The industry has witnessed significant transformations recently, particularly in the realms of health insurance and Medicare coverage. Now, let’s explore why enlisting the guidance of an independent agent is a wise decision rather than grappling with the complexities on your own.
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Understanding the Role of an Independent Agent
There are two kinds of insurance agents – independent and captive. A captive agent represents only one company and is a representative of that company. When I first began in the insurance business back in 1996 with my dad, we worked for a captive company called Bankers Life and Casualty Co. We could only represent Bankers Life in all that we did. If we ran across a client who needed Medicare supplements, they were offered one from Bankers. If they needed life insurance, they were offered a plan from Bankers. We could not provide choices for the client.
An independent agent is not tied down to one company. Independent agents have the freedom to find the best deals by considering price and company strength. An independent agent works for you. They will not be in business long if they do not do a good job for the client. They have a vested interest in protecting your interests.
You Won’t Save By Cutting Out The Agent
There are a large number of people who sign up directly with insurance companies instead of utilizing an independent agent. Many companies have dozens and even hundreds of representatives that handle calls to enroll people every day.
However, you get the same price whether you go directly to the company or if you use an independent agent. When you need a question answered and call back to the company, the chances of you talking to the same person twice are slim, and to them, you are simply a policy number.
When you call an insurance company to enroll directly with them, they will not tell you of their upcoming rate increases. They will also never give you a rate for their competitors. An independent agent can help you see all the prices for all the companies. We can warn you of any rate increases that we know are coming.
Just this week I spoke with a lady who was interested in going with a certain company. I asked if she was aware of their upcoming rate increase two months away. She told me the rep she talked to at the insurance company had not mentioned it. When she saw the benefit of working with an independent agent, she immediately asked to enroll with us.
Comparing Independent Agents and Direct Insurance Providers
To make the right choice for your needs, it’s important to understand the key differences between direct insurance providers and independent agents.
Direct insurance providers can only offer you plans from one company – theirs. They can’t shop the entire market to see what is the best option for you. And when you call the company, chances are you will never talk to the same person twice. You are only number to them. They will push to make a sale and then move on to the next call in the queue. And they’ll likely never think of you again.
On the other hand, independent agents offer a range of advantages:
- They provide a wide variety of options from different insurance providers.
- They offer personalized services tailored to meet your unique needs.
- They have a vested interest in finding the best deal for you.
- They provide expert advice and guidance through the complex world of insurance.
Using the Agent Portal to Enroll Online
There are a few companies that allow you to enroll online through an agent’s web portal. You can self-enroll online with the benefit of having an independent agent to help if a situation arises that you need assistance with. You can enroll through Integrity Senior with the following companies and links (click on the name):
Benefits of Using an Independent Agent:
- Customer service – A trustworthy independent agent will not treat you like a number. A trustworthy agent is going to take care of you. Their livelihood depends on it.
- Value – We will find the best deals possible for you. If an independent agent doesn’t get you the best possible deal for what you are looking for, they face the possibility of you leaving them to get coverage elsewhere. And with rates ranging widely from company to company, we can use our knowledge and resources to find more options than you can on your own. This is what we do every day.
- Knowledge – Insurance is a complicated subject and having someone who deals with it day in and day out can benefit you. Every day, independent agents help people avoid pitfalls that they may not even know exist. Without understanding the benefits of different plans like an independent agent, many people choose what they think is best without considering alternatives. Using an independent agent can save you money by avoiding those pitfalls.
- Trust – If you have an independent agent with integrity, you can have someone whom you can consult now and into the future.
- Claims – An independent agent deals directly with the insurance company for you. After all, the independent agent works for you. We have a dedicated claims department to help you deal with any claims that may slip through.
- Unbiased advice – Working with an independent agent can also provide you with much-needed, unbiased advice. When you work with a captive agent who can only represent one company and its subsidiaries, they will want you to believe that they are the best option for you. In reality, they may not even be one of the top three or even top ten choices that you should be looking at. We can help you choose among all the best insurance companies in the market.
- Education – There is a lot of information on Medicare.gov, but it can be confusing. And there is no information on individual Medigap policies there. You should understand at least in basic terms what your insurance will do for you. Your agent should make sure you understand the differences between different kinds of coverage. We have many YouTube videos that teach you the ins and outs of how Medicare works.
Contact us today a 1-888-228-6119 or fill out the form with your questions to take advantage of our free plan comparison service.
Stanley Keith Murray is an independent agent and the founder of Integrity Senior Solutions Inc. He has been working with Seniors to meet their Medicare insurance and financial needs since 1996.