When it comes to purchasing life insurance, we understand how stressful it can be. From understanding technical terms to finding the right price for you and your family, life insurance is not always the most straightforward topic to navigate. Now throw in the fact that some life insurance companies may see your hobbies (scuba diving, rock climbing, etc.) as risky to insure— it can be even more difficult.
The way to navigate life insurance difficulties can be made much simpler when you have the right life insurance broker on your side. In this post, we want to go over the qualities that you should look for in your life insurance broker.
Qualities to Look for in Your Life Insurance Broker
So, how do you know that you’re working with a life insurance broker that is right for you? There isn’t a right or wrong answer to this question, but there are definitely a few qualities you should be looking for.
You Need a Specialist
People who sell auto insurance, medical insurance, financial planning, or investments don’t have the time and resources needed to excel in each marketplace. This is the same for life insurance.
For example, some of the most challenging aspects of insurance sales—prescreening clients on delicate medical matters, for instance—are unlikely to be mastered by someone for whom insurance is simply a complementary product. Instead, your life insurance broker should be a specialist for high-risk cases like we are here at The Firm of Steven Kobrin, LUTCF. You need a broker that has a clear understanding of sophisticated underwriting and what is required for your specific case.
They Should Be a Good Underwriter
Your life insurance broker absolutely must be a good field underwriter. This means that they need to have a strong familiarity with all the risk factors involved in underwriting, such as current health, medical history, hobbies, etc.
Since field underwriting also includes obtaining medical records, they should be sensitive to what all that entails. Your broker will need to review documents, assess them for consistency and clarity, and then summarize them. Problems need to be addressed with you and your physician so that that formal underwriting can proceed smoothly.
A Good Life Insurance Broker is Proactive
Everything that goes with field underwriting means that there are a lot of ducks to get in a row. Long story short? Field underwriting isn’t for slackers.
Your life insurance broker needs to be wholly dedicated to your case and willing to work with you and your other advisors to get all the required information. Having a proactive broker at your side is a must—make them your best friend!
They’re a “People Person”
Speaking of friendship, your broker needs to be someone that you feel comfortable with. You’ll be sharing detailed information about your health, finances, and activities with them. This information is private and personal, and must be handled professionally so that you feel comfortable.
When you do sit down and lay out everything with your life insurance broker, make sure you put it all out on the table. If you have a good broker, they won’t judge you and will continue to advocate for you.
To put this simply, your life insurance broker should be an independent representative of many companies instead of a captive agent with one company. Why? Because most companies specialize in underwriting different types of risks, but your life insurance broker must have access to a wide variety so that the most competitive company can be selected for each client.
As a result, your broker will thus have the leverage needed to get superior underwriting and superior service from many companies on many different cases. Simply put, your life insurance broker must be well-connected with many insurance distributors or general agencies.
Want to Get to Know Our Team?
There are many aspects that make up a good life insurance broker, even some that we didn’t list here. But when you work with Steve Kobrin, you know that you’ll be getting top-quality, personalized service. Don’t believe us? Just check out the About page to learn more about Steven and who you’ll be working with!