Do You Really Need to Use a Life Insurance Agent?

Life insurance has a lot of moving parts and can be confusing. As a result, many customers turn to agents to help them find good life insurance quotes.

But do you really need to use a life insurance agent? That depends.

Below, we’ll look at the advantages of finding and comparing life insurance quotes with an agent vs. doing so on your own.

Pros of Working with a Life Insurance Agent

Expert Advice

Agents can help you navigate the complex world of life insurance.

You can ask them any questions you have about life insurance types, requirements, and so on. With their expert knowledge, they can help find a life insurance policy that fits your circumstances.

Much of the Work is Done for You

When you work with an agent, you save a lot of time and effort learning the life insurance industry, researching policies, and getting and tracking your quotes.

Easier Time If You Have Unique Conditions

If you have a certain medical condition or a risky hobby (such as skydiving or flying planes), it can be harder to find a life insurance quote that fits your needs and budget.

However, agents can help here. With their knowledge and contacts, they’re well equipped to find policies that accommodate your unique circumstances.

Pros of Shopping for Life Insurance Quotes Yourself

Avoid the Risk of Getting a “Bad” Agent

In general, life insurance agents act as fiduciaries. That means they must act in your best interest.

Still, many agents get paid on commissions. This can create a conflict of interest, where they sell you a policy beyond your needs to make a larger commission.

Additionally, you might end up with an agent who has your best interest in mind but doesn’t understand your life situation or isn’t experienced with people in circumstances similar to your own. Thus, you risk getting a policy that doesn’t work for you.

On the other hand, doing the research and finding a policy yourself can help you avoid this.

More Choice

“Captive” agents can only sell policies from the company they work for. Even independent agents are limited to the companies they work with.

When you look for policies on your own, you can get life insurance quotes from any company you want.

The Verdict

Whether you should hire an agent depends on your situation.

If your needs are simple and you’re willing to do the research (or you’re confident in your understanding of life insurance), you might be able to skip the agent.

However, if you have unique circumstances and don’t feel like investing your time into finding quotes and comparing, an agent could be a great help to find the best fit policy for you.

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