Chad Norgard No Comments

You’ve probably heard it many times from a financial advisor, or someone else, talking about building wealth by ‘using someone else’s money whenever possible’. This is a true statement if you are looking to maximize your time, effort, and return …

You’ve probably heard it many times from a financial advisor, or someone else, talking about building wealth by ‘using someone else’s money whenever possible’. This is a true statement if you are looking to maximize your time, effort, and return on investment. The question is, how often do you understand what they mean by that phrase.

I prefer to say ‘use someone else’s time’ (just as big of an asset as money but often overlooked because we are too busy). Time is a valuable resource that we can never get back, so why do people use so much of it trying to figure things out that they can simply pick up a phone and call about? For example, let’s look at how you can save time when dealing with insurance? The answer to this is very simple- you let an Independent Agent use their time and resources to get you the results you were looking for. They take all the burden of finding the right insurance benefits for you and you benefit by freeing up all that time to do more important things. The only time investment you now have for insurance is to ensure that you are getting what you asked for at a price that is affordable to you.

Think about it this way- if you are shopping for a health insurance plan for your family, or company, would it benefit you more to spend countless hours trying to decipher the plan benefits offered by each carrier in your area, talk to a friend who about what plan they are on and just sign up for that one, or would you rather talk to a healthcare expert and have them do it all for you. Most people would choose to use the expert; however, they might be afraid to ask how much it will cost them so they go with another option before even asking.

What if I told you that you can use the expert and it won’t cost you a single penny? Yes, you read it correctly, take a second if you need to before proceeding. Independent Agents can get the same pricing for you, sometimes better pricing, as you can obtain yourself directly through the carriers. Now you’re probably asking how they do it for no cost to you? The answer is simple- the commission is already built into the policy; it comes down to who earns it- the carrier or the Agent. An Independent Agent traditionally has access to quote several carriers and many products for you. BEWARE- even though they can, not all do. The biggest thing you have to build with your Independent Agent is TRUST. Make sure your Agent is focused on getting you the best plan for your needs, and not the best plan for his/her paycheck. Let’s take a look at the Pros and Cons of using and Independent Agent:

Disadvantages to using an Independent Agent-

  1. They may not represent every carrier (some agents just form favorites and don’t quote others; others don’t have access to certain carriers for a variety of reasons). There are some carriers that do not allow any Independent Agents to market their products or limit the number of Agents they allow to market their products- nothing and Independent Agent can do about that if they have your best interest in mind.
  2. Trust- it just takes time- this is true with anything you do. You have to trust they have your best interest in mind at all times. You should be able to tell right away if they do; if not, you should definitely know by the time you get your quotes if they do or not. (quick tip—if they don’t show you at least two carriers ask to see the quotes. If they start going all salesman-like on you then you know more than likely they don’t have the other quotes; why would they keep them from you?). There are some Agents who don’t show our client all of the quotes, because honestly part of our job is to narrow the list of products down for you (if asked they would eagerly provide them for you).
  3. They may not be up-to-date on all the options available to you, such as: Defined Contributions plans, Health Savings Accounts, Voluntary Benefits, etc.

Advantages to using an Independent Agent-

  1. They don’t cost you anything additional—why not use them? How does the saying go- ‘if it’s free it’s
    for me’.
  2. They can obtain quotes from approximately 95% of the relevant carriers. We are familiar with the carriers and their processes so we can narrow down the list of suitors from the start based on your needs.
  3. They don’t cost you anything additional—how much time could you have spent with your loved ones instead?
  4. They assist not only with the quoting, but the application, underwriting, and servicing thereafter. It’s like having a healthcare advocate on retainer for no cost at all times.
  5. They have resources that the general public usually does not; for example-most Agents can pick up the phone, or send an email, and speak directly to an Underwriter on your behalf to settle anything that pops up during the underwriting process.
  6. The relationships that they form with carriers throughout their years of doing business can often become the difference between an application being accepted or not. (tip- If your Agent does not have good relations with carriers then you need to think of a new Agent)
  7. They don’t cost you anything additional—have we said that yet?
    If you have any questions on health insurance give your local Independent Agent a call (hint- preferably us).

Need a complimentary quote give us a call today

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