Shopping for an insurance policy can be stressful. Not knowing what to ask or what to look for from an insurance company can create confusion, leading to spending more time and money than needed. Working with an insurance broker to find the perfect policy for you and your family can help you save time and money.

Continue reading to discover several benefits of working with an insurance broker and how they can help save you time and money when shopping for the best life insurance companies in NYC.

What Is An Insurance Broker?

An insurance broker helps clients with more than searching for the perfect insurance company and policy. Insurance brokers receive extensive training and gain experience focusing on specific insurance types. They also help with risk management and strive to provide clients with the highest level of customer service and satisfaction.

Many insurance brokers deal with specific policy types for personal, family, or business needs. At the same time, some insurance brokers can help you find any insurance policy for your home, vehicle, business, and family. Plus, insurance broker services are typically available at no additional cost.

Does Working with an Insurance Broker Save You Money?

When working with an insurance broker, you have someone by your side and working for you, not the insurance company. Brokers will shop from all the different insurance companies to see who has the best coverage and rates for your needs.

Additionally, brokers know the ins and outs of the business and the differences in policies. Someone with this expertise can help you find the best coverage at the best price.

Does Working with an Insurance Broker Save You Time?

We all have busy schedules, and the last thing we want to experience is time wasted. Working with a local insurance broker can also help save you time. The broker knows where to look and which insurance companies offer policies to meet your needs. By allowing the broker to handle the search for an insurance company and policy, you are free to do what you want. They will reply with a list of recommended companies and policies.

The insurance broker will also help complete the paperwork to start the policy. This saves you time from filling out the same information on multiple insurance policy applications to receive a quote.

What Are The Additional Benefits of Working with an Insurance Broker?

In addition to saving time and money, working with an insurance broker provides many benefits for consumers needing a new insurance policy. Some of those benefits may include the following:

  • Peace of mind knowing your needs are being handled by a professional
  • A close review of your insurance needs
  • Multiple quotes from various insurance companies
  • A thorough explanation of your policy
  • Receive claim filing assistance
  • Receive personalized recommendations
  • Quarterly reviews of policies to see where changes can be made
  • Unique tools to manage insurance policies

How Does an Insurance Broker Get Paid?

Insurance brokers get paid a commission from the insurance companies when they help you purchase a policy from their business. Because of this, there is no financial incentive for the broker to persuade you to choose one insurance company over another.

Even though your insurance broker works for you, you do not directly pay them. They receive their commission fee based on a percentage of your premium costs, which state laws regulate.

Working with an insurance broker will not impact the final cost of your insurance premium. Whether you work with a broker or not, you will pay the same premium price. However, in the long term, working with an insurance broker can save you money without paying the broker out of pocket.

Margolis and Associates is a local insurance brokerage offering our clients more than 50 years of experience helping them find the right coverage to provide them peace of mind. To learn more about how we can help or to get started searching for your insurance policies, call us at (212) 684-0711.

We are here to help you with your insurance search needs, including life insurance in Nassau County.