Life Insurance Agents

Find life insurance providers who specialize in business life insurance products
By Laura Major Protecting your company's assets requires seeking the services of life insurance agents and brokers. Knowing the type of insurance your business needs determines which insurance agency to select. Businesses carry the standard policies such as liability, property and business interruption insurance. However, insuring key players is essential. Your corporate executives are valuable tools to successfully running your business. As a result, an executive loss is a risk to the livelihood and momentum of the company.
 

Consider your time when choosing between an independent or company life insurance agent. A life insurance brokerage works with many different companies, often conducting the legwork for your benefit leaving you to run your business. If you prefer building a relationship with one insurance company, research numerous companies for the best benefits. Whether you choose an agent or a broker, be aware of the following:

1. Know your long-term business goals and which employees require coverage.
2. A life insurance company agent is limited to company products while brokers can provide options across a variety of providers.
3. All states require insurance licensing, so focus on the relationship between the provider and the life insurance companies as well as the industry designations your prospective agent or broker holds.

Research business-focused life insurance agencies and how much coverage you need

Select insurance providers who specialize in products specific to business needs. Term life insurance is a viable option for insuring business executives. Since employees are not a permanent asset, as the policy owner and beneficiary, you set the term length and the amount of coverage. However, depending on the executive, a whole policy with an investment feature is attractive as well.
Try: Utilize the Life Stages insurance product tool at the Insurance Information Institute to decide the type of life insurance you need. Knowing how much coverage you need is just as important. The Life and Health Insurance Foundation for Education provides a life insurance estimation tool to assist you in selecting the appropriate amount of insurance coverage.

Determine if a life insurance agency or a life insurance brokerage firm would work best

A relationship with an insurance provider can last for many years. Therefore, it is necessary to understand the type of participation you need from your insurance broker or agent.
Try: The National Association of Insurance and Financial Advisors offers a listing of the best agents among their company-sponsored peers and in the industry. Reviewing the list of life insurance brokers at the National Association of Independent Life Brokerage Agencies encourages building a solid relationship regardless of the insurance company you choose now or in the future.

Investigate the service records of the life insurance agents or brokers in your area

Each state has set requirements for obtaining an insurance sales license. Be sure that the provider you select holds a license to sell insurance products in your state and conducts services in an ethical manner.
Try: Inquire with Spectrum Insurance Group to find a business life insurance provider licensed in your area. Select an insurance agency with confidence when you research the service record of the company and its sales agents at National Association of Insurance Commissioners.

• Life insurance plays an important role in estate planning and asset protection. Make your choices in conjunction with your other investments. An umbrella policy that encompasses all of your insurance needs will reduce costs and ensure proper coverage regardless of the unexpected event.