Average Clause
Tips
Accidental Death and Dismemberment
Accidental Death and Dismemberment insurance offers additional life insurance coverage in the event of death by accident and provides financial compensation for accidental loss of limb(s) or sight.
This type of coverage is taken as a additional benefit rider on individual life insurance or with a group life insurance plan.
Conversion Option - Term Insurance
The conversion option provides the insured the right to change insurance coverage in certain prescribed situations from one type of policy to another without evidence of insurability. For example; the right to change from an individual term insurance policy to an individual (permanent) Whole of Life, Endowment or Universal Life insurance policy.
If you have a Term Insurance Policy and would like to explore your conversion option give us a call at Field Insurance Brokers.
Health Insurance - Extent Of Coverage
Health insurance usually covers most medical expenses such as room, food, x-rays, lab-tests, maternity, and medication. In addition, it pays part or all of the costs of surgical procedures, either those performed in the hospital as an inpatient or an outpatient. (An inpatient is admitted to the hospital, an outpatient is not.) Most policies may also include payment for doctors’ office visits. Other policies pay for diagnostic and lab tests done outside the hospital. It is very common to find that medical plans also provide coverage for dental and vision benefits.
Most health insurance policies have a type of cost sharing known as co-payment. This means you pay a percentage of your medical costs, usually up to a certain limit. This limit is the most amount of money you would have to pay out-of-pocket. For example, if you have an “80-20” plan for the first $2,000 of covered expenses, and a $100 deductible, you would pay 20 percent of $2,000 ($400), plus the deductible ($100) for a total of $500. After that, the insurance company pays the remaining costs, typically up to a pre determined maximum benefit. Most of the health carriers allow for the assignment of the benefits. Assigning the benefits to your health provider allows you to pay just the amount the insurance company does not cover in the plan.
Health Insurance - In A Nut Shell
What to expect of your health plan in a nutshell
- Hospitalisation Benefits
- Surgical Benefits
- Doctor Visit Benefits
- Specialist Consultant Benefits
- Prescribed Drug benefits
- Diagnostic services benefits
- Maternity benefits
- Psychiatric services benefits
- Supplementary major medical benefit*
- Daily limits of room and board
- Transportation benefit
- Dental
- Vision*Coverage in excess of that provided by a basic medical insurance plan. After the limits of coverage have been exhausted under a basic plan, major medical then covers medical expenses. There may be a lifetime limit. For example if the life time limit is $500,000 and an insured uses $100,000 of coverage in a given year; the lifetime limit would be reduced to $400,000Related Links:
- Coinsurance – What Does It Mean
- Deductible – What It Is & How It Works
Householders - Among the usual extensions are...
Alternative Accommodation – if your home is so badly damaged by one of the risks listed that you cannot continue to live in it until repairs are done, your policy will help to meet the reasonable additional cost of alternative accommodation up to a certain limit; often 10% of the Sum Insured on Buildings plus 10% of the Sum Insured on Contents.
Give us a call and discuss any of these areas with an Account Representative at Field Insurance Brokers Inc.
Householders - Coverage against What Risks?
Most polices cover damage to your home or contents by fire, lightning, explosion, earthquake, thieves, riot and malicious persons, storm and flood, aircraft or things falling from them, subsidence, landslip and heave, falling trees, impact by vehicle or animal, breakage or collapse of radio and TV aerials, escape of water from tanks or pipes and oil escaping from fixed heating installations.
Give us a call and discuss any of these areas with an Account Representative at Field Insurance Brokers Inc.
Householders - Property Owners Liability
If, as owner or occupier of your home, you are responsible for an injury to someone, or for damage to their property, your policy would pay the Damages and Costs – with an upper limit, often $500,000 or more – for which you are legally liable.
Underground service pipes and cables – supplying gas, electricity, oil or water, as well as sewage pipes, are insured against accidental damage, but not wear and tear. Glass – in doors, windows and skylights; is covered against breakage, as are baths, washbasins and fixed glass in tables, etc.
