Insurance Broker commission ?

[candygirl]

I am looking at taking out a life insurance policy. 2 years ago I requested a quote from a broker.
When I didn't confirm acceptance, 2 more quotes were emailed to me.

Upfront commission
1st quote on 10 March - broker commission R4k
2nd quote on 15 March - broker commission R3.3k
3rd quote on 18 April - broker commission R2.1k
(Also 1st year renewal fee which varied)

Broker commission changed although Life insurance amount remained the same!

My question is - is the commission a Broker sets negotiable?

My current quote for 2018 - Broker commission - R4.5

Thanks!

 

[Tman*]

yes it is, and its perfectly legal. The only requirement is that it should be shared with the client

edit: I received a quote for the same type of insurance years ago from a FA. Then proceeded to call the call centre to get a quote minus commission.

 

[candygirl]

Are you saying I can deal directly with Life insurance company?

 

[ToxicBunny]

Are you saying I can deal directly with Life insurance company?

Of course you can.

 

[airborne]

Of course you can.

Can you do that retroactively with a Discovery Life policy?

And for future reference if you get a quote and decide to go direct to the Life Insurer the quote less the broker commission will be the price you pay?

 

[Tman*]

Can you do that retroactively with a Discovery Life policy?

And for future reference if you get a quote and decide to go direct to the Life Insurer the quote less the broker commission will be the price you pay?

I did exactly this with Momentum. not sure about Disco tho

 

[airborne]

I did exactly this with Momentum. not sure about Disco tho

And your current premium was reduced by the amount of broker commission you were paying?
How much was that per month?

Even R50/pm adds up to R600 pa getting flushed down the drain.