How to find the best agent for you
By Prakash Gandhi • Bankrate.com

Financial experts say it's important to find a good insurance agent -- one who'll have your best interests at heart.

But how do you find one you're comfortable with? It's not as simple as letting your fingers do the walking and picking a name out of the Yellow Pages.

In fact, finding one who's qualified, knowledgeable about life insurance and who's willing to listen carefully to your needs may take a great deal of time and effort.

"Picking a good agent means choosing someone who will take the time to understand your insurance needs, knows about the many products available and can explain the insurance options to you," says Jeanne Salvatore, vice president for consumer affairs for the Insurance Information Institute. "The agent should also have an excellent reputation for customer service."

Surf the grapevine
One of the best ways to get the names of well-respected insurance agents is to ask your friends, neighbors and business associates for recommendations.

"If you are dealing with a financial planner or a tax preparer, ask them for recommendations," says Salvatore. "Word of mouth is a very good way of getting a good life insurance agent."

Tom Riggs, a personal financial representative with Allstate Insurance in Winter Park, Fla., agrees. "Get someone in your community, someone you feel comfortable talking with and somebody who knows the products or has access to people who know the products."

After you get the names of a few agents, check into the companies they represent and what kind of products they offer. If you're not interested in those insurers, there's no reason to work with their agents. "You might like the agent very much, but you might not like the products he or she offers," says Salvatore. Make sure the agent works for a good national company that's on sound financial footing. Prospective clients can check out company ratings on sites such as Moody's and Standard & Poor's.

Also, check your state's Insurance Department to make sure the agents are licensed to sell insurance in their state, and find out what professional designations the agent has earned, such as a Chartered Life Underwriter or Chartered Financial Consultant.

Ask questions
Take the time to visit your short list of candidates in their office or at least meet with them in person. Ask a lot of questions and if the answers are not to your liking or if the agent uses terms you don't understand without taking time to explain, keep searching, Salvatore adds. "If they're not able to answer your questions, they should be willing to do the research and get the answers."

Riggs says it's important to find a company that is well established and highly rated.

Pick somebody who specializes in life insurance because it's a lot different from selling other types of insurance, says Riggs, who's been selling life insurance for 24 years. "You want someone who has more than five years of experience in this field, and works for a company that's been around a long time and will continue to be around for many years."

The same applies to the agent you choose. "You really shouldn't start working with a guy who is 60," says Riggs. "By the time you retire, he may not be around. You want to work with somebody who is going to be there for the long term." And it's useful to find someone who's worked with people who are in a similar place in life as you.

Consumers should also pick an agent who understands your budget and is willing to analyze your needs, adds Riggs. "He should determine how much life insurance you can afford. He should be able to give you a pretty accurate quote when you first meet him."

A good agent will ask a lot of questions about your family health history and your own health background, says Riggs. Steer clear of agents who want to push a particular product or those that don't ask a lot of questions, he says.

Guy Wren, owner of Guy Wren Insurance Agency in Orlando, Fla., suggests you first approach the agent who wrote your auto and home policies since, "They may better understand your needs because they've already worked with you. The key is to find someone who works for a quality company, not an off-the-wall company you have never heard of."

One last thing: Remember that not every high production agent is a good agent. Often more aggressive agents are less concerned about the customer's best interests than they are about their own commissions.

-- Posted: July 28, 2004