Benefits of Working With an Independent Insurance Agent in [2024] + YouTube Video
The benefits of Independent Insurance Agents are much greater than most consumers realize. Independent insurance agents are also known as Insurance Producers, Brokers, Advisors, and Insurance Consultants.
They serve as liaisons between consumers and the insurance companies they intend to apply with.
Even long after the individual has had their policy issued and in force. The independent agent is committed to assisting you with any questions or issues that may arise.
The information you will see below will further explain the description and benefits of independent insurance agents. This goes hand in hand with their role and commitment to serving their clients.
Table of Contents
- What Is an Independent Insurance Agent?
- YouTube Video: Applying for Life Insurance
- Essential Duties of an Independent Agent
- What if I have Health Conditions
- Height & Weight Issues
- Independent vs. Captive Agents
- Benefits of Working With Independent Agents
- How Much Does an Agents Help cost?
- Our Final Thoughts
What Is an Independent Agent?
The first concept to keep in mind is that independent agents do not work for insurance companies. As their name implies “independent”, they are self employed and work for their clients best interests.
Independent insurance agents act as your personal guidance for numerous insurers that empower them to provide you with a policy. Agents are obligated to possess a license and a written contract from every company detailing the agent’s permitted actions as the insurer’s representative.
They also serve as sales representatives for many insurance carriers from coast to coast. Insurance advisors as they are often referred to generally work with a wide range of companies. This even includes some of the smaller companies you may not have heard of. Some of these smaller companies offer the best rates and plan designs.
Due to their knowledge of these smaller insurance companies that cater to specific markets. They can assist you in obtaining affordable coverage or addressing any intricate insurance requirements you may have.
Benefits of Working With an Independent Insurance Agent: YouTube Video
When an individual contacts an agent for premium quotes or policy related information. Independent agents will assist their clients with any questions or concerns they may have at no cost or obligation.
An example of this would be in our case with life insurance. This begins with a risk assessment based on possible medical conditions followed by the projected premium quoting process and then into the application itself.
This service would continue all the way until the client is issued a new policy. The agent would also be the insured’s top point of contact for any help needed for the lifetime of the policy.
The ability to work with several insurance carriers enables them to give their clients a wide range of coverage choices and pricing. A key responsibility for them is ensuring clients obtain suitable insurance coverage with the lowest rates.
What Can My Agent Do if I Have Health Conditions?
One of the most important duties of an agent is to help their clients secure life insurance if they have health conditions. Most people as they grow older have health conditions or even multiple health conditions that could create a situation when they get ready to apply.
This is where independent agents come into play with their ability to shop the market for the insurance carrier that would be the most liberal towards an applicant’s medical issues.
Our office is contracted with over 40 of the most competitive carriers that can offer excellent rates to applicants that don’t have a good health history. Carriers such as Prudential offer some of the best life insurance rates to people with health concerns.
Smoking & Tobacco Use
Many people use tobacco, especially smoking cigarettes. Your agent can place you with a company that is not sensitive to tobacco users. Again, this is very important to make sure you apply with the proper life insurance company.
Using one of the carriers that offers good rates to smokers is crucial. This is due to the fact that you could be facing a rate increase of over 200% if you don’t.
The price gap is significant among carriers when it comes to insuring tobacco users. Your agent, with their expertise, can identify companies offering more affordable life insurance rates for smokers.
Conducting a Risk Assessment Before Applying
All experienced independent agents will run a risk assessment before having their clients apply. This will eliminate any surprises down the road during the application process.
Risk assessments are informal and ask a few questions to identify any health conditions, hazardous occupations or sports that could impact your rates.
This also helps your agent determine which company would be your best choice to apply with. The goal is to help you accomplish a smooth application and get approved with the best possible rates.
What Happens if I am Overweight or Obese?
A large portion of Americans are overweight to some degree or another. Agents work with people who are overweight or obese on a regular basis. They will normally have an acceptable solution for their clients to follow.
Your agent will use a height and weight build chart that will help them choose the best insurer that is the most liberal when it comes to weight issues.
Captive agents that work with only one carrier lack the resources to choose the best life insurance companies for overweight people.
Applying with the wrong carrier for height and weight issues could lead to very high rates or even be declined. This is another reason to choose an independent insurance agent over captive agents.
Independent vs. Captive Agents
An insurance agent who is bound to a specific company is often referred to as a captive agent who represents only one insurance provider. The scope of their sales is limited to the products offered by that one and only insurer. Independent agents sometimes work with over fifty different insurance providers.
A disadvantage of working with captive agents is that they typically have sales targets to meet. This may result in more forceful selling techniques as they strive to satisfy their supervisors. This could potentially overshadow your much needed requirements for proper coverage.
The major drawback of working with captive agents is that they are limited to offering policies from their specific company, resulting in fewer pricing and coverage choices.
Knowledge & Experience
Aspiring to be independent agents is a common ambition among insurance professionals. Given the benefits of flexible work hours, abundant learning possibilities, and increased success.
Captive agents have long been the starting point for new sales agents. This offers them the necessary experience and assurance to eventually work independently.
Experience is a significant advantage for the independent agents. As they have been in the business longer than captive agents. One concept to remember is that there is no substitute for experience.
Excellent Customer Service
Many captive agents and independent agents alike go above and beyond for their clients. However, captive agents are at a disadvantage since they’re limited to discussing offerings from more than a single insurer.
Seasoned independent insurance agents excel in their profession. This is due to their extensive industry knowledge and ability to identify and provide tailored solutions for their clients.
Benefits of Working With Independent Agents
Working with an independent insurance agent to identify the most beneficial policies from numerous carriers can be a source of stress. The process of gathering insurance quotes from multiple companies, interpreting the terminology, and selecting the right coverage can be complex.
That’s where an independent insurance agent comes in. An independent agent is licensed and authorized to sell many insurance carrier products.
This is because independent agents are not bound to one insurance company. They will be able to shop the entire market for you and provide you with a variety of highly competitive quotes. This will help you find the perfect match for coverage, pricing and customer service.
How Much Do Agents Charge?
There is absolutely no cost or obligation whatsoever. Your independent insurance agent will assist you every inch of the way.
If you decide not to apply, there is no obligation at all. Your agent will also be there to provide personalized customer service for the lifetime of your policy.
Our office provides this service 7 days a week which even includes holidays. All you have to do is contact us on the phone or send us an email.
Our Final Thoughts
Connect with an independent agent such as ourselves to help you find the right life insurance policy at the lowest
premium. We work with over 40 of the most competitive companies to make sure you get the lowest rates.
Your new policy should also fit your budget without becoming a financial burden. Don’t hesitate to contact us with any questions you may have seven days a week.
Thank you for taking the time to read this blog post!
All the best,
Jack Venturi
Should you have any questions or need assistance, please don’t hesitate to call us at 815-390-7545 for a prompt response.
