Buying insurance is not easy at times, because it involves a lot of
options. The very first consideration should be where should you
buy your insurance coverage from.
There is always a fee in almost anything in life; that includes
hiring an agent or a broker.
"But whom should you buy from?" A lot of people have asked me this
question and this is a tough one.
First off, an agent by definition serves for one particular company
and relies solely on a particular insurance for remuneration.
A broker, on the other hand, offers different companies products
and collects commissions from promoting various products. A broker
should have wider knowledge across multiple insurance companies; hence,
offering wider choice of products.
There are good and bad for buying insurance from an agent or a broker.
For an agent, since s/he is so committed to his/ her company (no
other choice rather), they will commit and knows their plan pretty
well (responsible agent). S/he would also have better service and
turnaround time since s/he have directly access to the insurance
back office. But the bad thing of course, s/he has limited choice
to offer you, which is offset by his/her kinder and timely service.
For a broker, s/he has more choices to pick for you and could
possible get a better deal for you.
So, which one is better? You have to choose wisely.
General rule: should you require more personal service, pick an
agent, otherwise get a broker for low cost and wider choice of
product.
It your hard earned money. Choose wisely.
We are experienced professionals who have experience in the field for more than 10 years. We aim to provider excellent information for your insurance needs.
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