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If you’re not too familiar with life insurance, working with an advisor can streamline the process and help you to find the right policy. With their expertise and industry experience, they’ll be able to recommend a policy tailored to your unique needs — but there may be fees involved.
Think of a life insurance advisor as a broker. They have a deep knowledge about multiple insurance companies, so they can sift through the options to pair you with the best provider for your needs.
A life insurance agent typically works for one insurer, and their job is to sell products from that one company. While an agent might only be concerned with earning commission by selling the most expensive product, an advisor is more likely to look at your situation in a holistic way. It might be helpful to think of an agent as a salesperson and an advisor as a counselor.
A fiduciary advisor is obligated to put their clients’ best interests above their own. Fiduciaries pledge to act in good faith, and cannot use a clients’ financial assets to directly benefit themselves.
If you’re looking for a financial advisor, opt for a fiduciary if possible — these individuals tend to be more transparent, because they are bound by fiduciary duty to make the best recommendations for you.
While a life insurance advisor can make the process of buying life insurance easier, look out for these red flags:
Each plan should be tailored towards your financial situation is the first step in finding the right policy. So going into a meeting with a life insurance adviser with a rough idea of what you’re looking for is always a good idea. Adding up your debt, cost of income replacement, and major upcoming expenses is the first step towards calculating how much of a benefit to leave behind.
If you’re on the search for life insurance advice, an independent advisor is your best bet at bias-free guidance. But if you’re looking to dip a toe in on your own, compare life insurance providers to see what’s out there.
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