Why use a life insurance broker? Life insurance is the type of insurance that doesn’t get the credit it deserves. It is the only type of life insurance where the policyholder is benefiting someone else, usually their family. Many other types of insurance are either required or so important, you wouldn’t go without it. But life insurance is often overlooked until people see a friend or family member experience the negative effects of someone not having it. That leads to the question of how to get life insurance and why use a life insurance broker.
What is a life insurance broker?
A life insurance broker is a life insurance specialist who assists clients with their life insurance needs. A broker works with numerous life insurance companies helping the customer to get many more choices than the typical single agent can provide. Life insurance brokers have the best interests of the applicant in mind and are able to use their experience and connections to place each client with the perfect match for their life insurance.
How is a broker different than an insurance agent?
One of the best factors regarding why use an insurance broker have to do with the difference between a broker and an agent. An insurance agent is usually affiliated with one insurance company. This means an agent is limited to one choice for their clients who are seeking life insurance. With a broker, the client has access to many companies allowing the customer to have options. Choices within the insurance field used to be limited and time consuming. Technology has changed all of that and now through a broker, you can access way more companies and save way more money. The technological advances don’t benefit a single agency as much because it doesn’t change the fact that they use a single company. For a life insurance broker, the options are limitless.
How do you choose a life insurance broker?
Your broker should be affiliated with reputable companies which are A-rated with AM Best, an insurance company overseer. Assurance Life works with well known companies such as Mutual of Omaha, AIG, Liberty Bankers Life, and numerous other A-rated companies. Ensuring your broker uses quality companies gives you peace of mind that your life insurance policy is going to be backed by a company who will be around to pay your death benefit when your family needs it.
How does a broker help you?
The most important benefit of using a broker is their knowledge and access to many insurance companies. Approval and rates for life insurance policies are based on age and health history. Assurance Life is able to take your individual profile based on your age and health and match it against all the insurance companies we use. As we do that, we look for a company that has a specialty niche that fits your needs.
Placing you with the right company can gain you thousands of extra dollars of insurance benefits and save you large percentages of monthly premiums.
Here is an example of how that works:
Let’s say a client has had cancer in their health history.
Here is how one company asks the health question about having cancer:
Company A – During the past 24 months, has the proposed insured been diagnosed as having, or been treated for: Internal Cancer, Melanoma or Leukemia?
Here is how another company asks about cancer:
Company B – In the past 4 years, has the proposed insured: received care or treatment for, or been advised by a physician or health care provider to seek treatment for: Cancer, Melanoma or Leukemia?
For an applicant who has been cancer free for 3 years, the difference in these questions is crucial. Since Company A, only looks back 2 years – you would be approved for Level/Preferred Coverage – NO WAITING PERIOD. However, Company B does look back 4 years, so the best a policy you would qualify for would have a 2-year waiting period with HIGHER premiums.
That is just one example of how using Assurance Life, a life insurance broker, means better coverage at lower premiums.
How does the process work?
As you can see above, life insurance companies do need some information in order to determine the type of coverage they can offer you. With Assurance Life, we specialize in whole life insurance policies that are hassle-free and take care of your life insurance needs for your WHOLE life. Policies are available for adults ages 45-85.
You begin by completing a Free Quote request using the form on the left screen or calling Assurance Life at 800-517-0810 to speak directly with a specialist. From the Free Quote screen, you can even directly apply online to save time when you speak with the broker.
The application is a simple and short and the health questions are yes and no questions making the process quick and straightforward. Once submitted, approval can be instantaneous or usually comes within 24 hours. 90% of applicants are approved for DAY ONE coverage which means your family would receive your death benefit immediately upon receipt of the first payment if anything should happen. If needed, the few not approved for DAY ONE coverage still have many options and applicants 85 and under are guaranteed approval with some type of coverage.
Why use a life insurance broker?
Expertise, saving money, more coverage, peace of mind with A-rated insurance companies… Those are just some of the reasons to use a life insurance broker. Securing funeral insurance is one of the most important gifts you can give your family and the days of a lengthy, complicated application process are over. Assurance Life can help you right away and you will know exactly why you use a life insurance broker for your life insurance needs.