You and your family are usually covered up to the same amount for liability arising in ordinary day-to-day life – for instance, as a pedestrian causing a road accident, or your dog biting someone or your child injuring a classmate. Many policies provide a measure of cover in respect of your liability as a tenant for damage to the building of tenancy.
Give us a call and discuss any of these areas with an Account Representative at Field Insurance Brokers Inc.
Householders - Under Insurance - The Effects
At the time of a claim, the value of the property insured must be equal to the policy Sum Insured (which is the amount on which the premium is calculated). It is the responsibility of the policyholder to make sure that his Sum Insured is adequate. There is a condition in Home & Contents policies (referred to as the “Average Clause”), which will have the effect of reducing claims settlements by the same proportion that the property is under insured.
Let us assume that a home is insured for $100,000 but the replacement cost is $150,00 at the time of the claim when the roof was blown off in a hurricane. The ensuing claim was $60,000.
You see that there was under insurance because the Sum Insured in this case ($100,000) is in fact only two thirds of the current value ($150,000). The insurance company would therefore be liable to pay only two thirds of the claim (which would be $45,000) leaving the policyholder to be his own Insurer for the balance (which is $15,000).
There are a variety of ways in which under insurance can arise. Many people are preoccupied with the cost of the premium above all else. Thus they make a deliberate decision as to how much they can afford to insure for (which figure may bear no relation to the actual value at risk or current replacement cost of the property).
Under insurance, however, is more likely to happen innocently. It is not easy for someone to accurately assess the replacement value of his house or possessions without calling on professionals such as builders and quantity surveyors who do charge for their services.
Although it is not the responsibility of insurance companies to assess or approve values and Sums Insured, we at Field Insurance Brokers Inc. we can determine the type of plan that best suits your needs after an analysis and we are keen to assist policyholders in ensuring that they accurately establish and maintain the value of their homes and contents, and that they fully understand the implications of UNDER INSURANCE.
It is therefore essential that the property be insured for the full amount as this ensures that the insurance company receives adequate premium for the risk which they have agreed to insure so you can be fully compensated in the event of a loss.
Householders - What Your Policy Covers.
What property does Home & Buildings’ Insurance Policy normally cover?
In addition to the structure, the policy covers the permanent fixtures and fittings; for example: sanitary fittings and permanent kitchen and bedroom cupboards. Interior decorations, too, are part of the buildings. Policies usually extend to garages and garden sheds; limited cover is also given for boundary walls, fences, gates, paths, drives, and swimming pools.
Give us a call and discuss any of these areas with an Account Representative at Field Insurance Brokers Inc.
Other Insurance/Investments Topics
- Individual Pension Plans – RRP
- Registered Retirement Savings Plans- RRSP
- Individual / Group Medical
- Mutual Funds
Other types of life insurance
UNIVERSAL LIFE insurance is a variation of Whole of Life Insurance. It offers flexibility in the amount of coverage, rate of savings accumulation and the payments of premiums. You can decrease or stop premium payments temporarily as long as there is a cash value to cover the premiums as they become due. Once you resume paying premiums, you can increase those payments to build back your cash value.
ENDOWMENT insurance provides a benefit to you if you live to a specified age or will pay your beneficiaries a benefit if you die before the policy matures. Cash values accumulate at a higher rate than with Whole of Life insurance, however, the premiums are higher as well.
BURIAL PLAN here again this type of plan is offered in one form or the other by some of the insurance companies. Usually the benefit amount is to cover the cost of final expenses and may also offer a cost of living increase of approximately 3% per year to a maximum of $15,000. These benefits vary from company to company. Medical requirements are minimal to non-existent.
Steps to get covered - Commercial Accounts
Commercial Accounts are handled quite differently to personal lines accounts. Whereas the personal line client can either have a quotation done over the telephone or via the web the commerical accounts are best handled with an initial site visit. After consultation with you, solutions are then suggested. These are then presented to the insurers for their consideration.
