Why Chose a Broker

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

• Insurance Brokers deal with and represent a large group of companies, allowing them to offer an extensive range of products for you to pick from. Meanwhile, an agent works with a single company. Therefore they can only offer you products within their company’s limits. Different companies offer various products, and figuring out which company and product are the best suited for your needs 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 best suited for your lifestyle and profession by checking many companies’ plans. 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 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 can get to know you and analyze your profession and financial situation, which allows them to find the best plan suited for your needs and financial capability. They are responsible for determining how much coverage you need for yourself and 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 entirely covered if you suffer a significant financial loss.

Although an insurance agent and an insurance broker have advantages, an insurance broker outweighs an agent because they have your best interest at heart. Most insurance brokers have great reputations because they care for their clients’ needs. Find an insurance broker if you’re looking for the best professional insurance advice.

Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds are sold through Shah Financial Planning Inc., the Mutual Fund Dealer.
Lotus Loans and Mortgage ltd. is the principal mortgage broker.