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The Broker Advantage

Why Chose a Broker

There are many different ways to buy insurance for one’s self. When buying insurance, it can be very confusing as to which company offers the best rate and coverage. On top of that, choosing to buy through a company agent or an insurance broker can also be very hassling. Many people are very opinionated on this topic due to their previous experiences. When you are in the market for insurance, here are three main reasons why you should go see a broker.

  • Insurance Brokers deal with and represent a large group of companies. This gives them the ability to offer a large range of products for you to pick from. Meanwhile, an agent works with a single company, therefore they can only offer you products that are within their company’s limits. Different companies have different products. Figuring out which company and which product is the best, on your own, can often be very challenging. An insurance broker already has the companies and their products ready for you to review. They can help you find a product which is best suited for a your lifestyle and your profession by reviewing plans from many different companies. Meanwhile an agent can find out whichever plan suits you best from their company only.
  • An insurance broker has given a license to advise their clients. Insurance company agents can only provide advice on the products they sell. An insurance broker has to complete the LLQP (Life License Qualifications Program) and undergo extensive training before they can start to provide advice. When you go to see a broker, you can feel satisfied that you are getting the best advice because they have a broad understanding of insurance policies.
  • Insurance Brokers have the ability to get to know you and analyze your profession and financial situation. This allows them to find a plan, which is best, suited for your needs and financial capability. It is their responsibility to determine how much coverage you need for yourself and for your business. When dealing with an insurance agent, they give you various plans and options and it is up to you to decide whether the coverage is enough for you or your business. An insurance agent does not have the responsibility to make sure you are covered completely if you suffer a large financial loss.

Although insurance agent and an insurance broker have their own separate advantages, an insurance broker outweighs an agent because they have your best interest at heart. Most insurance brokers have great reputations because they take care of their clients needs. If you’re look for the best professional insurance advice, find an insurance broker.


Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.