- Get a quote. Contact any one of our Account Executives from our Commercial Division. Supply us with some basic information in the required quote section. We provide quotations from the 3 quickest companies to respond.
- Get an application. After we have found a price and a plan from a company that meets your needs, the next step is for you to complete an application.
- Application Completion. We will assist you with completing the application and the forwarding of it to the selected carrier.
- Underwriting and Approval. In some instances i.e. wood structure homes, the property has to be visually inspected. Once an inspection has been completed and the insuring company accepts the risk an application and any other necessary underwriting forms will be forwarded to the insurance company that you have selected.
- Policy in Force. A policy will be issued when the insurance company’s requirements for insurability are met and the premium is received.At Field Insurance Brokers we are here to help you through this process. Please follow up on the status of your application at any time by calling or e-mailing us – all info requests will be answered by the next working day.
Steps to get covered - Life Insurance
- Get a quote. Contact any one from our Life Insurance Division and arrange for an appointment to review your situation, or supply us with some basic information in our life quote section. We provide quotations from the leading life insurance companies in Barbados.
- Get an application. After you have found a plan and a quote from a company that meets your needs, the next step is for you to complete an application.
- Application Completion. We will assist you with completing the application and the forwarding of it to the selected carrier.
- Medical Exam. In some cases the insurance company you have selected may require a medical exam. If so, we will immediately schedule this exam for you. Most examinations are brief and take less than twenty minutes. In the case where medical requirements are necessary, the selected carrier usually pays for the visit.
- Underwriting and Approval. Once we complete an application, medical examination (if required) and any other necessary underwriting forms we will forward the information to the insurance company you have selected.
- Policy in Force. A policy will be issued when the insurance company’s requirements for insurability are met and premium is received. At Field Insurance Brokers we are here to help you through this process. Please follow up on the status of your application at any time by calling or e-mailing us – all info requests will be answered within 24 hours.
Steps to get covered - Personal Lines
- Get a quote. Contact any one of our Account Executives from our Personal Lines Division. Supply us with some basic information in the required quote section. We provide quotations from 3 quickest companies to respond.
- Get an application. After we have found a price and a plan from a company that meets your needs, the next step is for you to complete an application.
- Application Completion. We will assist you with completing the application and the forwarding of it to the selected carrier.
- Underwriting and Approval. In some instances i.e. wood structure homes, the property has too be visually inspected. Once an inspection has been completed and the insuring company accepts the risk an application and any other necessary underwriting forms we will forward to the insurance company you have selected.
- Policy in Force. A policy will be issued when the insurance company’s requirements for insurability are met and premium is received.
At Field Insurance Brokers we are here to help you through this process. Please follow up on the status of your application at any time by calling or e-mailing us – all info requests will be answered by the next working day.
The factors that determine your car coverage
Motor Car Insurance
The premium to be charged will depend on the age of the driver, his/her driving experience and any motor accidents in which he/she was involved. The type of vehicle, its use, engine size and value are also important factors.
Hence, the following would tend to cause a higher-than-normal premium: high-performance engine, young and/or inexperienced drivers, vehicles used to transport passengers or goods, vehicles of high monetary value, and unusual models for which parts are not stocked locally and may be difficult to obtain.
Other factors that affect the premium calculation include the occupation and the physical fitness of the driver. Driving convictions, alcohol or drug-dependency may also be considered.
As with any other product, market conditions are bound to have a bearing on the level of motor insurance rates. Also, because administrative and other expenses vary among motor insurance companies, the premium rates charged will vary from company to company as well.
We at Field Insurance Brokers Inc. are here to help you understand your policy and if you are not clear on any area please do not hesitate to ask your Account Representative.
Things you should know about your motor policy
Most insurance companies in Barbados offer three basic types of coverage. The different types of policy coverage available are:
Third Party
- The most basic of all covers – the minimum required by law in Barbados.
