Buying life insurance is an important decision. To find the right policy that is in line with your goals and the needs of your dependents, it’s important to do some research beforehand. Based on the type of policy you want to purchase, you can do your research through an online broker or agent or meet with a traditional agent who will guide you on which policy to purchase. Let’s take a look at which of these approaches would be right for you.
Online Life Insurance Agent
An online life insurance broker or agent is an ideal choice if you have simple coverage needs. So, if you know you only need a term insurance policy, which will last you a specific number of years, consider getting quotes through an online broker.
Keep in mind that certain online brokers partner with multiple life insurance companies, thus helping you compare policy terms and premium quotes from different insurance companies. Others, however, only sell policies offered by a single insurance firm. Certain online agents will also help you pay for the policy and purchase it through their website.
Traditional Life Insurance Agent
You should consider approaching a traditional life insurance agent or broker if you have complex coverage needs and are looking to buy permanent life insurance. A traditional agent will be able to give you advice based on your particular situation.
If you would like an unbiased opinion or want to find a policy that fits your financial strategy, consider approaching a fee-only life insurance advisor or financial planner. These agents don’t make any money from commissions on product sales and instead charge you by the hour.
Before you hire or approach a particular broker or agent, make sure to check whether they are licensed by the state insurance department. If the broker works with multiple companies, it’s a good idea to inquire which companies they represent before you hire them. Also, make sure to check whether the broker shows a genuine interest in your needs or if they are trying to push you for a sale. If it is the latter, consider working with a different broker who will look out for your interests.
