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Life insurance online and the middlemen

Regular visitors to this blog will know that we’re all about giving consumers an option to buy life insurance direct and online. So, you might ask (and people do!), where does that leave the Independent Financial Adviser, the traditional channel for consumers to buy life insurance?

The people who are currently buying life insurance online are comfortable using the internet and confident in their ability to make financial decisions. Others prefer to have their hand held as they may not be confident in what level or type of cover they need or are uncomfortable in making online transactions and that’s fine.

We actually work with a number of Independent Financial Advisers and Mortgage Brokers who recommend our product if they think it's right for their clients.

Where we differ from other insurers is in terms of the fee structure. This isn’t as open in New Zealand as it is in Australia, where there are laws about disclosure of commission, but every traditional insurance company pays a commission to the Adviser selling the policy. Note that this commission is on every payment, for the life of the policy!

Pinnacle Life’s referral fees to financial advisers and mortgage brokers are less than half the commissions paid by the traditional insurers. So those Advisers and Mortgage Brokers recommending our products aren’t doing it for the money, they are doing it to get the best deal for their clients.

So why don't all Advisers offer our products? You might want to ask them.

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