Would you bank with us?
By David Seagon
The simple answer to that is most likely to be NO?
So, let me ask you another question.
Should you trust a bank to look after your insurances?
So, you’re now asking, ‘what is he on about?’
JWS would never dream of offering banking services, as we know very little about it, so it always surprises me that banks now think of themselves as insurance experts.
Please do not think I am ‘anti-Bancassurance’. It is a good thing for the Banks to make additional revenue for their client base and there is no problem with that. They also offer what we deem to be ‘lower end- lower cost’ insurance solutions. Inexpensive Travel insurance with low benefits, Personal Accident, Life and cheap Motor and Home insurance, are all available to the masses. Good luck to them, but please, please steer clear of Bank assurance when trying to get complex insurance matters placed. Insurance Brokers generally have years of experience, will know their stuff and advise and guide their client on the intricacies of an insurance policy.
From my background, it is a pre-requisite of being a Broker to provide independent advice, offering a selection of Insurers products, not just one. I am also expected to know the difference between ‘Reinstatement’ cover and ‘Indemnity’; What ‘Trace and Access’ means and it’s importance on a Household policy and how to calculate your sums insured when arranging an insurance policy. We will never ‘pigeon hole’ you into a policy that is not specifically designed for you.
So, everyone out there still reading, we know you want that loan, overdraft or special deal with the Bank, but remember two things. Firstly, it is illegal for a Bank to force you into buying their policy… yes, they may ‘strong arm’ you, but they cannot absolutely insist. Secondly, you should always ask a specialist, a Broker, to give you an opinion on what is being offered and to get you some alternatives.