I was recently cruising the web, reading various blogs from financial planners and wealth management gurus, and I came upon an article about insurance agents.
No, really, someone other than an insurance agent had actually written something beneficial about insurance agents.
Really. Not kidding.
The central point of the article was, when it comes to buying insurance, get an insurance agent.
The reality is, and I hate to say this, that you can find many insurance products online or through a call center, and in some cases, these products might even save you 4% - 8% if the company isn’t paying a sales commission to an insurance agent.
We insurance agents simply cannot avoid this reality. However, saving 8% on insurance may not be savings.
And this is the truth.
When a premium is paid for an insurance policy, we are buying a promise that losses sustained will be covered by the insurance company.
When an insurance policy is purchased and you paid less, what did you give up? In some cases, you simply got a good deal and in others you gave up some level of protection, but in order to understand if you are in the latter or the former, you need to have a consultation with an insurance agent who knows the answer.
There are elements of protection that some insurance companies take out of an insurance policy to save money on claims payments, or they create drop-down coverage when certain conditions apply.
Only a professional insurance agent can explain these things. This doesn’t make the insurance company a bad company, alternatively, these types of policies are created because there are some consumers who want this level of protection. The only time a lower level of coverage is troublesome is when the consumers is uninformed and purchases an insurance policy that doesn’t match their needs.
Other than trying hard to get to know you, your family and to match your insurance to your financial plans, insurance agents also provide many other services to assist you in making sure you remain covered. All too often, a customer…a good customer, will forget to pay a bill. Sure, the insurance company is regulated to send notification regarding missing payments to provide able time to remit the premiums and avoid cancellation, but those notices get lost in translation.
We insurance agents do our best to keep your coverage in place, making sure we give you an extra notice and a nudge. You see, we take it very personally that each one of our clients receives the protection we have provided. It is very personal to an insurance agent that our clients get what they paid for.
We too recommend that you get your insurance through an insurance agent, preferably and independent insurance agent. Independent agents are allowed to work with many insurance carriers, so you can be provided alternatives and get the best match of protection and value. Not that Independent are better agents than captive insurance agents, it's just that they can do more to provide the consumer value than captives, or direct-to-consumer insurance companies.
The blog that I read was from a financial planner, so I recommend that you consult a financial professional or wealth manager before you start building your personal wealth plan :-)
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IronPoint Insurance Services is an independent insurance agency licensed (#0G87821) with the California Department of Insurance. We are authorized agents for many A+ rated Arizona, California and Utah insurance companies. We provide consumers with online, phone, and in-person insurance services through our insurance company relationships. IronPoint Insurance Services, LLC offers multiple insurance quotes to provide consumers several options for their insurance products. We offer auto insurance through Mercury Insurance Group, Travelers Insurance Companies, The Hartford, MetLife Auto & Home, and Progressive Drive Insurance. We are authorized insurance agents for these companies and do not charge any fees for our services. If an IronPoint insurance agent trys to charge you broker or agency service fees for representing these companies, please contact us immediately.