When looking for a life insurance agent, here are some tips that will help you find the best agent for your needs.
Find a Life Insurance Agency that is Also a Broker
There are many life insurance agents that only represent one company. These agents are known as “captive agents.” This simply means that they cannot sell you life insurance from any company, except the company they represent.
The problem with this is that it is nearly impossible for a captive agent to do what is in your best interest. You have heard the old saying, “one size doesn’t fit everybody.” When it comes to life insurance, that is certainly true.
A life insurance broker can compare the rates from many different companies and if you have health problems (which almost everyone does), then they can find a company that tailor’s a policy to people with your particular issues.
Having a Local Life Insurance Agency Will Save You Time and Money
Finding a reputable, local life insurance agency will save you time and money because a local agency can help you with your needs now and in the future. A national, big box brokerage may offer low rates, but most of those companies sell life insurance as a commodity product.
If you call back a year from now, you probably won’t even talk to the same agent and then you will have to go through the hassle of explaining your situation all over again.
By dealing with a local life insurance agent, you will have someone that you can call whenever your needs change.
Working With a Local Life Insurance Agency Does Not Cost You Anything Extra
Insurance agents are compensated by insurance companies. Dealing with a local insurance agency broker who can help you find what the right coverage for you won’t cost you one more dime than dealing directly with a company. A Brokerage exists to serve you and work with you to find what is in your best interest.
In January 1997, PPI was referred to physicians at Southwest Orthopedic Institute (SOI). SOI, a twenty-four physician orthopedic group, had been affiliated with a multispecialty physician practice management company, Allied Physicians of DFW, P.A. that by January of 1997 was on the brink of bankruptcy. SOI retained PPI to provide guidance with regard to strategic alternatives. However, within one week, Allied filed for bankruptcy taking all of SOI’s accounts receivable and terminating all billing functions, accounting, payroll, benefits and all other business processes. Immediately, PPI arranged for a $1 million line of credit with a local bank so that SOI could meet payroll and other expenses. PPI immediately established new payroll and accounting functions, established employee benefits, hired and re-established billing and collection functions, and implemented all new practice management systems. From a strategic perspective, PPI ultimately repositioned the physicians into a new group practice and renamed the group Orthopedic Specialists and reformulated the group’s governance and compensation structure. The results of PPI’s efforts yielded an economically improved group including a 20% reduction in the group overhead ratio and a collection rate far in excess of historical averages.