What’s the difference between Insurance Agents and Insurance Brokers

    May 9, 2013

    Insurance is a necessary expense in today’s society. And Insurance agents and brokers are there to help the public understand this often confusing landscape.

    Many people don’t like having to pay monthly insurance costs. However, they need to, in order to safeguard their families.

    Adults should ensure that they have some form of life cover. Call  insurance agents for a start.

    It’s vital to select insurance that suits your lifestyle and your budget. Many people choose to use insurance agents or brokers to help them decide on the best policy for them.

    The role of Insurance brokers and you

    Insurance Agents

    Brokers are middlemen who provide a vital link between you and the insurance company.

    Their role is to assess a client’s risks and then offer the best financial advice to cover those risks.

    Insurance agents come with increased qualifications and experience and at a greater cost than agents. They are in most cases independent although they do often have links with some insurers.

    Brokers should be unbiased and provide you with quotes that suit your lifestyle.They receive a commission on policies so you can check that they aren’t signing clients to only one insurer.

    In essence, brokers work for you and must protect your interests. They should be able to provide you with a range of policies from different insurers. Including the services they offer, so you can decide on a company and a policy that suits you.

    Your broker must be proactive and inform you of any adjustments to your policies. You have the right to the most up-to-date information available

    Many brokers get new clients through word of mouth. However, before you choose an advisor, check their qualification and licence. Ensure that your broker remains in regular contact and provides you with the latest life insurance information. Go online and get free life Insurance quotes now!

    The role of Insurance agents and you

    There are two types of agent – independent and captive. Most independent agents are self-employed and sell policies for many insurance firms.

    The independent agents are impartial as they receive their fees from clients, not insurers. Make sure you check the licence of your agent before you accept a quote.

    To get a FREE life insurance quote just fill in the form on this page.

    The captive agent works for one insurer and is not allowed to sell another firm’s insurance. They are paid to work in the call centre of that insurer. These agents represent that firm and often need to be pre-approved.

    However, captive agents don’t look at your portfolio to see if you’re getting the best cover that’s around.

    Whether you choose brokers or agents, captive or independent, just make sure you choose life insurance.

    All info was correct at time of publishing