Find out what they are specialized in
Many financial services offer a variety of products, including mortgages and medical insurance. This may sound like a good solution but it could lead to you not getting the best price or coverage for your health insurance.
Which panel of insurances does it work with?
A broker who is all-market means they are able to work with all insurers in the industry. Working with a larger panel will allow you to receive a more thorough review. Be aware of brokers who only work for a handful of insurers. This could be a sign that they may have their agency denied or revoked.
What testimonials from clients have they received?
Today, most businesses invest in gathering testimonials and reviews from clients. Apps such as Feefo enable brokers to collect feedback from only clients who have been confirmed. You should not only focus on the ratings of reviews, but also how recent they were.
Have they been authorized by the Financial Conduct Authority (FCA)?
If they don’t have evidence of authorisation, you should ask for their registered number. Being FCA Registered means that the company must have passed certain checks to become an authorized broker.
Are they responsible for their advice?
Although not all brokers or insurers are advisory, most insurers offer non-advice. If you contact an insurer directly, they will only be able to provide information about their products and not offer advice on which product is best. This is crucial because marketplace health insurance can have many elements. Ensure you have adequate coverage for outpatient and the right underwriting. It will impact how your coverage works and what you get covered for. A bonus of using an advisory broker is the fact that the broker can be held responsible for any damages you suffer as a result.
Are they asking you about your priorities in regard to covering?
Your adviser will not be able to make sure you are in your best interests if they don’t ask you about what is most important. There are many options for private medical insurance. Understanding how they affect your coverage will help you find the best policy to fit your needs.
Find out if they are a member of any industry organizations
AMII & BIBA are focused on improving the professionalism of intermediaries and medical insurance companies. This is an optional requirement for brokers but it highlights their commitment to transparency in the market.
Do they charge for their services?
Brokers may charge a fee for their services, but they must inform you of the amount. Most brokers will not charge anything, but they will get paid a commission directly from the insurers. They should not be charged anything and get paid a percentage commission from the insurers.
Are they able to provide ongoing support for claims or annual reviews?
A broker can help make the process of applying for insurance easier and faster. A long-term plan can help clients gain coverage for their condition and lower their premiums.
Can they be reached easily?
Are they easy to reach and do you get consistent service? It is essential to be able to contact them quickly, especially if you have questions or need advice regarding your policy.
