What Is A Broker And How Can One Help You? Pros and cons

Brokers play a significant role in helping individuals choose the best insurance

policy suited for their needs by helping them sort through all the policies available within the insurance company for which they work. A brokers is an employer of a particular company and works on a commission basis or a broker can be independent and work with a hand full of insurance companies. A broker becomes licensed after taking an insurance exam and may need to attend conferences and seminars to keep abreast with current insurance trends and legislation.

Before if you wanted to but an insurance product you would speak exclusively to a broker via telephone or by visiting the insurance broker at his place of work. This of course could be a long and time consuming process as one would have to take time off to spend talking with your broker and then deciding which policy suites your needs. With the advent of the internet and online insurance however the role of the broker has changed as one can now get a quote from the comfort of your home and from many different companies by simply visiting one of the many comparison websites. You would enter in your details and within a few minutes you would have in front of you a list of policies from different companies. Of course if you then want to call a broker for more information on a product that seems right for you, you are free to do so. So with the internet taking the hassle out of physically having to go see a broker does this make the broker obsolete? Let us look at some of the pros and cons with going to see a broker.

An insurance broker may specialise in one type of insurance or many different types of insurance , including household, life, health, car, travel and a variety of other specialised insurance. Speaking directly to an insurance broker means that you given specialised knowledge about a particular product and that you can be guided to choose the correct type of insurance for you. The job of an insurance broker is to help get you the right coverage at the right price.

One of cons of speaking directly to an insurance broker is that some brokers may be less than honest when giving you advice on what insurance policy to take. Because brokers work on commission basis some brokers could encourage you to take an insurance product that you may not fully need because that particular product has a higher percentage of commission.

An insurance broker is there to advise and guide you into finding the most comprehensive cover, but it is also for you to be proactive when choosing a broker. Never be afraid to a broker questions regarding his or her credentials and years of experience. Make sure he or she is willing to discuss his or her credentials and years of experience with you.

Remember to always shop around when it comes to buying insurance. Use the internet and the comparison sites to help you choose the best coverage, and once you are more clued up on the type of coverage you need, contact a broker to find out more information.

What Is A Broker And How Can One Help You? Pros and cons

By: Afi Post

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