- Will settle a third party claim should the driver of your vehicle be held responsible for an accident (Provided the driver is properly licensed).
- You are also covered against third party risks if you are driving someone else’s car.Comprehensive
- Your car is insured against all types of loss and damage – including accident, fire and theft (an Excess will apply if your car is damaged).
- Covers your personal belongings, which may be in the car.
- Covers medical expenses to passengers (usually up to a limit of $500).
- Will compensate the policyholder in the event of his death or the losing of a limb.
- Will settle a third party claim.Full Comprehensive
- Very similar to comprehensive but has a further extension of Hurricane, Riot & Strike.Make sure that you know what your policy covers you for. Do not be fooled that all comprehensive policies are the same. This type of coverage is perhaps the most expensive, but it certainly provides the most protection available in our current market.We at Field Insurance Brokers are here to help you understand your policy and if you are not clear on any area please do not hesitate to ask your Account Representative.
Tips on Defensive Driving
REMEMBER
The FIVE most common types of accidents:
- Occur very close to home
- Involve rear-end collisions
- Happen around bends or corners
- Occur while turning.
- Take place at a junctionOther areas that often results in accidents are:
- When pulling off at a junction, make sure the vehicle in front of you has in fact moved off as well.
- Always drive at a safe distance from the vehicle in front – the faster you are going, the further back you should be!
- Make sure your rear lights are always working properly – to show people behind that you are slowing down or stopping.
- Do NOT speed up when the traffic light goes amber!
- Use rear and side mirrors when changing direction.
- Make sure the driver behind knows what you intend to do – give a clear signal when you are turning right.
- Remember to Buckle Up your seatbelt. In the event of a collison this simple act can save your life and those in your vehicle.At Field Insurance Brokers Inc. we are concerned about your safty and the safty of others, we hope that these few tips on defensive driving will help you to drive even more safely on our busy roads.
What to do if your car is stolen
IF YOUR CAR IS STOLEN
- Report the theft to the POLICE immediately, then call Field Insurance Brokers
- Be prepared to wait for a reasonable period to see if your car is recovered.
- NB In Barbados stolen cars are found, more often than not.
Notify me of updated news tips
Frequently Asked Questions
Accelerated Death Benefit
The Accelerated Death Benefit rider provides for advance payment of a portion, usually 50%, to a capped off limit of $100,000 of the death benefit if the insured becomes terminally ill and has a life expectancy of typically 12 months or less while the policy is in force.
When the insured dies, the accelerated amount payable is deducted from the death benefit due the beneficiary. This option is usually free and is offered by most insurance companies.
Burial Plan
BURIAL PLAN here again this type of plan is offered in one form or the other by some of the insurance companies.
Usually the benefit amount is to cover the cost of final expenses and may also offer a cost of living increase of approximately 3% per year to a maximum of $15,000.
These benefits vary from company to company. Medical requirements are minimal to non-existent.
This guide provides only basic information. You can get more facts from the insurance professionals at Field Insurance Brokers Inc.
Coinsurance - What Does It Mean
As It Relates To Health Insurance
A provision stating that the insured and the insurer will share all losses covered by the policy in a proportion agreed upon in advance, i.e., 80-20 would mean that the insurer would pay 80% and the insured would pay 20% of all loses.
Choosing between health plans is not as easy as it once was. Although there is no one “best” plan, there are some plans that will be better than others for you and your family’s health needs. Plans differ, both in how much you have to pay and how easy it is to get the services you need. Although no plan will pay for all the costs associated with your medical care, some plans will cover more than others.
Deductible - What It Is & How It Works
As It Relates To Health Insurance
A DEDUCTIBLE is the amount you pay for a covered loss before the insurance company begins picking up the bill. For example, if you owned a policy with a $200 deductible and you suffered a covered loss totalling $1,000, you would pay the first $200 and the insurance company would pay the remaining $800. If the loss were only $200, you would pay the entire amount and the insurance company would pay nothing.
