I also posted this in the general Insurance community.
I am a mid-50s(f) with some health issues (hypertension, weight, osteoporosis) living in the USA (Virginia). I am looking to review my home, auto, and life insurance options. I have term life policies and a small WL policy from State Farm and Mutual of Omaha. The term policies expire in 7 years and 20 years, respectively. I’ve been working with my State Farm agent, but an independent broker would offer me a better review and options. State Farm recently tabled rated me at a 2 on life insurance.
What is the best way to find a reputable broker? What questions should I ask to do my due diligence? How long, on average, is the review process? What should I expect? I’ve never worked with a broker, so I want to be prepared and informed. TIA
You asked about how long it would take. With the health conditions you mentioned, the insurance company will probably want your medical records and a physical exam, unless you’ve had a recent checkup.
This means the application process could take a few weeks or even two months.
An independent insurance agent can help you get quotes from different companies without giving away your name. This will let you compare the offer you already have.
Start by asking friends and family for recommendations. Look for insurance brokers with good reviews and check their credentials. When you talk to them, ask:
Do they have experience with clients who have similar health problems?
How do they find the best policies?
How much do they charge for their services?
The process of getting insurance can usually take a few weeks, but it depends on how complicated your needs are.
I suggest asking a financial advisor (as someone else here suggested, best path I believe), CPA, or the attorney who did your wills and estate work. You might want to ask the agency that handles your auto and home insurance, but if they offer to help you directly, remember that we life and health people are built differently than auto and home agents.
You need a financial advisor who’s a fiduciary. They have to give you advice that’s best for you, no matter what company they work for.
Unfortunately, I can’t give you financial advice.But if you’re in Virginia, I know a really good financial advisor who can help you. They look at everything to find the best solution for you.
If you’re close enough, you could meet them in person.Otherwise, you can start searching for one in your area.
Thank you for your response! I have asked others for recommendations and searched online without success. I did not think about a financial advisor. I’d appreciate any information you have on brokers in VA.
The financial advisor will likely pass your case to someone from an independent agency (we handle these cases often). Most financial planning firms aren’t strong with carrier knowledge or insurance placement, though there are a few exceptions. Typically, they’ll refer you elsewhere. If you only have an insurance case and no assets under management (AUM) to offer, a fiduciary planner may not work with you.
The best way to find a reliable independent broker is through referrals from people in your social circle who have a similar financial background. Good luck!
i’m so confused. a FA for wat exactly? i would almost bet with certainty she’s not a FA client or target. this is not that deep. she’s doing right by here digging.
I’m a big fan of financial advisors, especially when you’re juggling different financial decisions. Why not get free advice? She wants to explore different insurance options and better rates, and most financial advisors are licensed to help her find the best products. If she doesn’t want their help, that’s fine too.
There’s a big difference between what she’s looking for and what a financial advisor can or will do. What she wants is too small for a financial advisor to handle.
Her local insurance agents can help her.As someone else mentioned, they might even outsource this kind of small stuff. And like you said, financial advisors have a legal duty to give the best advice. This is definitely something an insurance agent can handle.
It’s like calling a lawyer to fight a parking ticket.** It’s overkill.
The financial advisor I recommended can sell insurance from many different companies.That’s why I thought it was a good idea, since she’s comparing prices.
I know they handle cases like this themselves, they don’t outsource it.
I don’t see why it would hurt to talk to him if he’s free.It’s always good to get good advice when you can.