Insurance is the transfer of future risk. The risk can be of life or non living things like property, a motor vehicle or a household appliance. Just by paying a small installment monthly, quarterly or yearly one can insure from various risks like death, diseases, theft, fire or accident.

Difference between agent and insurance:

In US and UK cases are done by Insurance brokers. Insurance agents and brokers are expected to play a very important role in insurance sector. An agent is a representative of one company. He is master of selling products from one company only. He receives training of various policies of one particular company. Whereas an insurance broker is a representative of client and he is empanelled with more than one company. An agent works for the benefit of the company he is associated with whereas broker works for the benefit of client. According to a survey conducted by Reactions magazine, 49 % of the people think insurance brokers as very important whereas 24% think them as an essential

A layman usually has a limited understanding of insurance policies whereas a broker or an agent is fully aware of market and various policies. He has a track record and is able to serve. He helps to find out the correct policy as per need. His basic work is to advice and help in taking the correct decision regarding policy purchase and policy switch over.He advices regarding the coverage needed along with the premium paid. His main motive is to impart knowledge to an insurance buyer. He is also aware of added coverage, new exposures, excluded coverage?s and risks.

Insurance broker is aware of various insurance terminology, various policies offered by different companies, various liabilities theories and various hidden features of policy. He can guide you properly. Getting a policy done by broker also becomes more economical as you save your time and effort searching for the correct policy. Insurance agents have developed a trust in the market. They even help in getting good pricing.

In case of buying insurance for an organization, insurance brokers become even more important. Change of the government policies results in lots of changes in coverage development of policy. Much coverage is withdrawn and many are added. A good broker can always keep you informed regarding the same and can help you better understand your insurance needs.

Life insurance broker also provides complete information regarding quotes for life insurance, critical illness insurance and income protection.

Search of Life Insurance Broker:

Choosing of correct insurance broker is very important as insurance broker helps you to pick the right policy at right time. He should have the correct skills and proper knowledge of market. He should be trustworthy and master of his field. A partner in your growth. A knowledgeable, experienced and informed broker can reduce your losses whereas uninformed can create problems. Always remember few points before choosing a broker. Firstly, he should have a good reputation for settlements of claims. Try to get full information from the places he has already worked. Secondly, find his experience and the area of insurance he excels. Thirdly, don?t hesitate asking for references and recommendations from the people where he has already worked. The best way to find a broker is by personal recommendation. Some other ways include advice from industry association or insurance association. Last but not least in search on internet.

Educational qualification to become a Life insurance broker:

Life brokers must possess a valid licensed issued by their state. They get the license once they clear the insurance examination. The license is issued e National Association of Securities Dealers or the Securities and Exchange Commission. Having a graduation degree is not must but many companies prefer broker who have completed there basic education i.e. a proper college degree. Some training programs are also available for broker. These programs are very beneficial for the brokers dealing with managerial cadre.

Work profile of Life insurance Broker:

Every sector has a different type of risk involved like mining industry may have a risk of life by leakage of harmful substances, sugar industry have a risk of life by machinery accidents, textile industry may have some other form of risk involved. Since each sector has different risks each sector should take advice from broker specialized in its sector type. Broker should understand the risks pertaining to your industry type and can help you with suggestions which can give your life and family members a sense of security. He should be able to obtain quotes, prepare presentations to be send to various insurance companies and should be able to assist you with claim and policy settlement.

Payment structure of Life insurance brokers:

Most brokers get the commission from the insurance company some also charge their own fees. List of some of the Life insurance brokers in America