Householders - Ways to save on your policy
- There are several ways to save on your homeowners insurance.
- You can save money on homeowners insurance in a number of ways. Discounts from your insurance company are available for a wide variety of reasons, ranging from the type of building material used to build your home to if you have installed smoke alarms. These discounts will vary from one insurance company to another.
- Here are a few of the ways we suggest by which you can save money on your Homeowners’ Policy.
- Shop aroundLet us as your Insurance Broker check with many different insurance companies to get the best quotes. Do your friends or family members like their homeowners insurance company?
- Raise your deductibleThe deductible is the amount of money you have to pay towards a loss before your insurance kicks in. Typically, deductibles start at $250 & can run up to as much as $5,000. Just make sure you can afford to pay the higher deductible out of pocket if something should happen.
- Insure your home, not the landWhile your home and its contents are at risk from fire, theft, hurricane, and other perils, the land your home sits on is not. Do not include the value of the land in deciding how much homeowners insurance you need to buy.
- Improve security and safetyItems such as dead-bolt locks, burglar alarms, and smoke detectors can usually bring discounts of five percent each, depending on the company. Not all insurance companies may offer discounts even if you have installed these additional home-security systems. Just let us at Field Insurance Brokers Inc. know that you have the additional security in place and we will check with the insurers who offer the various discounts.
- Senior discountsIf you’re at least 50 years old and retired, some insurance companies will offer as much as a 5 percent discount.
- Check your policy annuallyYou want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments. If, for example, you just sold a valuable painting, you will not need the same amount of coverage; but if you added a garage, you will need to increase your coverage. This can be done in conjunction with your Account Representative at Field Insurance Brokers Inc. who is there to assist with expert advice.
- ExtensionsYour policy has the availability of supporting extension. An extension to your Home Policy will attract a minimal cost to you, but could protect you from unforeseen liabilities or claims against you.Give us a call and discuss any of these areas with an Account Representative at Field Insurance Brokers Inc. to determine what extensions you may be eligible for with your Homeowners’ Policy.
Householders - What Content Is Normally Covered?
How do I buy Life Insurance ?
When you buy life insurance, you want coverage that fits your needs.
First decide how much you need – and for how long – and what you can afford to pay. Keep in mind the major reason you buy life insurance is to cover the financial effects of the unexpected or untimely death. Life insurance can also be one of the many ways you plan for the future.
Next, learn what kinds of policies will meet your needs and pick the one that best suits you.
Then, choose the combination of policy premium and benefits that emphasise protection in case of early death, or benefits in case of long life, or a combination of both.
It makes good sense to ask your Broker to help you. As a full service Broker, we can help you review your insurance needs and give you information about the available policies from any of the insurance companies. If one kind of policy does not seem to fit your needs, ask about others.
This guide provides only basic information. You can get more facts from the insurance professionals at Field Insurance Brokers Inc.
How do I find good value in life insurance ?
After you have decided which kind of life insurance is best for you, compare similar policies from different companies with your Broker to find which one is likely to give you the best value for your money. A simple comparison of the premiums are not enough; there are other areas to consider. For example:
- Do premiums or benefits vary from year to year?
- How much do the benefits build up in the policy?
- What parts of the premiums or benefits are not guaranteed?
- What is the effect of interest on money paid and received at different times on the policy?
- How quickly does the cash value grow? Some policies have a low cash value in the early years that build quickly later on. Other policies have a more level cash value build-up. A year-by-year display of the values and benefits can be very helpful.
- Are there special policy features that particularly suit your needs?
How does a claim affect your car insurance
Void
Your insurance company may treat your policy as VOID if fraud or misrepresentation has occurred.
In fact, the insurance company may refuse to honour any claims where it finds that there is a discrepancy in the information provided by you during the lifetime of the policy. The course of action taken will depend on the seriousness of the breach.
More Stringent Terms
Depending on the circumstances of the accident, in addition to loss of NCD (No Claim Discount), the company may wish to impose different terms, such as restricting who can drive the car, loading the premium, or increasing the policy excesses.
