When confronted with multiple insurance proposals, I suggest you try the A-B-C Technique. This method will help you learn the details of different proposals that agents will offer from different companies.
Here’s how it works: After Agent A submits a proposal, ask him/her to take a look at Agent B’s submission. In turn, ask Agent B to examine Agent C’s proposal and evaluate it. Lastly, show Agent C the original recommendation from Agent A.
In this A-B-C triangle, you are not trying to embarrass anyone, but you are taking advantage of a person’s expertise in the very competitive marketplace of insurance coverage.
This strategy works especially well in evaluating disability insurance plans or long-term care plans, because the “fine print” in either type of plan is crucial in determining which proposal best meets your particular needs.
Keep in mind that with many types of insurance, expensive may be better. Shop by benefits offered, not premium price. And if you need a third-party opinion, give me a call. I will evaluate each of the options from a non-involved perspective.
I can learn from you, you can learn from me - please leave your comments and links!Jim Blankenship, CFP®, EA, is an expert in personal retirement, IRAs, and tax issues, with more than 20 years of experience in the industry. . Read more from this author
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