You should purchase life insurance from an independent agent who has access to the majority of life insurance companies. It’s important to review a brokerage spreadsheet to give you some solace that you’re reviewing the best quotes available in the market. There are also online distributors of life insurance that offer a huge selection of companies.
You should be life insurance from an agency that offers a selection, has knowledge of health and products so they can match you with the best one for your health, and does their business in a respectful and ethical manner.
Life insurance rates are set, but the health rating you get will affect your rates, and the expertise and customer service of your agent can affect the rating you end up with. Starting out with someone who appears to know what they are doing can save you lots of time, money and frustration.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
You should buy life insurance from a life insurance agent that you trust. If you don’t know such agents get a recommendation from your friends, colleagues or neighbors. That good agent will take the time to listen to you, offer sound financial advice and communicate clearly with you and the insurance company.
President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
I have given a lot of thought to this question. As you know, I sell life insurance professionally. It is a very competitive marketplace, and consumers have many options. You can go to independent brokers. You can go to captive agents. You can go to P&C brokers, group benefits consultants, financial planners. You can go to bankers, accountants, stockbrokers, and virtually every other financial professional who cross-sells.
You can go on-line. You can go to some companies directly.
I have staked my ground as a self-employed, independent, life insurance specialist. I think this model equips me to give not just good service, but outstanding service to my clients. I will tell you why.
You cannot be a jack of all trades and master of none. Life insurance is not an add- on commodity. It happens to be the most complex and extensively underwritten financial product in the marketplace. In some cases, you can go through more hoops buying life insurance than if you were buying a business.
A life insurance broker needs to be a master of the underwriting process. He has to guide people through those hoops to get the most desirable results. Therefore he has to specialize in this product, and this product only. Financial representatives who have become expert in another niche simply cannot master a second one.
How many master builders out there are also master electricians and master plumbers?
The broker also has to be independent. It’s not just a question of having access to multiple companies because different companies will be competitive for different insurance. It’s also a question of having access to different distributors. Different general agents will have leverage with different underwriters in different companies. You can’t just affiliate with one wholesaler and expect them to get the job done right for everyone of your clients. You need to spread your business around.
Treating your sales practice like a business is also key. You are not just a salesman, and you are not just an expert. You are a businessman who cannot survive without clients. You do not get paid until they are happy with the policy they bought. You need to have an attitude of keeping the customer satisfied. And that starts with making integrity the core of your business model.
Every quote given should be both competitive and reliable. People should know what they’re getting before they sign on the dotted line. They should expect to get approved at the rate quoted. This is a normal expectation every consumer has. Whether you aree buying a toaster, a car, or an entire corporation, the product must be delivered at the agreed-upon price.
This means that the life insurance salesman must make a commitment and an investment in every client taken on. He will have to negotiate and advocate on behalf of the client to make sure that all parties involved in the prequalification and underwriting processes perform with integrity.
This way you as the consumer will be a happy camper when you do business with that broker. And that is the bottom line.
All the points above are great... let me make mine short & sweet since I'm late to the game here.
1. Underwriting... We work with 50+ carriers. Why? Great question. Even 5 pounds can make a difference. Plus, family history, hobbies, occupation, & much more. We have a survey with over 80 questions that we use to "Match Make" between you & the carrier. That is NOT to toot our horn... it's to say that we don’t miss any factor that could impact the health tier you receive. *** If your agent isn’t asking A LOT
2. GET MORE for your money… There are several types of life insurance… so not to debate the types here… I want to pick on the very commonly bought, Term Life. Only about 3% of term life policies ever pay out. THREE!! Everyone should own life insurance in case they are one of the 3%. However, guys have a 50/50 chance of getting cancer… ladies, it’s 1 in 3. There is a new generation of life insurance that will pay a benefit and you DON’T have to die… Look into it.
-gravy
Regional Marketing Director, Capital Choice Financial Group,
When purchasing life insurance it is good to find and agent that you can trust. An agent referred to you by a close friend or relative is always the best thing most of the time. Much like buying a car, do your research first on the type of policy that is best for you. Look up well-known financial gurus like Dave Ramsey, Suzie Orman, or Chris Hogan to get some quick highlights on the dangers in certain life products. Most of my clients come from referral and I sell only term life insurance and show people how to pay down their debt and invest more money. I have been in business over 23 years helping clients become debt - free and financially secure.
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Life insurance rates are set, but the health rating you get will affect your rates, and the expertise and customer service of your agent can affect the rating you end up with. Starting out with someone who appears to know what they are doing can save you lots of time, money and frustration.
You can go on-line. You can go to some companies directly.
I have staked my ground as a self-employed, independent, life insurance specialist. I think this model equips me to give not just good service, but outstanding service to my clients. I will tell you why.
You cannot be a jack of all trades and master of none. Life insurance is not an add- on commodity. It happens to be the most complex and extensively underwritten financial product in the marketplace. In some cases, you can go through more hoops buying life insurance than if you were buying a business.
A life insurance broker needs to be a master of the underwriting process. He has to guide people through those hoops to get the most desirable results. Therefore he has to specialize in this product, and this product only. Financial representatives who have become expert in another niche simply cannot master a second one.
How many master builders out there are also master electricians and master plumbers?
The broker also has to be independent. It’s not just a question of having access to multiple companies because different companies will be competitive for different insurance. It’s also a question of having access to different distributors. Different general agents will have leverage with different underwriters in different companies. You can’t just affiliate with one wholesaler and expect them to get the job done right for everyone of your clients. You need to spread your business around.
Treating your sales practice like a business is also key. You are not just a salesman, and you are not just an expert. You are a businessman who cannot survive without clients. You do not get paid until they are happy with the policy they bought. You need to have an attitude of keeping the customer satisfied. And that starts with making integrity the core of your business model.
Every quote given should be both competitive and reliable. People should know what they’re getting before they sign on the dotted line. They should expect to get approved at the rate quoted. This is a normal expectation every consumer has. Whether you aree buying a toaster, a car, or an entire corporation, the product must be delivered at the agreed-upon price.
This means that the life insurance salesman must make a commitment and an investment in every client taken on. He will have to negotiate and advocate on behalf of the client to make sure that all parties involved in the prequalification and underwriting processes perform with integrity.
This way you as the consumer will be a happy camper when you do business with that broker. And that is the bottom line.
1. Underwriting... We work with 50+ carriers. Why? Great question. Even 5 pounds can make a difference. Plus, family history, hobbies, occupation, & much more. We have a survey with over 80 questions that we use to "Match Make" between you & the carrier. That is NOT to toot our horn... it's to say that we don’t miss any factor that could impact the health tier you receive. *** If your agent isn’t asking A LOT
2. GET MORE for your money… There are several types of life insurance… so not to debate the types here… I want to pick on the very commonly bought, Term Life. Only about 3% of term life policies ever pay out. THREE!! Everyone should own life insurance in case they are one of the 3%. However, guys have a 50/50 chance of getting cancer… ladies, it’s 1 in 3. There is a new generation of life insurance that will pay a benefit and you DON’T have to die… Look into it.
-gravy