Brokers (in this case) are agents who represent multiple insurance companies. It is critical to understand the breadth of opportunities available to meet your needs. Too often we see agents who have incentive to market policies for only one specific carrier; this presents a conflict for policy owners as they do not always see a representation of the entire market.
When analyzing a policy or solution, we need agents that will run comparisons and offerings from multiple sources. Just as when making a large purchase such as a car, we shop. If I am buying say a $50,000 car, I will want to see most of the other vehicles in the same price range to compare with;the same goes for your life insurance policies.
If you are working with a captive agent, how will you know what companies A-J would offer to meet your needs? This information is a must for an individual to make an educated decision.
When we meet with clients to present ideas, we generally show several solutions from several carriers. Unless, for some reason there is clearly one particular solution that offers the absolute best opportunity, we will show several. To determine where the best opportunity is, we MUST look at the situation very carefully, run anonymous information past underwriters and multiple insurance companies to locate the very best ideas. Once the market has been scrubbed, we can comfortably conclude what is most sensible.
If your agent does not operate this way, find one that does a thorough evaluation. Perhaps changes may be made to your existing plan to reach your goals and achieve what is in your best interest. Perhaps additional protection is needed or perhaps a replacement is in your best interest.