How To Choose “The Right” Life Insurance Agent or Broker?

Published in LIFE INSURANCE
on iii.org

When you’re considering buying life insurance, it’s important to choose an agent or broker who can help you. Buying life insurance can be complicated or confusing. The key to buying the right amount and the right type of policy at a good rate is a good agent or broker.

Choose a Life Insurance Agent or Broker Who:

• Understands your financial situation, including your attitudes about risk, your income and estate tax “brackets,” and your other financial assets and obligations, as well as your personal situation (that is, your age, marital status, dependents, etc.)
• Explains, in terms you can easily understand, issues, options and planned use of life insurance in your financial program
• Provides you with a personalized written document that
  -records the facts of your current financial and personal situation and
  -describes the features of the life insurance and how it fits into your situation
• Doesn’t pressure you into a decision, but works with you until you’re ready and convinced that you are doing what is best for you
• Is prepared to review with you periodically—perhaps every three years or so—whether the product continues to be suitable for your needs and circumstances
• Is licensed by your state insurance department.

If you don’t have an agent or broker who fits this description, ask your lawyer, accountant, friends, relatives and business associates for the names of insurance agents or brokers with an excellent reputation. You can also connect with the nearly 70,000 members of the National Association of Insurance and Financial Advisors (NAIFA), who subscribe to the organization’s Code of Ethics.

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