by Ksenia Stepanova 12 Sep 2020
Insurance advice is a huge benefit to a customer at claim time,
but one adviser says customers of all ages should be encouraged to seek input
throughout the entire insurance process, and says no target audience is ‘too
young’ or ‘too old’ for advice.
Share insurance adviser Peter Leitch says that even for a younger
generation with a simple risk profile, advice around insurance and future
planning could be a significant help with premium costs further down the line.
Likewise, he says many older customers with long-running life insurance
policies would benefit significantly from seeking insurance advice, and that it
is never ‘too late’ to take another look at an older policy.
“It’s very easy to go online, buy an insurance policy and have it
in place in 20 minutes,” Leitch said.
“If you’re healthy and you’re a low risk customer, then it’s all
very simple. But at the same time, getting advice is important - if you’re
young, you could lock in a level premium that stays the same all the way
through, and that’s actually a really good thing to do.”
“An adviser is going to sit down with you and talk about your
circumstances, your financial position, what you’re intending to do over the
next few years,” he explained.
“You’ve then got a roadmap ahead of you, and you’re often putting
an ecosystem of advice around you - and the younger you do it, the better off
you’ll be in the long run.”
Leitch says that the same applies to older customers who are
thinking of adjusting their policy, and who often end up doing so while
potentially losing out on benefits.
“You’re never too old to get advice either,” he commented. “Some
people aged 65 and above will often have life insurance policies, and they
don’t know if they should still keep them - and sometimes they’ll significantly
reduce the amount of cover that they have.
“Everybody is different, and you should deal with a person who
you’re comfortable sharing information with. It’s a very privileged position,
and if we can use our collective knowledge to help others, then that’s really
what our role is.”
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