People often get these titles all confused...yet they could not be more different in reality.
So what are the main difference between - Insurance Brokers, Financial Adviser, Independant Financial Adviser & Insurance Company ?
An Insurance Company is the firm that actually [ issues or writes ] your insurance risk & so are the Provider that pays out should you have to make a claim.
A Broker or Financial Adviser nowadays is usually an agent for several Insurance Providers rather than one. Independant Financial Advisers usually offer the whole market place.
They all offically act as agents for the Insurance companies & may help write your application & submit it to the Insurers [ but will not actually pay your claim.]
What is the benefit of using an Insurance Broker or Financial Adviser ?
They will be able to give you their advice as to the best Insurance Company to consider placing your business with, understanding the smaller T&C's of contracts.
A good Broker or Adviser if worth their salt - can assist if you have any pre-existing medical health underwriting problems, any family history issues, occupational job risks
& rather than dealing direct with any Insurer that only offers their own products.
Assistance in correctly completing Insurers often lengthy applications wether online or paperwork & what is often onerous to do.
Making sure any correct disclosures are given to Insurers to help avoid non disclosure & hence non payment at claim stage.
They may also dependant upon your circumstance - help you at initial parts of a claim stage.
Would you recommend using a Specialist Broker / Adviser - if I don't have any health problems or risks still ?
In one word 'Yes'. They can usually get you highly competitive deals - some which are not available by approaching the Insurers direct.
Advise you on generic benefits of using trusts & making a will.
If you are going to consider having protection cover for £100000's - it makes sense to get advice from a professional.