How much Life Insurance do I need ?
Here are some questions to ask yourself:
- How much of the family income do I provide?
- If I were to die early, how much would my spouse and especially my children, get?
- Does anyone else depend on me financially, such as a parent, brother or sister?
- Do I have a mortgage?
- Do I have children for whom I’d like to set aside money to finish their education in the event of my death?
- How will my family pay final expenses and repay other debts after my death?
- How will inflation affect my future needs?
- How have I planned for my retirement?
- If I were to become disabled how would I continue to receive income?As you figure out what you have to meet these needs, consider that as a general rule you will require 5 to 10 times your annual income.Count the life insurance you have now and include any group insurance where you work. Don’t forget your National Insurance, company and personal pension plan benefits.Add other assets you have: savings, investments, real estate and personal property.Ask yourself which assets would your family sell or cash in to pay for expenses after your death.At Field Insurance Brokers Inc.we can assist you in your Estate Planning needs.
Should I have my vehicle valued?
YES!
Since the introduction of the secondary car market, namely that of the re-conditioned cars, values on vehicles as a whole have not been as predicatable as in the past. Having your vehicle valued once a year does a few things.
- Most importantly your premium in most cases will go down with a lower value. This results in savings to you!This means that you only pay a premium for what your vehicle is worth. This alleviates a lot of additional stress and uncertainty should your vehicle become severely damaged.
Term Life Insurance vs. Permanent Life Insurance
Few people who have analysed life insurance have escaped the great debate over “Term vs. Permanent” life insurance.
The wrong kind of permanent or term insurance can do more damage to your financial plans than just about any other financial product today. The basic conflict is which product best fits your long-term needs. It is important because it revolves around the first and most important decision you must make when buying life insurance: Term, permanent, or a combination of both?
In essence, there are two categories of life insurance. Term life policies offer death benefits only for a specific pre-determined amount of time. So if you die within that contracted period of time, the insurance company will pay the death benefit. If you live beyond the contract period…. no death benefit. In essence you walk away with neither liabilities nor benefits.
More about Permanent Insurance
“Permanent” life policies offer death benefits and a “savings account” (also called “cash value”) so that, if you live, you usually get at least some of, and often much more than, the amount you spent on your premium. You get this money back either by surrendering the policy or by borrowing against it.
DISADVANTAGES of Permanent Insurance
Required premium levels may make it hard to buy enough protection.
It may be more costly than term insurance if you don’t keep it long enough.
DISADVANTAGES of Term Insurance
Does not accumulate any equity or cash value.
Provides coverage for only a specified time. It’s like renting a house; you don’t own it.
Typical Life Insurance Policy Options
- Accelerated Death Benefit
- Waiver Of Premium
- Accidental Death and Dismemberment
- Conversion Option
Waiver of Premium Rider
The Waiver of Premium Rider provides that, in the event of total disability, the insurance company will waive the premium.
If total disability begins before age 60, premiums will be waived as long as the disability lasts.
If total disability begins between ages 60 and 65, premiums will be waived for the greater of two years or to age 65.
It is important to note that not all Life Insurance policies carry the same benefits explanation. You should check with us at Field Insurance Brokers Inc. to have your policies clearly explained if you are unclear.
What are my Personal Tax Incentives
For information on Tax Incentives, see our Tax Tool
or contact us at:-
Field Insurance Brokers Inc,
Penlee,
Chelsea Road,
St. Michael,
BARBADOS.
What Is the right kind of Life Insurance For Me?
All policies are not the same. Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others may offer benefits while you are still living. Your choice should be based on your needs and what you can afford.
There are two basic types of life insurance: Term Insurance and Whole of Life
Insurance also referred to as Permanent Insurance.
Term Insurance generally has lower premiums in the early years, but does not build up cash values that you can use in the future. You may combine Whole of Life life insurance with Term Insurance for the period of your greatest need for life insurance to replace income.
