Difference between Captive agent or Life Insurance company representative or Life Insurance Broker
Captive Agent Life Insurance Broker
Captive agents are licensed Life insurance professional who work for one insurance company and have access to products offered by one life insurance company, which they work for.
Brokers are licensed Life Insurance professional who work for their client and have access to wide range of insurance products from all the Life insurance companies.
Captive agent has sometime limitation if there is no insurance product that meets your need then they have no choice and can not offer you anything.
Broker has access to large range of products, so based on your individual needs; products from different insurance companies could be selected.
With Captive agent, option of shopping around is not available as they only have products from one company, so you can’t compare what other insurance company would be charging premium for similar product.
Brokers are able to shop around for you to find insurance company that offers lowest possible premium for the product that match your need.
Captive agents try to emphasize on the brand name of their Insurance company, most of the times to earn credibility from client.
Broker has to work in the interest of client and show client comparisons between similar products offered by different companies, so as client could make an informed decision with the advice of professional.
Practical Problem: One insurance company can have one good product or two or three, however your family needs might be beyond just those products and hence you could either collect information from all the insurance companies and then compare it your self and deal individually with few companies that you short listed or deal with one broker who does all the leg work for you and you could enjoy services and advice of professional.
After this comparison, it makes lot of sense to deal with a broker.
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Medical Health Conditions/
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