How to choose the right insurance company and agent?

[silverstang281]

One often wonders if they are getting the best advice, best product, or the best service when it comes to insurance. How do you know if your agent recommended the best product for you, that you went through the best company, or that you will receive follow up service? Here are some tips from someone in the industry!

There are a few things you can do to increase your success in making sure you get the agent, company, product, and service:

1) Go off the recommendation of someone that you personally trust. If they have had a good experience chances are you will. Ask them questions about the process they went through to see if it matches what you want.

2) Find an agent that is with a well respected company that is also not captive to that company (meaning they can offer insurance through multiple companies). There will always be good agents at bad companies and bad agents at good companies but more often than not there will be more good agents at good companies (and vice versa)! Having an agent that is not captive will allow them to do what is in your best interest if their main company does not have a suitable product.

3) Research the product you need so you can ask intelligent questions. Your agent should be asking YOU intelligent questions but make sure you ask your own of him or her. If the agent is not talking about product comparisons or alternative solutions you are probably talking to the wrong person.

Here are a 10 questions that will make your potential agent’s hair stand on end (but will get you the desired results):

1) Do you own what you are recommending and why?
2) How long have you been with the company and how many clients do you have?
3) Do you have staff?
4) How many times a year will I expect to hear from you?
5) Who do I call if I have a problem?
6) What would competitor company tell me?
7) What percentage of your clients own this product?
8) What advice would I find if I google’d your recommendation?
9) What are my alternatives and why are they not as good of options?
10) What professional designations do you have?

[Jonathan K]

There are a few things you can do to increase your success in making sure you get the agent, company, product, and service:

1) Go off the recommendation of someone that you personally trust. If they have had a good experience chances are you will. Ask them questions about the process they went through to see if it matches what you want.

2) Find an agent that is with a well respected company that is also not captive to that company (meaning they can offer insurance through multiple companies). There will always be good agents at bad companies and bad agents at good companies but more often than not there will be more good agents at good companies (and vice versa)! Having an agent that is not captive will allow them to do what is in your best interest if their main company does not have a suitable product.

3) Research the product you need so you can ask intelligent questions. Your agent should be asking YOU intelligent questions but make sure you ask your own of him or her. If the agent is not talking about product comparisons or alternative solutions you are probably talking to the wrong person. - Silverstang281

Very interesting. Who do you use? We have mutual funds with several investors. Also a savings plan through work. I'm not sure I would allocate all my resources to one source or investor. Take the Bernard Madoff incident in 2008 as an example. Diversity is key.

Here are a 10 questions that will make your potential agent’s hair stand on end (but will get you the desired results):

1) Do you own what you are recommending and why?
2) How long have you been with the company and how many clients do you have?
3) Do you have staff?
4) How many times a year will I expect to hear from you?
5) Who do I call if I have a problem?
6) What would competitor company tell me?
7) What percentage of your clients own this product?
8) What advice would I find if I google’d your recommendation?
9) What are my alternatives and why are they not as good of options?
10) What professional designations do you have? - Silverstang281

These are some great quesitons. Did you come up with this?

[silverstang281]

First of all this topic is mainly about insurance but I think it is relevant to investments too:

I would agree not to allocate your resource to one investor! I do not consider myself an investor at all - my job is to properly allocate my clients based on their risk tolerance into appropriate mutual funds using a variety of different companies (American Funds, American Century, Fidelity, Franklin Templeton, PIMCO, etc).

I think too many times people think they want a "stock broker" to handle their money. Most of the time their money isn't allocated according to their comfort - it is just invested to maximize profit (and this is based on one person's research). I don't pretend to be an expert about individual stocks or companies or mutual funds... How could I? I am meeting with clients all day!!! I tell my clients it is my job to be an expert in them and then we allocate accordingly to their comfort level using a variety of different mutual fund companies.

[silverstang281]

Regarding the 10 questions - yes I came up with those on my own!

They are questions I wish my clients would ask me and I generally try to discuss each point through out my client meetings! I think these questions cut right to the heart of what is important and what is reality instead of what someone wants to sell you...

Thanks for the feedback! I hope this helps.

[DaniloNuntz]

To choose the right insurance company and agent gather some opinions.Ask people you trust about insurance agencies they have worked with. Find out about their good and bad experiences.If you choose to buy insurance directly from an insurance company, you do not need to find an insurance agent. Just call the company’s toll-free number or visit its web site.

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Life Insurance

[Ron Bohning]

These are very good points brought up, thanks for sharing with everyone. I would suggest looking on the BBB website too, but some may argue that this is a pay to play sight these days. It still will have some valuable information and certainly if any complaints have been filed against an agent/agency.

Colorado Health Insurance

[Gary Barzel]

Don't forget to choose an insurance company with financial stability. Buying insurance is a long-term proposition and consumers need to be sure the company they choose will be around when they need it, and also be able to pay their claims.

[JudyAnn]

Please help me to understand just how one does that, in particular 'a dental plan'. One where excellent dentists will be on the HMO plan.ja