What Are the Best Ways to Get Life Insurance?
Life insurance protects your family from financial burdens after you die. This product can be purchased many different ways. You should understand which way you should purchase it so that you get the best possible experience. How you purchase life insurance determines how well your family is protected.
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Traditional Broker
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A traditional broker is a life insurance salesperson who does not represent just one company. He represents many companies and offers a wide selection of life insurance policies. The benefit with a broker is that he's able to shop around for you. Because he is trained in life insurance sales, he knows what to look for in terms of a quality company as well as what companies are affordable for your age. Some companies build their policies to favor certain age groups, and your broker will understand the intricacies of this and help you choose the best policy for you.
Traditional Agent
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A traditional agent works for just one company. This obviously limits how the agent can serve you. You'll only get one policy offer, unless the agent has access to other policies through a broker arrangement within the company. The upside to this is that the agent may know more about her products than anyone else, including a broker who sells that company's product. While the broker will have extensive product knowledge, the agent may have stronger relationships with the sales and marketing department as well as the underwriters at the company she works for.
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Internet Broker
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An Internet broker normally focuses on price and selection. When you compare life insurance quotes online from a broker, you are normally given a wide range of term life insurance policies to chose from (although some brokers do sell guaranteed whole life policies). You may or may not ever speak with your online broker. This depends largely on whether you need a health exam for insurance coverage. Some term policies can be purchased online with no health exam required.
Non-Commission Sales
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A non-commission salesperson normally works as an agent for a company. Non-commission salespeople are paid an hourly wage instead of commissions on products that they sell. This provides some measure of security for you that the agent's decision isn't driven by the commissions he will make on the sale. However, the non-commission agent also only has access to a limited product line. There is no guarantee that the policy will be any cheaper than a commissioned product, though it might be.
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