Has anybody ever wondered why, everytime you watch the TV, look at facebook (or similar), pick up a newspaper or magazine or see a mass of hoardings on the street or in a shopping mall, 60% of the ads are for Insurance in one form or another, 10% are for mobile ‘phones in one form or another, 10% are for claiming back mis-sold insurance on pension schemes, mortgages and credit cards and the remaining 20% are a mish-mash of computer dating, supermarkets, yoghurt, Broadband and TV services (Sky could probably do their thing for a quid a month if they chopped their advertising and promotion!!! – they’re everywhere).
This onslaught leads me to believe that, despite the fact that they are always moaning about scams, the weather, earthquakes and volcanoes and how these impact on their profitability, the insurance business must be pretty lucrative – after all if you offer people over 60 life cover for a fiver a month, on the face of it, that’s one hell of a risk but read the ‘small’ (bloody tiny) print on the ads and you will note that no benefits will be paid out until the policy had been in force for for a minimum of 2 years.
Everyone likes a bargain but we are all, now, victims of a ‘brain-washing’ syndrome which convinces us, totally, that the lively, colourful (expensive!) ads put out by the likes of confused.com mean that the products and services they are offering must be, as they say, a lot cheaper than the old fashioned method of having an experienced insurance broker investigate the market and select the best product for you.
THEY ARE NOT! They all carry premium subsidies presumably to cover for errors and pay for the campaigns!
I have nothing to do with the Insurance Industry, BTW, but, in common with most of us, I have to take cover out from time to time and, just recently, I had to insure my Mini. Now I am 69 years old and retired – the little car is garaged every night and my annual mileage is minimal. So, seduced by the ads, I decided to bypass the broker this year and get some quotes in from these firms that are constantly assailing us with how cheap they are – in the end I did realise just how ‘money-supermarket’ I am because, having sussed that most of the premiums I was being offered were MORE than I paid in the current year, I called my broker and he organised the exact degree of cover I wanted and the premium was, on average, £ 250.00 per annum cheaper than any of the TV firms.
So before you fall for any of these scams (there’s no other word, regrettably) – call a broker – you might, just, be pleasantly surprised.