Choose a life insurance broker. Yes, but which one? Should I go through my bank (traditional or online) or an independent broker, available online?
Everything is possible and you can find very similar investment proposals between an investment plan at your bank or a savings plan at an online broker. Here are a few differences that can help you make the difference.
The bank for life insurance
You know the traditional banks and you know that in general, they will do everything to keep you as a customer with a bank account in their bank and especially as an investor in one of their savings plans. However, banks offer interesting investment plans, which are often far too expensive to manage, at the opening of the contract, when you pay in your savings and when you redeem your contract.
Don’t confuse traditional banks and online banks, which (online banks) have much more attractive prices and will tend to offer you quite interesting advantages for opening an investment.
However, while a bank may offer savings plans, it also manages a multitude of client accounts (several hundred thousand) and its advisors will manage your account with very little personalization. The advice will be interesting and professional, but it will probably lack personalization. Managing thousands of clients and satisfying them all is a real professional job. Knowing them is a broker’s job.
If you agree with this idea, don’t hesitate to put your money in your bank. You will certainly find the right shoe for you and get the right advice. For the rest, prefer an independent broker.
The independent life insurance broker
Independent (non-bank) brokers have started to thrive on the web for one simple reason: bank customers feel they have just one account number like everyone else, whereas with a broker, you are known by your last name and your advisors know your financial history. They know who you are, they know your appetite for risk, and they take a regular interest in your wealth balance sheet.
In short, a life insurance broker knows you well both financially and on a human level. In addition, to make a place for yourself on the financial market, a broker will tend to offer you really interesting rates and prices, close to zero and often even free of charge.
Finally, brokers with fewer clients are easier to reach by phone or e-mail and will not fail to spend time with you to discuss your savings.
As a reminder, brokers are in no way exclusively and contractually bound to a specific insurance company, which gives them the possibility of marketing several investment contracts. This allows them to offer access to a multitude of contracts with different funds and insurances.
We hope that you now know a lot more about life insurance brokers and that you will find it easier to differentiate between a savings plan at a bank and a savings plan at a broker. Feel free to share this article with your friends and family if you are interested.