This article explains the benefits of dealing with a life insurance broker compared to a captive agency (an agent who mainly deals with one provider). These days there are many different ways to purchase insurance, but there are very good reasons to use an insurance broker’s expertise to help you make the best informed decisions.
A life insurance broker works as your personal advisor on insurance matters. They are working for you and not the insurance company to ensure that you, your family and your business are properly protected.
Brokers provide expert, unbiased advice on your individual insurance needs. Unlike a lot of captive agencies, where they are focused on selling you something from one certain company, with a broker your interests come first. It is the focus on the client’s needs rather than their own that sets the broker apart from all other insurance options.
Life insurance brokers are licensed professionals. They are able to bring their experience and judgment to their role as your personal financial advisor. Most importantly, they are free to make unbiased recommendations. It is their first and only responsibility to serve your interest- advice you can trust.
Many people are not aware that brokers have access to a wide selection of some of the best insurance providers in the country, some of who do not sell to the public directly. Once a broker has properly assessed your individual insurance needs, they are able to do the shopping for you to find you the right product, coverage at a competitive price.
It used to be that most people would prefer to have a face to face conversation with a broker to discuss their insurance coverage’s. With all of the changes in today’s market place, most of your dealings with a broker can be done in whatever way you are most comfortable with, or that fits into your busy life, such as telephone or email.
Level of Trust
Insurance brokers work to a principle of utmost good faith. Your insurance broker will put your interests first, rather than those of the insurance company they deal with. Working with a broker provides you with confidence knowing that the recommended coverage is right for you and your family’s needs. The advice you are receiving is independent of any insurance company, so you can be sure that their recommendations are always in your best interests.
Life insurance brokers have a wealth of knowledge on all aspects of insurance, investments and the financial world as a whole. They are experts at risk assessment and how to properly protect you and your family’s interests whether it’s protecting you from an unexpected death, injury or illness. There is ongoing professional education that is required and used on a daily basis. You can feel comfortable knowing that the coverage you receive is the coverage you need.
In the event that you need to make a claim, your insurance broker is there to help ensure that you receive fair and prompt payment. In the event that there is a dispute, your broker will act as your advocate with the insurance company. It is proven that a broker’s knowledge and contacts can help settle a disputed claim in most cases.
There is no additional fee or cost to use the services of an independent broker. Brokers are paid a commission by the insurance company that they place your business with. There are no financial incentives for a broker to pick one company over another. We are completely open about our transactions and encourage you to ask us about our remuneration.
We hope this helps you understand the benefits of dealing with an insurance brokerage like ourselves. If you have any questions regarding your personal situation or products that you may already own, please do not hesitate to contact us.