The David (The Bank) & Goliath (Insurance Adviser)
As an insurance adviser I feel it is my job to know all of the options and therefore to be able to give an honest opinion on the various policies and this is why I created a website specifically for Mortgage Protection Insurance.
Today I explain a little about my new website and the David & Goliath battle … almost anyway!
About Kiwi Insurance Advisers
Unfortunately most insurance advisers are really just insurance salespeople trying to sell the largest possible premiums with the insurance company that they will tend to give all of their business to.
But there are a few good advisers!
To be fair, the insurance companies offer huge incentives to advisers that write a lot of business with them. These incentives may be in the form of larger commissions, gifts and travel. It can be very appealing to get an overseas trip with all the trimmings paid for but it also often means an adviser needs to focus on placing almost all their new business with a specific company in order to qualify, and that often means not offering the clients (you) the best options or advice.
Why I Created This Website
When comparing and reviewing the options available to you it became obvious that we were collecting a lot of valuable information, but them only making it available to a limited number of people.
If we were going to spend the time to create a report we knew it takes no longer to share this on a website (rather than a document) where it could be seen and used by thousands of people.
The Website Concept Was Born
So I decided that a website would be the easiest and most user friendly method of sharing the information.
Check out this new website and let me know what you think.
Insurance Policy Reviews
To add real value I decided that I would complete reviews on all of the mortgage protection policy’s including those that I already knew and sold, plus those made available through the banks. So I started collecting information and requesting policy documents from anyone that was promoting mortgage protection cover.
To be fair to the various insurance companies and banks I asked them to review what I had written to ensure that it was accurate and to give everyone an opportunity to comment on what I had written.
This Is Where It Got Interesting…
We emailed a bank for information and to ask them to review what we had written, thinking we had given a fair and impartial view – and it was an okay review.
But for reasons unknown the bank (who will remain unnamed at this stage) decided that they did not want their products reviewed. Instead of discussing any of this with me, they had their legal team look into it and when they finally contacted me it was a one-sided conversation with them quoting where I had potentially breached our lenders agreement (we have a lending agreement with Mortgage Link) and they even tried to say I might be in breach of some law as I did not “sell” the banks insurance products.
I am really not sure why they were so upset at having anyone review their product?
Where To From Here?
I did not have the time or resources to debate the issue, so I took down the reviews on any product that I do not have access to sell. It seemed easier to take down the information at this stage!
But I do believe that people (like you) need access to information on all products available so they know the differences and can make an informed decision. My understanding is that no bank or insurance company can stop me as an insurance adviser reviewing their insurance products as long as I represent the products truthfully which of course I would, so watch this space and you may see some reviews coming soon.
Please comment and let me know if you would like to see reviews, and also let me know if there are any specific insurance policies that you would like me to review.