Why is it so important to have an insurance broker rather than doing it on your own?Updated on Aug 31, 2017
Insurance brokers make it easier for you to find the insurance policy that best represents your needs. They add an extra value to your search because of one simple fact: they work for you, not a company.
This may sound small, but it’s the best way to make sure that you get the biggest bang for your buck. When you skip the broker, and go straight to an insurance company, you’re more likely to get tricked into a plan may sound good now, but will get worse with time. Also, it is a broker’s job to run clients through the insurance process, to understand individual wants and needs, and to secure their clients the best possible plan.
If an insurance policy looks too good to be true, it probably is. When looking for life insurance, if you are simply looking for the cheapest option, term insurance is likely what you have your eyes set on. However, depending on your financial goals, you may actually find that it is not the best option for you. Unlike whole life insurance, which is pricier, but remains constant for life, term life insurance becomes more expensive as you age.
That said, there are benefits to both options: term life insurance is purchased for a specific time period, where whole life insurance covers you for life. Term life insurance is the most affordable to buy, where whole life insurance is more expensive, but can save you money over time.
For a broker, it is all about understanding the needs of a client so that we can refer them to the best match.
Another issue that many clients need to understand the importance of, is declaring your health situation. A broker will conduct a full medical analysis of an individual (including the family history) to ensure that everything goes as planned whenever he/ she needs insurance the most. This is a crucial step because claims are more likely to get denied without proper declaration. However, when your medical history is fully accounted for, you are way more likely to get the deserved payout when the time comes.
Cutting out the middle man may seem like the easiest, and fastest route to getting an insurance plan, and that may be true. It’s also the easiest and fastest way overlook important details, get locked into a mismatched plan and accidentally commit fraud or misrepresentation.
Brokers are committed to their clients every step of the process. Our clients can feel secure knowing that they are getting the plan that will best match their insurance, financial and personal needs.