Is Online Life Insurance Safe?

There have been some discussions in the news recently. Is your online life insurance safe?

The Financial Services and Pensions Ombudsman released their Overview of Complaints and Digest of Decisions in March 2019. It’s a fantastic set of anecdotes and explanations of their decisions in 2018.

It also illustrates some of the problems being faced by insurance customers who have had their claims refused or policies voided due to non-disclosure when applying.

What are the biggest problems?

While some complaints are due to poor customer service, many relate to non-disclosure of material facts that may affect the likelihood of claim being paid. In some cases this may result in an insurance policy being voided, leaving the customer in a terrible position where they may not be able to get another policy.

A recent article in the Independent raised some excellent points about why you should be extra vigilant when making online applications, for all these reasons.

There is a rush in the online market-place towards speedy transactions above all else. At Greenway we built our site to walk a fine line between speed, and our due diligence to our customers.

How do we do this to make your online insurance safe?

  • Our site was built by a team with website developers and financial advisors. Fact-checking is built-in.
  • Our online forms are subject to oversight by a qualified financial advisor. Where we see the need for more information, we make sure to ask for it.
  • As lovely as seamless online transactions are, we’re very aware that buying insurance isn’t like an Amazon purchase. As financial advisors, we have an obligation to ensure that you have the correct information, and correct product to decide. This is why we’re involved in all aspects of the process, no matter how shiny our site looks!
  • Different insurers ask the same questions in different ways. Different underwriting teams have different priorities. It’s our job to know these differences, and ensure we get that information from you at the time. We check, and re-check, until the application is ready.
  • We know the forms are long. That’s why we’ve split them into easy-to-read sections, with questions in plain English as much as possible.
  • We also know your time is precious. You can stop in the middle of filling one of our forms and save your work for later. This is useful whether you need to check details, or just get on with a busy life.

Our ethos:

We’re about people. We want our customers to have access to protection products that fit their needs, and we’re willing to do the work to make sure that happens. The definition of an insurance intermediary (like us) is that we work for you, the client.

What can you do to check you’re getting the right advice?

  • Look past the quote. That’s just the price, you need to know what you’ll be paying for. Make sure you can see product details & an overview of the features.
  • Don’t leave anything out in your application form. Add everything you can think of, and ask us if you’re not sure.
  • Be honest about smoking! And obviously, try to quit ASAP.
  • Check the online broker’s Terms of Business. We keep ours here. Some online brokers are ‘Execution Only‘:

A service offered by Insurance Brokers & Agents whereby they arrange the policy on behalf of the customer, but without giving any advice. A service only counts as ‘Execution-Only’ if the customer specifies the product, the insurance company, AND has not received any assistance from the broker in choosing either the firm, or the product.

If you’ve got questions, about policies you think you need, or about your existing policies, contact Greenway. We will never advise you to cancel a policy that’s working for you. We’ll also never advise you to apply for a product through us that isn’t right for your needs.

Online Brokers and Mortgage Protection Savings

Is Mortgage Protection through a broker different to the Mortgage Protection offered by your bank?

Online brokers can help make you some significant money and time savings on your mortgage protection.

There are a number of key differences between your online broker and your bank when you’re shopping for mortgage protection.

The most important one to remember is your broker works for you. We offer mortgage protection advice based on your whole life circumstances and look to build life-long relationships.

The second thing to remember is that your broker will arrange an individual policy, for you specifically. Your bank or mortgage lender will offer you access to a group policy owned by them.

Personal Qualified Service

With Brokers there is a higher probability you will talk to the same person through the whole process. From getting your mortgage protection quote or life insurance quote, filling in your application and getting your policy document sent, this means you won’t bounce around a call centre with your queries.

Our staff of fully Qualified Financial Advisors (QFA, LIA) are trained not to focus on selling you a product, but to advise you on the best course of action for you and your family.

Open When It Suits You

Online brokers work the exact same way as high street brokers, but we work when it suits you. Greenway is open from 9:00am to 9:00pm, Monday to Saturday, to answer any questions you may have.

The benefit of using online brokers that are open longer hours is that you can complete your mortgage protection or life insurance application from the comfort of your own dining table/sofa/car – wherever suits you.

No having to book time off work or sneaking out to take personal calls. Just call us when your day is finished!

Mortgage Protection Offers

When your bank gives you a quote for mortgage protection, they are only offering you a price from one provider. The sales advisors that you deal with for these group policies are called tied agents, meaning they deal with one insurance company exclusively.

For example Bank of Ireland exclusively offers Mortgage Protection policies from New Ireland Assurance. (Correct at time of writing 15/04/2019). This means Bank of Ireland can only offer mortgage protection through New Ireland.

Bank Of Ireland Example

InformationCoverage AmountMonthly Price
Two Lives, Non-smokers€250,000.00€28.15 [New Ireland]
Date Of Birth: 01/01/1985Term: 30 Years 

Greenway Example

InformationCoverage AmountMonthly Price
Two Lives, Non-smokers€250,000.00€25.11 [Royal London]
Date Of Birth: 01/01/1985Term: 30 Years 
Online brokers and mortgage protection savings

Using the example above an online broker could save you over €1000.00 on the lifetime of this mortgage protection.

Online brokers can offer you products from all major Irish insurers with whom they have agency agreements. This type of Insurance Intermediary is called an Insurance Agent or Broker. This means that they can give a fair analysis of the market. Currently Greenway can offer products from:

Because Online Brokers can offer more products they may be able to match something better to your life circumstances. There are subtle differences between each insurer’s products, and we can advise you.

Quick Application Process

In some cases where the mortgage protection or life insurance application has no outstanding medical requirements we can often get policies approved within 24 hours of receiving the full application.

You can fill in our online application form anytime during the day or night, and once one of our qualified financial advisors reviews and submits it to the insurer we will know how long approval will take.

Mortgage Protection Guide Cover

Download your free mortgage protection guide now

Whats Included:

Different types of mortgage protection policies.

Where to buy mortgage protection.

Features of each seller & much more.

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