Shopping for insurance can be tedious and super stressful, especially when you haven’t even figured out what insurance you need. Working with an insurance broker can cut through the noise and help you make an informed decision based on your coverage needs.

What is an insurance broker?

An insurance broker is a professional who acts as an intermediary between insurance buyers and insurance companies. They assist clients in finding and purchasing insurance coverage that meets their specific needs by evaluating various insurance policies and recommending the best coverage options.

Insurance brokers work on your behalf, helping you navigate the wide open waters that are the insurance industry and providing professional advice in your best interest. They also take the time to walk you through the terms and conditions, benefits, exclusions, and costs of the insurance policies that you may be considering.

Insurance broker vs agent

Don’t confuse an insurance broker with an insurance agent. A broker works for you, tapping into their extensive relationship with various insurance companies to find you the best insurance coverage solutions for your needs.

On the other hand, an insurance agent works on behalf of an insurer to sell you insurance. However, they can only offer you options from the insurance provider that they work for. This severely limits the scope of the solutions that they can offer.

Who needs an insurance broker?

Anyone who is looking for insurance coverage can benefit from using an insurance broker. They can be especially helpful for:

• Individuals who have specific insurance needs and want personalized advice on coverage options for specific needs, such as health, life, or home insurance.
• Businesses that need group insurance for employees and liability coverage to protect the company's assets.
• People who are new to the insurance market and need help understanding the various types of coverage available.
• Consumers who have had a change in their circumstances, such as a new baby, marriage, or a change in employment, and need to update their insurance coverage.
• Individuals who are shopping for a new insurance policy and want a professional to compare policies from multiple insurance companies to find the best deal.

What are the benefits of working with insurance brokers?

Working with an insurance broker offers several benefits, including

Expertise

Brokers have specialized knowledge about insurance policies and can help clients choose the right coverage for their needs.

Comparison shopping

Brokers can provide quotes from multiple insurance companies, enabling clients to compare coverage options and prices.

Negotiation

Brokers can negotiate with insurance companies on behalf of their clients to secure better rates and coverage.

Claims assistance

The claims process can be a tasking endeavor, especially when there are misunderstandings with the fine print. Brokers can assist clients in navigating the claims process and advocating for their interests.

Independent advice and ongoing support

Brokers work for the client, not the insurance company, and provide unbiased advice. They are also available to answer questions, make policy changes, and provide ongoing support throughout the life of the policy.

Insurance is integral to our financial solutions at OWLFI

Insurance is one of the key aspects of our suite of strategic financial solutions at OWLFI. We believe it is a critical tool that can be used to open up other aspects of your financial life. Let us help connect you with the right life insurance coverage solutions that suit your needs.

OWLFI offers a wide range of professional financial services, including tax planning, investment management, estate planning, retirement structuring, and more. We have experts at every stage, all of whom are dedicated to your financial well-being,

Get in touch

Schedule a quick consultation about your insurance needs with our team today by calling 913.441.8380. We look forward to working with you to achieve your financial goals.