Health Insurance: The Marketplace is Everchanging

The insurance marketplace is ever changing, and this constant change has highlighted the importance of the professional insurance agent. Individuals and small businesses need help sorting through their coverage options. Insurance agents educate their clients, advising them how to manage their risk and make informed decisions. They help match the client with the insurance product that is right for them.

So what can you expect when you work with an advisor? A competent advisor will steer you through the task of selecting the appropriate coverage at an affordable cost. They will work with you to evaluate your needs for insurance coverage and explain the details of different insurance plans. A good broker will make specific recommendations and select plans with respect to your special needs and budgets.
A good broker won’t disappear after they’ve helped you purchase a policy. They will review your plan periodically and make appropriate recommendations for changes. They will act as your advocate when dealing with insurance companies regarding claims and services.

When working business owners, a good broker will communicate benefits packages them and their employees. They will explain how various provisions can complement personal and government financial plans.

Insurance advisors have financial and ethical incentives to give their clients a lifetime of quality products and service. Independent insurance advisors rarely are salaried employees of the insurance companies they represent. Typically they are independent agents who represent many top insurance companies. Most independent insurance advisors are compensated on a commission basis - a percentage of the premiums you pay your insurance company. Others are compensated on a fee basis directly from employers. In each case, the advisor's loyalty and compensation rests with you, the consumer. Regardless of the method of compensation, advisors have strong incentives to place consumers with strong, financially stable carriers and provide superior service on an ongoing basis.

When purchasing insurance, you have many choices. Whether you chose to work with an independent insurance advisor or with an employee of an insurance company, it pays to do your homework.