You can’t buy insurance without a broker or agent
If you’re thinking about getting life, long-term care, or similar types of insurance, you’ll need help from a professional. Insurance isn’t something you can go out and buy on your own. You need to go through a licensed insurance agent or broker.
FYI, an insurance agent represents one company and a broker represents multiple insurance companies.
You need an insurance broker or agent you can trust
Insurance products are confusing. You’ll need someone you can trust to steer you in the right direction. A reputable insurance agent or broker helps make sure you’re paying a fair price for the amount of coverage that’s right for your situation.
4 tips to find a trusted insurance broker or agent
Ok, so how do you find someone you can trust? We asked Wendy McLaughlin, a New York Life insurance agent with over 25 years of experience, for advice. She told us to look for these key qualifications when choosing an insurance representative.
1. Number of years in the business
Having more years of experience is important in this business. They should be more familiar with the various types of insurance products and will have seen firsthand how these products have been working for their clients.
2. Represents a good company
Each insurance agent or broker represents one or more insurance firms. Make sure the agent or broker you’re considering is affiliated with strong, reputable companies.
Typically, these are the big names that you’ll see in TV and print ads like New York Life, Mutual of Omaha, Genworth, and John Hancock.
3. Professional designations
A good agent or broker usually has lots of letters after their name. This means that they’ve completed extra training to get these additional licenses. You can think of it as going to more “insurance school” to get advanced knowledge.
- CASL – Chartered Advisor for Senior Living
- CLU – Chartered Life Underwriter
- ChFC – Chartered Financial Consultant
4. Customer service
Working with someone who is professional and responsive is always important. Some questions you can use to evaluate someone are:
- Are they polite?
- Do they return your calls in a timely manner?
- Do they take time to explain things to make sure you understand what you’re getting in to?
- Do they follow through with what they said they’ll do?
No matter how honest and amazing your insurance representative is, you’ll still need to do a little work to make sure you’re doing what’s best for your senior and yourself. The best way to do this is to ask questions, make sure you understand your options, and do a little research on your own after hearing about recommended products.
By DailyCaring Editorial Staff