It seems like there is insurance for everything these days.
I’ve even read articles about things like divorce insurance, dog insurance, alien abduction insurance and even bed bug insurance.
Either the world has gone crazy or I’m severely underinsured.
On a more serious note, there are lots of different types of insurance. Many of which are required and each of them have sever different options when it comes to methods to purchase insurance.
You can buy insurance online, through an agent and through a broker. Which path is the correct and who should you call first?
We recently did an in-depth look into Hong Kong billionaire, Calvin Lo, who is the CEO of life insurance broker, R.E. Lee International. The company specializes in estate planning for ultra-high net worth businesses and individuals.
It is reported that his group brokers an estimated premium of over a billion dollars annually, making them one of the most successful life insurance brokers in the world.
Insurance agent is someone who sells a product for a company and a broker is someone who helps clients search out the best insurance for them while taking into consideration risks, coverage and price. If you buy directly from an agent then you don’t have many options. The price is the price.
In addition, if they raise rates over time there’s not much you can do about it. However, if you are working with a broker, you essentially have someone to do battle on your behalf. They will fight for you in respect to rates, disputes, claims and any other situations that may arise.
R.E. Lee International always recommends working with a broker rather than going online or dealing directly with an agent.
These are five interesting things about brokers that will probably make you question yourself the next time you are talking directly to an insurance agent.
- Insurance brokers work exclusively for you. They do not work for an insurance company, meaning that they work with any company willing to play ball and give you the rates you deserve.
- They look at your personal needs and then search multiple companies to find the best deal for you based on your particular situation.
- To them, you are not a number. Rather, they want to develop a long-lasting relationship with you so they can always be looking out for you and your best interest.
- You can secure all of your home/auto/business/life and more insurance policies through one broker. This alone can save you up to 40 hours a year by not having to deal with multiple companies and make calls to each of them every quarter when they raise your rates.
- They take the time to review your coverage and prices throughout the year to ensure you’re still getting the best deal.
- They have a comprehensive, in-depth knowledge of a great variety of insurance products.
- They go the extra mile for you!
Lo runs one of the most successful insurance brokerages in the world and is the elite of the elite within the insurance brokerage industry. The advice within this article doesn’t get much better.
Moving forward, I’ll be working with a broker to deal with all of my required insurance quotes, disputes and claims because it honestly sounds like the best thing for me. As a bonus, I’m really tired of dealing with these companies and having to spend hours on the phone each time they decide to raise my rates, which seems to happen very often these days.
Take note though: Lo’s brokerage doesn’t deal with alien abduction insurance though. So, you may have to make that call on your own.
