Working with a Managing General Agency Lets You Make the Client the Top Priority – Not the Insurance Company!

When you work as an insurance agent for an insurance company, you know that your hands are often tied as far as being able to offer the best services at the best rates. Getting the best deals offered by other insurance companies is obviously not in your best interest. However, this can often negatively affect the relationship you have with your client. Keeping the customer happy needs to be the top priority for an insurance agent.

If you feel like this is the position which you are currently in but have no choice as far as bettering the situation – switching to a Managing General Agency is a perfect solution to help you get the most from your career and keep your customers happy. Remaining independent while still working within an encouraging and motivating atmosphere, while still having access to the support and assistance you require to be the most effective as an advisor, is not possible while working for an insurance company – but is easily achievable if you are working with a Managing General Agency.

20 years ago, most clients would have been completely reliant on the word of an insurance company with regard to prices and services available. Unless they knew someone in the insurance industry, they would have had very little recourse for alternative sources of information. However, with the internet, the wealth of information available to all has seriously impacted the ability of insurance companies to claim that they are offering the best deals if there are others out there. Now it is necessary to cater to their needs in order to attract and retain your customers – which is ultimately your end goal! This needs to be kept in mind when considering how you can attract and maintain a strong client base.

When a customer comes to you as an agent for an insurance company, you can’t offer any of those deals they know are out there – and they may choose to take their business elsewhere. If you are working with a Managing General Agency, there is far less risk that you will lose that client, as you now have the ability to search for the best deal at the best rates from a much larger portfolio. Working with many different insurance companies takes the power from them and puts it in your hands – where it should be in order to allow you to make the customer the top priority!

When you ask yourself who is more important – the client or the insurance company – the answer should always be the client. In order to get the most out of your career as an insurance agent and reap the most rewards, letting an insurance company dictate the direction your career will take is unwise. Working with a Managing General Agency allows you to remain independent while still working with multiple insurance companies and allowing you to keep the customer at number one.

If you want more information about working with a Managing General Agency and how it benefits your career to switch, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Working with a Managing General Agency - How to Retain Control of your Clients and Work in their Best Interests

If you are an insurance agent who works for an insurance company, you may often feel as though you are restrained in your ability to get the most from your relationship with your clients and to provide them with the best service possible. Being tied to one company often means that you are forced to give up your independence as far as your ability to do your best for your clients. If you are thinking about trying to end this often one-sided relationship, it may be time to start thinking about working with a Managing General Agency.

There are many benefits to working with a Managing General Agency. One of the most important is being able to be an independent broker while still reaping all of the benefits of working with a company that offers the support that helps you provide the best service to your clients. By joining a Managing General Agency, you get this!

Customer service is key. In order to be able to provide the best service to your clients, you should not be shackled to one insurance company. Relying on being able to only provide their services greatly limits your ability to present the best deal and keep your customers happy. By tapping into the available services of a Managing General Agency, you have the power to offer a greater number of services to your clients and at the best rate.

Being told versus being in the know. What kinds of learning opportunities are provided by an insurance company? Are they ones that teach the best customer service techniques in the industry, or are they ones that cater to the needs of that insurance company alone? Most likely the later! Working with a Managing General Agency allows you to get the latest knowledge in the industry, thus increasing your ability to provide the most effective customer service to your clients.

Who owns the client – you or the insurance company? One of the most notable downsides to working for an insurance company is the control that is lost by the agent with regard to their clients. If you are an independent advisor working with a Managing General Agency, you are the one with the power. By working with different insurance companies, you take the power from their hands and keep it within your own. Don’t let the insurance company run the show.

Another important consideration – how long does it take to have your clients vested to you? With big insurance companies, you may have to wait years to have your clients vested to you. However, if you find the right Managing General Agency, your clients are vested to you immediately, helping you maintain your independent status and giving you control of your career.

Nervous that venturing out on your own will decrease your ability to bring in the sales that you were garnering while working for an insurance company? Don’t be. By working with a Managing General Agency you still get all of the perks of working within an office atmosphere, the support of colleagues, training to help you continually improve, and incentive programs to help keep you motivated.

If you want more information about working with a Managing General Agency and how it benefits your career to switch, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Self- Employed: Do I Really Need Long-Term Disability Insurance?

Do you own your own business or work for yourself? If you do, you know that being self-employed comes with its own hurdles; one of the most important is obtaining life and health insurance since you are not covered by an employer. But how do you know which insurance to purchase? How do you know what insurance product best protects your assets? For example, if you are self-employed, do you need long-term disability insurance? The answer should be – and is – simple.  Yes!

