Independent Agents Offer the Best Life Insurance Rates
When ever a person decides to purchases an insurance product, they will normally be contacting an experienced insurance agent for help and advice. The two types of agents will be the independent insurance agent commonly referred to as a “Broker” and the “Captive Agent” that represents only one company.
The advantages of utilizing a broker is the independent agents offer the best choice of life insurance products which is a critical ingredient if you are looking for the lowest possible premium.
Another advantage of consulting an independent agent is, if there are any health conditions or hazardous sports or occupations of the applicant to be considered, the independent agent that represents many different carriers will be able to place the applicant with the most applicable carrier. Here are the main reasons to consult an experienced independent agent over the captive agent in more detail.
Using the most applicable carriers is crucial when securing the lowest Term life insurance rates.
The most important factor when purchasing an affordable life insurance policy is to utilize the most appropriate life insurance carrier that will give the perspective client the best underwriting decision and the lowest premium. This with entail the individual’s health history which is by far is the most important factor when applying for low cost life insurance. Does this person have such conditions as high blood pressure, high cholesterol, heart problems, diabetes, and obesity? Even the applicant parent’s longevity enters into the formula. This holds true for Term life insurance, Universal life or Whole life policies as well.
Smoking has a huge impact on life insurance rates.
The individuals smoking status which is very important due to the fact the rate increase for smokers could be well over 100% higher over non-smokers rates. The premiums for life insurance for smokers can vary quite a bit from one carrier to another. Some of the carriers prefer not to sell term life insurance for smokers and price their life insurance quotes higher than others do.
Dangerous sports or occupations also make a big difference in the life insurance rates.
The potential applicant’s lifestyle which could be very important depending on the person occupation or sports he or she participates in. Dangerous occupations such as a policeman, firefighter, commercial diver or helicopter pilot for example can play a big part in obtaining the lowest premium. This is an example of high risk life insurance. There are quite a few independent agents that specialize in high risk life insurance and will automatically know what life insurance companies are the best to use.
Sports such as drag racing, skydiving and scuba diving can play an important part in the underwriting process.
Dangerous sports such as drag racing, boat racing, skydiving, scuba diving and many others will also play an important role including the individual’s driving record. Shopping the market for the best life insurance quotes for people that engage in hazardous sports requires more experience that just looking to insure a person that not get involved with dangerous sports.
There are many benefits to using an independent agent vs. a captive agent.
The question is now, why is all this all related to purchasing life insurance from an independent agent vs. a captive agent like State Farm, Farmers or Allstate? The answer is very simple; The independent agent has an arsenal of companies that he or she is contracted with that could total over 30 carriers or more.
All life insurance companies underwrite applications differently.
Since all life insurance companies underwrite applications differently and have their own niche markets, it is crucial for the agent to shop the market for the carrier which will hand down the best offer for the client. Being limited to one company is not an option when purchasing life insurance due to the fact life insurance is not a one size fits all type of insurance product. Independent agents normally use a life insurance quoting engine to compare term life insurance quotes side by side. This will show them who has the lowest premium available for their client. The captive agent has no choice in the matter because they only represent one company that usually is not even competitive.
Captive agents are primarily home & auto specialists.
Captive agents spend most of their time by far quoting their main product line which is homeowners and auto insurance. Their experience is usually limited when it comes to locating the best life insurance quotes especially when dealing with complications such as serious health problems or people with hazardous occupations. The independent life insurance agents are usually life insurance specialists and spend their whole day discussing and researching life insurance products with perspective clients and carriers.
The carriers the brokers utilize will usually have much lower premiums than the carriers the captive agents are bound to use.
Last but not least the captive agent’s carriers cannot compete with the much lower premium structure offered by the independent agent’s life insurance carriers that specialize just in life insurance. Do to the high volume of policies these companies have on the books, they can afford to have the lowest premium across the board. Many of these companies have been in business for over 100 years. Contact us 7 days a week for the best term life insurance quotes and information with no obligation.
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