Currently, there are well over 1,200,000 life insurance agents in the United States. How can you ever decide which one is best for you? Plus there’s all this “fiduciary” stuff being thrown around to confuse you even more. Let me make something clear. If you are currently a life-licensed agent and you sell anything other than fixed products, you have to be a fiduciary. So now that that’s out of the way let me give you some secrets on how to find out if the agent is as good as they say.
For years I have been named by multiple organizations as one of the top 100 solo agents in the United States, so I am an expert in my field. There are a lot of expert imposters out there that I want to expose.
I know I will ruffle some agents’ feathers, but that has never stopped me before. My goal with this book is to help you, not them. I own another company that helps agents represent these products honestly and ethically. Here are some tips to help you pick the right agent and listen for things they might say.
1) I have access to all insurance companies.
a. This is usually a real statement. That being said, there is a big difference between having access to all companies and knowing which company has the best product for your situation.
b. Make sure they show you at least ten other companies they have compared to see how and why they picked the best one for you.
2) Make sure they leave you the State Insurance Buyers Guide.
a. If they don’t leave this with you without being asked, that’s a huge red flag. Each state insurance commissioner has a buyer’s guide that if you even mention the word annuity, you should get.
3) Make sure they leave you a copy of the illustration with ALL pages!
a. Agents can be lazy and not want to take the time to do this. YOU do not want a lazy agent!
b. If they don’t leave you an illustration with all of the pages, how do you have proof of what they’re telling you and how the product works?
4) Make sure they leave you the Insurance Company product brochures.
a. Companies heavily suggest that the agent leaves all product materials with the client so they can do their due diligence and research.
b. Once again, how do you know if what they are telling is true if they don’t leave the brochures from the insurance company which explains how the product works?
5) Make sure all the illustrations are done by the company they are presenting and not on an excel spread sheet or word document.
a. No illustration is valid or accepted if it’s not from their illustration software with their company information on it.
6) Don’t be impressed by a title or acronyms after their name.
a. So many agents have an extensive list of acronyms after their name that means nothing. There are so many web-based certifications that agents get sucked into that are not even recognized by the insurance industry.
b. Knowledge, skill set, and expertise far surpass title.
7) It does not matter how long they have been an agent.
a. Many times, the agents I have taught over the years have been slow to change to newer technology. More Modern technology allows me to compare more companies to make sure I have the best product for them.
b. Many agents barely get by year after year selling a few policies here and there who have no business being in the insurance industry.