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no problem and good luck.
How to Find a Trustworthy Life Insurance Agent
- Thread starter jdrose
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- life insurance
no problem and good luck.
I do not think you will have any trouble finding someone on this forum who would serve you well. What state are you in?
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- #13
I'm from Illinois.
- 1,271
You can't really get screwed by a decent dividend paying whole life offered by a mutual company. You could get screwed by a universal life written by a commission greedy agent (the product itself is good but it can be designed for the sole purpose of maximizing the agent's profit).
- 16,906
I would think it would be just the same as selecting a good attorney. Meet with them and talk. See how they interact with you and answer all your questions.
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- #18
Thanks for all the advice.
and Somarco, I am definitely over-thinking the whole process. Unlike most of you, I am coming at this issue from a consumer standpoint. Before I invest tens to potentially hundreds of thousands of dollars into a whole life policy, I am conducting as much research as I can in order to better understand what I am purchasing and from whom I am purchasing it. The whom matters in so much as I want some measure of confidence that whatever the agent is suggesting is in my best interest.
Honestly, I don't care how much commission the agent makes. But if commission is the reason why an agent suggests a good product instead of the best product in my situation, then that's where I will take issue.
- 11,996
If it's a large enough case most states allow for fee-only advisors who in exchange for a fee will advise you what the best product is for your situation.
That all being said, there often times are more than one "good" choices and the fact of the matter is they may be opinion based as opposed to a right or wrong answer.
Honestly, you should know from talking to them if they are interested in helping you make the best decision and you as a consumer can use the agent to explain to you the differences between the options. Usually on larger cases I will give my clients options, explain why each option make sense, and let them tell me what their decision is. I'm not saying that is the only honest way to do business, but it does make it such that I'm helping the client make an informed decision as opposed to simply saying "here is what you should do". Some customers need to be told what to do, but most need to be educated.
Also, for all the huffing and puffing about bad agents, most agents are actually decent people trying to help their clients. Odds are if someone has been selling insurance for a while, it's probably because they've been doing the right thing by their clients.
Lastly, if your goal is to become an insurance agent, you might be sorely disappointed with how things work out. I may be placing too much emphasis on your being an attorney with an engineering background, but I don't think you'd be able to make the steady type of income as an insurance agent that you could with your education (and I'm presuming experience.)
If you want to become an insurance agent, it's most likely going to be either straight commission or basically straight commission, we don't exactly have offices and wait for clients to come to our door. Someone else can feel free to correct me if they disagree, the majority of a life insurance agents job (at least with respect to time) is finding clients, not necessarily meeting with them.
That all being said, there often times are more than one "good" choices and the fact of the matter is they may be opinion based as opposed to a right or wrong answer.
Honestly, you should know from talking to them if they are interested in helping you make the best decision and you as a consumer can use the agent to explain to you the differences between the options. Usually on larger cases I will give my clients options, explain why each option make sense, and let them tell me what their decision is. I'm not saying that is the only honest way to do business, but it does make it such that I'm helping the client make an informed decision as opposed to simply saying "here is what you should do". Some customers need to be told what to do, but most need to be educated.
Also, for all the huffing and puffing about bad agents, most agents are actually decent people trying to help their clients. Odds are if someone has been selling insurance for a while, it's probably because they've been doing the right thing by their clients.
Lastly, if your goal is to become an insurance agent, you might be sorely disappointed with how things work out. I may be placing too much emphasis on your being an attorney with an engineering background, but I don't think you'd be able to make the steady type of income as an insurance agent that you could with your education (and I'm presuming experience.)
If you want to become an insurance agent, it's most likely going to be either straight commission or basically straight commission, we don't exactly have offices and wait for clients to come to our door. Someone else can feel free to correct me if they disagree, the majority of a life insurance agents job (at least with respect to time) is finding clients, not necessarily meeting with them.
Although I disagree with life insurance as an "investment" vehicle there are reasons for purchasing permanent insurance. More so than buying term, you DEFINITELY need to have a comfort level with the agent.
An agent that is simply in it for themselves will send out signals Stevie Wonder can see.
If you have an urgent need for insurance, nothing says you can't buy a 1 yr term plan to give you some time to weigh in on the process of finding the right agent.
Even though term from the "big mutual" carriers is more expensive you would be better off buying from someone like Northwestern Mutual or Mass. If your health changes in the interim at least you can convert to a decent perm plan.
You might also discover the agent you worked with to buy the term is also the one you should marry.
Trust your gut.
Even engineers have gut feelings that go beyond the numbers. Same for attorneys. At least for the good ones.
You just know when a client is lying to you.
Same with an agent.
Trust your gut, and ask the agent to educate you on what you need and why.
Then follow Reagan's advice.
Trust, but verify.
