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Taking A Closer Look At Brokers And Life Insurance Policies

Author : Frederick Singletonne

If getting insurance and life insurance quotes is a mission for you, you may be doing it completely wrong! There are plenty of tools available to assist individuals with getting cheaper, more extensive quotes. You can log onto the internet and compare several insurance quotes in a couple of minutes. You are able to pick up the phone and speak to a skilled insurance professional who will be able to assess your needs and wants. Or you can merely follow the simplest route of all and make use of an insurance broker.

A broker is seen as the man in the middle, the link between the life insurance company and the client, the arbitrator between the buyer and the seller. This person will basically represent the client and act on behalf of the client and for that reason brokers need to be specialists in their field. The last thing you would want is being saddled with an unqualified broker - then you could possibly be off even worse than when trying to make sense of insurance coverage on your own!

Brokers can deal directly with the life insurance company, or they can deal with an agent at the firm. This is then also the first big difference between a broker and an agent - an agent usually works for a specific insurance carrier, whereas a broker is able to supply and sell policies from various different insurance firms. Brokers will normally be able to offer their clients great bargains, as sourcing the best insurance policies are essentially their fulltime jobs! Where an agent might try to push you to invest in his specific insurance company, a broker will normally act in the best interest of their customer.

You should make sure that the broker that you choose is in fact licensed as a financial service provider. The Financial Advisory and Intermediary Services Act of 2004 manages broker registration and you are therefore permitted to request to see a broker's license, before trusting him/her with your insurance needs. This act also specifies that brokers must supply their customers with certain info. You, as the consumer, should ask your broker to thoroughly explain your insurance policy and if there are any conditions and exclusions that you should know about. Ensure that they also clarify the claims course of action to you - will you be able to claim through your broker, or will you be required to contact the insurance firm directory? You are also entitled to know which insurance company you are insured with and what the benefits and premiums associated with the insurance plan are.

Brokers normally receive commission payment directly from the life insurance carrier they sell insurance policies for. This is referred to as brokerage. Brokers are also permitted to charge a consulting or policy fee for their services, but many brokers will purely work on the insurance commission. Commission is usually a portion of the policy in question, but may also be a set contract price - this is fortunately something that the broker and the insurance carrier need to determine and does not concern the client.

Using a broker is like having a full-time insurance assistance - you really have nothing to lose and everything to gain!

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Tags:   life insurance, insurance

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Submitted : 2011-02-23    Word Count : 870    Times Viewed: 234