What to Look For in an Independent Life Insurance Agent
Independent Life Insurance Agent make a career of assessing customers’ needs and matching them with insurance companies that can meet those needs at a price the customer can afford. They are licensed experts who can translate industry jargon and explain policy details clearly.
Their customers come to them for help in times of need, such as when a life insurance policy lapses or a home is destroyed by fire. Customers also find comfort in working with someone who knows them personally and can offer personalized guidance.
- You have a personal relationship with your agent.
A high-quality independent agent should be available to answer your questions and concerns, whether on the phone, in person or via email or text. They should be able to explain complicated policy clauses in clear terms and communicate in ways that are convenient for you. It’s also worth checking how long they have been in the industry, as this can be a strong indicator of their professionalism and ability to build trusted relationships.
A good independent agent should be able to show you how much you can save by comparing quotes from the different insurance companies they work with. They may also help you combine your policies to get better discounts and provide ongoing service as your needs change. Unlike brokers, independent agents are licensed experts who can assess your situation and recommend the right solution for you.
Independent agents typically represent several different life insurance companies and have access to a variety of policy options, coverages, and prices. This allows them to create a custom portfolio for each client based on their unique circumstances and goals. The most successful independent agents make it their job to stay up-to-date on the latest life insurance products and offerings so you don’t have to.
On the other hand, captive agents are employed by one specific company and can only sell their parent organization’s insurance products. Often, captive agents will be more likely to recommend a policy from their employer than an independent agent.
Both brokers and agents serve as intermediaries between insurers and their customers. However, the best independent agents are experts at their craft and can offer a variety of solutions that fit your specific needs. Moreover, they can help you navigate the complexity of insurance contracts and find the policy that is right for you.
An independent agent should be able to explain how much you can save by combining your policies and helping you find the best premiums on your home and auto, for example. They will also be able to recommend the best coverage options to protect your family in the event of an accident or illness.
- They are licensed experts
Independent insurance agents, also known as independent brokers, are licensed to help you shop for policies. They have passed a series of rigorous courses, exams, and training to obtain their license. As independent agents, they can apply for appointments with multiple companies to offer you a variety of insurance options. In contrast, captive agents are contracted to work for a specific insurance company and can only sell that company’s policies.
While both types of agents earn commissions and can help you find a policy, independent agents are required to put your interests ahead of their own. Captive agents often receive additional support from the companies they represent, such as marketing materials or referrals. Independent agents may choose to partner with aggregators, clusters, or agency networks to help them share business operational guidelines and marketing ideas.
An independent agent will work with you to review your needs and offer options that fit your budget. They will explain the benefits and costs of each policy and why one option might be better than another. And because they don’t work for a specific insurance company, they have no financial incentive to push you toward a particular policy.
Many independent agents are also local residents and take pride in serving their community. They are the people you can turn to for advice in a crisis or just a simple question about how your policy works. They are more likely to be around in a time of need than a national call center where you have to wait on hold for what seems like forever.
Working with an independent insurance agent may cost you more than using a captive agent, but they can save you a lot of time by shopping for quotes on your behalf. They can also help you understand your options so you can make an educated decision about the type of life insurance you need. The best part is that when you’re ready to purchase, they’ll be there to guide you through the process and answer any questions. They really are your advocate. And who doesn’t want that?
- They are consultants for a lifetime.
Independent agents often have access to more policies than their captive counterparts because they work with a number of insurers and aren’t tied down to one specific company. This means that they’re able to provide clients with a range of options that will suit their needs and budgets.
Additionally, independent agents can offer advice based on the experiences of other customers. They can also assist you in filing a claim, acting as a liaison between you and the insurance company to ensure that your case is treated fairly.
Because they’re not tied down to a single company, independent life insurance agents can help their clients compare policy options and pricing from various carriers. They can then make a recommendation based on the specific requirements of the client. They’ll also take the time to walk through the options with you so that you can understand all of the information and make an informed decision.
Another advantage of working with an independent agent is that they can provide ongoing support and assistance throughout the duration of the policy. This includes handling any claims that may arise and even offering assistance with things like modifying your coverage as your circumstances change.
In addition, independent agents can be a great resource for small businesses. They can advise on the specific risks and coverages that are available for companies of a particular size, as well as help to find solutions for any gaps in coverage.
Insurance can be complex, but independent agents are knowledgeable and can translate industry jargon into plain language for their clients. They’re licensed experts who have spent years gaining the skills and knowledge to help their clients navigate the process.
The best independent insurance agents are committed to helping their clients protect what’s most important, and they understand that the needs of each client can change over time. That’s why they provide regular reviews of their clients’ policies to ensure the coverage meets their needs. They can also assist their clients through major life events, such as getting married, having children, renovating their homes, adding a new driver to the car insurance policy, or purchasing a retirement condo.
- They know your community.
Independent agents often live and work in the community they serve. They understand local risks and can help you find the right policies to protect your family, business or estate. They are available to answer your questions and explain complex insurance terms in simple, easy-to-understand language. Independent agents also can assist you when claims arise, providing the support and expertise you need during a difficult time.
On the other hand, Captive agents represent one company and sell products exclusively from that company. As a result, their advice may be biased toward that particular insurer’s offerings, even if it is not the best policy for you. Independent agents have no such affiliations and, as a result, are better equipped to offer impartial advice about your life insurance needs.
In addition, an independent agent can help you switch companies if your current provider experiences rate increases, adds a new product that conflicts with your current coverage, or otherwise fails to meet your needs. In contrast, a captive agent will usually be limited in their ability to offer a competing product or will simply not have the products they need to meet their unique requirements.
Independent agents can also offer a wider range of options to meet your life insurance needs, including different types of policies and coverage amounts. They can also help you combine policies to achieve a greater level of savings or more comprehensive coverage.
Aside from being a knowledgeable source of information about life insurance, independent agents are typically known for their dedication to the communities they serve. They may host fundraisers, sponsor a children’s sports team, or donate to the local chamber of commerce. These activities give them a chance to build a rapport with community members and show that they are more than just another insurance salesperson.
With so many advantages to working with an independent insurance agent, why would you choose anything less.
