• What is your educational background and area(s) of expertise? • How long have you been in the industry? • Which disability insurance companies do you recommend most often and why? • Which life insurance companies do you recommend most often and why? • How much experience do you have working with clients in my medical specialty? • Do you have any affiliation with any specific insurance company?Beware agents that are “captive” and can only offer policies from one company or may have a strong financial incentive to do so. Ideally, you want to purchase your policy from an insurance agent that represents several insurance companies, provides you with illustrations of coverage from each and will review the differences between them with you in detail. This way you can make a decision that best meets your individual needs, goals and budget. The time to ask your questions is before you purchase any insurance products. All too often, I see physicians in situations that could have easily been avoided if they took the time to really understand who they were working with and what they were purchasing before they “signed on the dotted line”. Finally, remember, since the contractual language and premium rates must be approved by the insurance department of each state before a policy can be approved for sale by a particular insurance company. Since the industry is heavily regulated, you will not be paying anything more by purchasing your policy form an “experienced” insurance agent than you would be by purchasing your policy from a newly licensed or “inexperienced” insurance agent or broker.
1 (LIMRA’s Agent Production and Retention Report 2010, published in September 2011)
What do you think about Mr. Keller’s advice? Have you had a particularly bad interaction with an insurance salesman in the past? What advice would you give to others? Leave a comment.These are the personal views of the author and may not represent the views and opinions of The Guardian Life Insurance Company of America or its subsidiaries or affiliates thereof. Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS), 355 Lexington Avenue, 9th Floor, New York, N Y 10017-6603, 212-541- 8800. Securities products and advisory services are offered through PAS, 1-516- 677-6200. Financial Representative, The Guardian Life Insurance Company of America, New York, NY (Guardian). PAS is an indirect wholly owned subsidiary of Guardian. Physician Financial Services is not an affiliate or subsidiary of PAS or Guardian. PAS is a member FINRA, SIPC.