The Value of a Life Insurance Broker

It's getting harder and harder to deal with large corporations such as Life Insurance companies. They sprout-on about what good service they provide, how it's so easy to deal with them, and are quick to tell you if they won an award for their customer service, but quite often they're just too big to provide a personal service.

A client of mine recently discovered that thier Life Insurance premium was deducted twice from thier Credit Card. Fortunately, as I am their Life Insurance Broker, they didn't have to deal directly with the Life Insurance company - they only had to make one call to the same person they have dealt with for years and then wait until the issue was resolved for them.

After several phone calls and option-button selections, I was finally able to determine what had happened.

The insurer was aware that they had taken the second premium from the client's Credit Card by mistake, and they were 'in the process' of sorting it out for the client. I had two major issues with this explanation:

1. The Life Insurer was aware that they had taken the second premium by mistake, but did not inform the client or more importantly, myself as the nominated Life Insurance Broker for the policy; and
2. The second deduction had been made almost one month ago!

I made it clear that not only would the premium be refunded immediately to the client, but I wanted the client compensated for the inconvenience caused by their lack of customer service.

Within one day of me contacting the Life Insurance company the premium was refunded to the client, and the Life Insurance company waived the current month's premium - which equated to over $350.

The value of dealing with a Life Insurance Broker, as opposed to a Life Insurance Agent or direct with a Life Insurance company, is that a Life Insurance Broker acts in the best interest of the client and not the Life Insurance company.