee will be charged for such transactions. This is not true. The insurance and medical aid companies reward the brokers with commissions and incentives, but this is not added to your premium! You will often get even lower rates if you make use of a broker because they are always up to date with the best products available on the market.
Because brokers receive kickbacks from insurance companies and other service providers, it is important to make sure that your broker doesn’t put pressure on you to support a specific company or to buy a specific product. A good broker will always give the client a wide variety of options to choose from and if this is not the case with your broker, it’s maybe time you appointed someone else. The final decision should always lie with the client and the broker should only act as an advisor. Never settle for a product that you are not completely happy with!
Brokers also handle most of the paperwork on the client’s behalf. The client must still complete the necessary application forms and agreements, but the broker will submit this to the various service providers and make sure that the whole process runs smoothly.
If you ever have a problem or a query with a certain provider, your broker will also act on your behalf, which means you won’t have to spend hours on the phone trying to figure out what’s going on with your latest medical aid statement. Sit back and let your broker handle it - that’s what they’re there for!
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