Firstly, what is long-term disability insurance? Long-term disability insurance provides coverage to you if you find yourself in a position where you are unable to work. Any number of things can leave you disabled, or in a position where you are unable to work. If you are hurt and cannot return to work right away, how are you going to maintain the lifestyle you enjoyed before?

Through monthly payouts, a long-term disability insurance policy provides you with an income replacement (the amount of which depends on how much you want to be covered for and is determined when your policy if first purchased).  With this money you can be sure that you are able to continue paying the bills that keep a roof over your family’s heads and as well as maintaining your business.

What is covered by long-term disability insurance – how does it work? By sitting down with an insurance broker and customizing a plan to fit your needs, you are able to select such options as the monthly payout that best fits your budget and the length of time that you will be covered. If you are a self-employed individual this is crucial, as, unlike those people that have employer coverage, you may need your insurance policy to begin sooner and cover you for a longer period of time. Each plan determines what is covered, and so it is essential to work with an insurance broker to find out what you feel best suits your current financial situation.

Can you afford the consequences of a disability without coverage? Paying your mortgage, saving for retirement, or putting money towards your child’s education is only possible if you are receiving an income. If you review your finances, and find, as the majority of people would, that you need your monthly income to support your bills, clearly long-term disability insurance is important. Perhaps you would be able to support yourself and your family for a short period of time, but if the period turns out to be much longer, then you need to consider the importance of obtaining long-term disability insurance.

Deciding what type of insurance policy best suits your needs as a self-employed individual can be tough. Often individuals incorrectly assume that a life insurance policy offers enough coverage to protect their family – but that is only in the event of a death. If you are self-employed, it is crucial, in order to protect your loved ones, to obtain long-term disability insurance.

To find out more about long-term disability insurance and how it can protect you financially in the future, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca

Critical Illness vs. Disability Insurance: Do You Need Both?

Preparing for your future and the future of your family can be both an exciting and intimidating time. Buying a house, establishing yourself in a stable career, or building your family are all promising things that you may see in your future. But there are some things that you may not foresee– such as a critical illness or a disability – which you also need to prepare for.  

Preparing for a critical illness or a disability by obtaining insurance is a smart choice. But critical illness vs. disability insurance– do you need both?  Although some people think that both critical illness and disability insurance are not necessary, often times having both critical illness and disability insurance protects you when only one of them may not. 

What is critical illness insurance? Critical illness insurance is a type of health insurance that covers you should you become critically ill. It comes in the form of a lump sum payment that gives you the freedom and security to pay for whatever may arise during the course of your illness, or if possible, your treatment and recovery. 

What is covered by critical illness insurance? Critical illness insurance covers a multitude of unpredictable illnesses. These can include cancer, heart attack, stroke, Alzheimer’s, multiple sclerosis, organ transplants, and many others.

What are the benefits of critical illness insurance? If you are forced to take a significant period of time off work to receive treatment or to recover from a critical illness, most public and private health plans do not provide funds for the daily expenses you are responsible for, meaning you could face financial strain if you have not made provisions for this stressful situation. Obtaining critical illness insurance is therefore essential.

What is disability insurance? Disability insurance provides a monthly payout if you are unable to return to work, thereby replacing a portion of your income. If you suffer from an illness or are in an accident that prevents you from continuing in your current occupation, this can severely impact your ability to continue to make the payments that are vital to your family’s security and livelihood.

What about employer provided insurance programs – do they provide these types of coverage? Some may, but typically they are offered on a limited basis, providing coverage for short periods of time. Relying on your employer’s coverage can become an issue – so seeking supplemental insurance coverage can be critical.

Critical illness vs. disability insurance – do you need both? Having one or the other is great, but having both is even better. Planning for one tragedy that can impact your income but not another isn’t ideal. To make sure that you and your family are protected in the event of an accident or illness, having both ensures that you will be able to provide for them, while continuing to maintain your financial security.

Purchasing life insurance to provide for your family in the event of your passing is incredibly important. However, providing for them in case of a disability or critical illness is also essential when preparing for the security and future of your family. Making sure that anything that can interrupt your income is covered by an insurance policy is crucial if you want to remain financially protected no matter what happens in life.

To find out more about critical illness vs. disability insurance and why it is a good idea to have both, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca