Mary* knew that she needed insurance, but wasn’t sure what kind or who she should talk to about it. She felt lucky to have never needed it, but didn’t want the stress of trying to figure things out on her own if something happened in the future. She wasn’t sure who to ask for help in making a good decision about her insurance needs.
Finding the right insurance agent can be tough. How do you make a good choice when everyone wants to sell you something? The National Association of Insurance Commissioners (NIAC) makes these suggestions.
Understand the difference between an Independent Agent and a Captive Agent
- An independent agent may sell policies from many different companies.
- A captive agent sells insurance for only one company.
Both independent and captive agents represent insurance companies and receive a commission from the insurance company for the sale of its policies.
Before making your choice - NIAC recommends:
- Be sure that the agent and the company they represent are licensed to do business in your state
- Ask what the letters behind the agent’s name mean. These represent their credentials
- Check with the Better Business Bureau to see if this agent or their company have complaints against them
- Check the company’s Financial Strength rating
When meeting an agent, you should expect:
- Options so you can choose the coverage that best meets your needs
- Not to be pressured to choose a certain policy or company
- Direct answers to your questions about policies and quotes
Before Your Choose, Have a Conversation
Some companies do not have agents and you can buy directly from the company. This may result in savings, but there is also no agent available in your neighborhood to contact directly when you have issues. It's important to have a conversation with the agent or broker that you are considering working with. Will they take time to answer questions and explain various options?
Regardless of which kind of insurance agent you choose, be sure to choose one that you are comfortable with and one that will be with you when the unexpected happens and you need them on your team.
Mary’s best friend helped her think through what kinds of insurance she needed and choose the right kind of insurance agent to meet those needs. Mary made an appointment to talk with an agent and felt so much better, knowing that she would have insurance, in case she needed it.
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