Advised and non-advised, what do they actually mean?

There are a lot of things to think about when looking into protection insurance. What insurance do you need? How much insurance? How much can you afford? The questions go on. 

Our last blog on how to get the all important protection insurance that you need, has hopefully helped you think about some of these questions. Following on from that, we thought it was worthwhile looking into advised and non advised routes in some more detail.

One thing we’re aiming to get out of this blog is knowing how you’re going to get your protection insurance. There are a number of routes, which can fall under either advised or non-advised.

Advised

Cura Financial Services is an example of an advised route. After explaining your circumstances to one of our advisers, we then research into the best insurer for your needs and make a recommendation on what type of cover we think you need and how much might be required. We will then work together to decide what options feel right to you. 

Non-advised

There are so many online comparison sites which are easily accessible, such as MoneySupermarket, where you can go online to find the different products available to you. This could be great for somebody who is after a speedy insurance journey, or who maybe doesn’t feel comfortable talking to a person face to face or on the phone, about their own personal circumstances. For some people, writing things down or doing things themselves online can feel like there aren’t as many people hearing their story, which can be comforting.

You might choose to speak to somebody to take out your insurance, as mentioned in the advised section. But you can also speak to somebody whilst going down a non-advised route. Though the process is similar, the outcome can actually be quite different.

Some brokers may offer a non-advised service. This means that they will take your information and help you with the application process. They can also explain terminology and how everything works, but there won’t be any time where they offer advice or give a recommendation. The insurers and insurance policies that they find for you will meet the criteria you have set, rather than having an adviser look into what they think may be more suitable. This option can suit you if you have an idea of what it is that you want to buy, or maybe you just want a little bit of confirmation before purchasing anything.

Which is better?

There are a number of different ways to take out protection insurance, each has pros and cons and can help people in different ways.

An advised route can be good for a person who isn’t sure about what they want, but maybe just knows they need something in place. It could be that you think you need one product but something else suits better, or a different sum assured is more appropriate, this is where an advised route can really be beneficial.

Different advisers/brokers work in different ways, some might have face to face appointments with their clients whereas others may do things in a more modern way, such as over the phone or email.

At Cura, the majority of conversations we have with our clients are over the phone. We find that this can make things a little easier for a person talking about their circumstances, health or mental health background, as disclosing certain things in person can be nerve wracking and sometimes uncomfortable.

Going down an advised route is a much more personalised experience. You will usually have a dedicated adviser working on your application. As well as a team of administrators chasing up the progress of your application and keeping you updated every step of the way. You then also have an adviser to fall back on or refer to whenever you have questions or if any problems come up. 

You might want to:

• Update your address and contact details
• Discuss increasing your cover due to a change of circumstances 
• Double check you’ve still got the most competitive policy
• Get a copy of your documents
• Place a claim
  
  

Our team is more than happy to help with these things throughout the entirety of your policy.

Many people may choose a non-advised route, which is using the likes of a price comparison website or applying directly on an insurers website, and it’s becoming much easier to do it yourself. This option works well for some people and the key thing to be aware of, is that there is nobody there giving you advice whilst choosing your options. This option can be quicker and done in your own time instead of possibly having to make appointments to complete applications etc. if you do not have any disclosures.

Without being biased, both options have benefits and can suit different people. An advised route can ensure that you have a full understanding of what you need and the cover that you have. The peace of mind that this can offer is second to none.

If you want to know more, Kathryn hosted an episode of the Practical Protection Podcast where advised and non-advised routes were discussed. Check it out below, or visit the website here.

Related blogs

How to get the all important protection insurance that you need

The PPP – Mental Health in Life Insurance

5 Tips on how to choose the right protection adviser