True Insurance Broker , do you work with one ?

The consumer has a problem differentiating those individuals that are truly giving them products from a number of insurers vs one or maybe two . The insurance industry has different distribution systems with a captive producer that generally sells product from one specific insurer and the other side is a broker who represents a number of insurers . At the first glance , broker deal would look to be a better option for the client . It is only a better option if the individual is working as a "true" broker and representing a number of insurers .The reason you want to deal with true brokers is because as there are different insurers there are a variety of products . Some insurers focus their market on term products while others on whole life or universal life. The difference in premium between insurers can sometimes be small however on a permanent product they can be substantial . When analyzing product , premium is not the only component . If a permanent product is being looked at , cost of insurance can vary into thousands of dollars from one insurer to the next .When analyzing a product like Universal Life , a number of items have to be looked at and on the illustration received things like interest rate assumptions have to be looked at . Guarantees are very important in a permanent product , is your cost of insurance guaranteed level or does it increase each year . A true broker will show you products from at least three insurers and you will be surprised to find that there are differences . Some insurers will give a cheaper rate to cigar smokers then other insurers . When you have a health condition that you may think will prevent you from obtaining coverage , call a broker who will present you to a number of insurer . On a difficult case , we presented a client to 12 insurers in Canada and finally got one offer . We have submitted multiple applications on clients with varied results : Declined , 200 percent extra premiums and standard offer for the same individuals. Taking multiple applications is a great deal of work for us but this is one of the ways we can be certain that the client is going to get the best possible offer . If the broker has high production volumes , he or she will get the services of the high level underwriter at the insurance company which gives the client the best possible chance to secure a favorable underwriting decision . There are a number of very diligent people in our industry that value their client relationships and look for one of those to work with.

A true broker represents you and will