Life insurance, in one shape or another, has been around for centuries. Believe it or not, the first polices were crafted by the Chinese. In the mid nineteenth century, life insurance polices emerged in the United States, slowly influencing Europe and South Africa towards the last quarter of the nineteen hundreds.

When life insurance first hit the scene, it was quite rare to know any family who had it. If you think people are skeptical now about it, you should have seen them 100 years ago. But as people learned more about the benefits, life insurance slowly built up steam.

The twentieth century provided a spark for the insurance industry. People wanted protection for themselves and their loved ones; however the central insurance offices could not meet the demand. Swarms of people were turned away because they did not have enough people on staff to handle all the claims.

Insurance brokers became the future. They traveled to people’s homes and discussed policies. They offered advice on what policy would work the best. Soon insurance brokers were regarded in the same class as doctors, lawyers, and post office workers.

Insurance brokers are much to tribute for the rise of life insurance. The sales went up dramatically when brokers started conducting business. Customers were at ease dealing with brokers, and insurance companies loved the profits they were turning up.

Insurance brokers were common amongst the town. They would walk around and friendly greet potential new clients. Some of them had offices in town where they always left an open door.

Insurance brokers became friends and experts in the field of insurance. Their training and advice spoke for itself. They were objective and willing to listen to a person’s concerns. It’s no surprise that brokers became the primary source for insurance.

The lasting trust has continued throughout the years. Today, a lot of families continue to consult the same broker they’ve had for years. Their advice is invaluable and they really appreciate the personal attention.

However, brokers have “broken down” in a small way. The internet is taking the insurance industry for good. It’s definitely the way of the future. Getting quotes and receiving insights and tips is much easier online than it is with a broker. Unfortunately these friendly little men and women are no longer needed like they use to. A lot of brokers are realizing that, and jumping ship to the internet where they can provide their insights there.

Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Life Insurance information portal

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Filed under: Life Insurance

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