There is also an Endowment plan that provides a benefit to you if you live to a specified age or will pay your beneficiaries a benefit if you die before the policy matures. Cash values accumulate at a higher rate than that of the Whole of Life policy; however, the premiums are higher as well.
At Field Insurance Brokers Inc. we can determine the type of plan that best suits your needs after an analysis.
What to do after an auto accident
Contact your Road Rescue Team and then Field Insurance Brokers. This gives Road Rescue the opportunity to document the scene. Below are recommendations for information required in order for us and the relevant insurers to best handle your claim.
- Obtain the names and addresses of other drivers involved.
- Note their vehicle Registration Numbers(s) and make/type of vehicle.
- Ask for the name of the owner, their insurers and their policy or certificate number.
- (a) Note names and addresses of independent witnesses; (b) Make a rough diagram of the accident.
- If anyone is injured produce your Certificate Of Insurance. If you do not give this information at the scene of the accident, produce it for the police as soon as possible and not later than 24 hours after the accident. If there is injury to any person or animal or damage to another vehicle, or other property, give your name and address, the name and address of the owners of the vehicle, which you are driving, and its Registration Number to anyone who has reasonable grounds for wanting them.
- Report to Field Insurance Brokers Inc., any statement made at the scene of the accident by any of the parties. Do not discuss whose fault it was as this may create difficulties for your insurers in their handling of your claim.
- Inform Field Insurance Brokers Inc., as soon as possible even if you do not intend to make a claim. This is a condition of your policy.
- Fill in the insurers Claim form* completely and include any additional relevant information not given in answer to the direct questions found on it.
At Field Insurance Brokers Inc., we are here to assist you in any way possible.
Where do I go to have the vehicle valued?
Usually the insurers prefer a written valuation from the authorized dealer for your vehicle or the Ministry of Transport and Works (MTW). However, they will also accept a valuation from a recognized garage as well.
Usually no appointments are necessary for this to be done and the fee, if any, varies from valuer to valuer. Kindly check to confirm the specific details from your selected valuer before proceeding.
We at Field Insurance Brokers are here to help you understand your policy and if you are not clear on any area please do not hesitate to ask your Account Representative.
Why should I buy Life Insurance?
Life insurance is one of the necessities of life. However, few people like paying for life insurance policies.
A key factor to consider in buying life insurance is to cover the income your family will be unable to replace in the event of your untimely death. This amount of life insurance is often in the range of five to ten times your annual income.
As your income goes up, additional life insurance will be necessary for your family to maintain its standard of living and quality of life. Check to see if your current life insurance policy is adequate to meet your family’s needs today.
If you are unsure, ask the life insurance professionals at Field Insurance Brokers
Why use a Broker?
Why not? … Let’s remove some of the mystery to dealing with Field Insurance Brokers
- As a Broker we do the ‘shopping around’ for you. We take the frustration out of your hands and pass it on to an assigned Account Executive.
- On appointment we now become your One Stop for ALL of your Insurance and Financial Planning needs. As a Broker we manage from Single to Multiple portfolios, all under one roof. You will no longer have ”to run all over town” to pay your premiums.
- The cost to you… Well in fact there is NO cost to you. The insurance companies pay us NOT you.
- What about going direct …’Penny Wise Pound Foolish’. Theoretically you should not be quoted a premium different to what has been quoted to us as your broker.In the industry, that is considered to be good business practice. In the event you are quoted differently to the Brokerage you should perhaps carefully consider placing business with a company that would employ such tactics.It should right away tell something about that company and their practices.
- We represent you.
While the insurer is looking after their interest we are looking after yours. - Is there any risk to dealing with Field Insurance Brokers? Well…. No, we carry no risk. The insurers carry all the risk and the selection of the company is made in collaboration with You the customer.If you are not satisfied with the service you are getting …tell us. We will listen.Field Insurance Brokers Inc… The New Direction For Insurance.