Quotacy is the life insurance broker that can help you get affordable life insurance. Life insurance brokers specialize in helping people find the right life insurance policy for their needs and are typically independent. Life insurance brokers can offer you a variety of different kinds of life insurance policies from many different life insurance firms. In most cases, life insurance brokers will receive recommendations from their clients. If they feel that a client has the right kind of insurance, they will often refer you to that specific insurance firm.
However, not all agents take your best interest into consideration. Some brokers make money by referring you to insurance companies that will not offer you the kind of coverage you really need. Some brokers make money by getting a commission for sales they make to the life insurance company, or selling a policy for you at a higher price than you could buy it from a competing life insurance broker. Some brokers simply make money by getting paid for generating business for the company they work for. In all these ways, life insurance brokers can be like attorneys, making financial decisions for you based on their own preferences and prejudices, rather than basing their advice on what’s best for you.
It is not difficult to avoid life insurance brokers who make bad financial decisions. You can do it, though, by watching out for a few telltale signs. A life insurance broker may suggest something that doesn’t fit your situation. If you don’t get exactly what you want, you can always say no, but some brokers don’t take you into consideration. You need to keep this in mind if you are considering dealing with a life insurance broker.
The other problem with life insurance agents that are just out to make money are those who refuse to sell policies at all. The insurance industry is highly competitive and brokers work hard to get new clients. When a life insurance broker says no to a client, this usually means that the buyer has good financial health and is not in a position to pay for a policy. Brokers that refuse to sell policies to anyone, even those who pay the asking price, have a serious conflict of interest and should be avoided.
Sometimes people find themselves in an insurance brokerage position that presents them with a difficult decision. For instance, you may have friends or acquaintances who have a desirable policy but are not qualified to buy it because of one major criteria: they have bad credit. Your friend or acquaintance probably does not have a very good credit score and would therefore not qualify for the best type of policy that is available. This situation calls for a life insurance broker to assist you in selecting the best type of policy for your friend or relative and to recommend it to the insurer.
As you can see, there are times when life insurance brokers must help their clients make important choices, but they are primarily there to help their customers. In these cases, it is not the broker’s responsibility to sell policies; it is the customer’s responsibility to choose the one that will best meet their needs. Many life insurance brokers are extremely helpful, but there are some agents who do not provide useful advice. If you find yourself in such a situation, you should contact the Better Business Bureau or the consumer protection agency to file a complaint.
It is unlikely that a life insurance broker will refer you to the most appropriate company for your particular situation, so you must take care in deciding which company to deal with. For example, if you suffer from high blood pressure or high cholesterol, you should not deal with an insurer that specializes in high-risk policies. Similarly, you should avoid an insurer that only insures retirees. A captive agent on a large life insurance company will be able to assist you in the selection of a specific insurance company that will be most suitable for your specific needs.
It is also possible to get a discount on your quotes by making sure you disclose every detail of your health on your application form. Brokers earn most of their commission by selling policies and a large volume of these contracts. Because of this, many brokers have a quota that they must meet each year and they cannot deviate from this number. If you lie on your application form, you will forfeit all the commissions that you have earned. However, it is possible to work around this rule by contacting the insurer and asking them not to use a quota to limit your quotations.