Conflicts of Interest

Insurance agents, and even independent insurance brokers, are surrounded by conflicts of interest. There is one scenario that pretty much sums up what is wrong with how most insurance is sold to consumers:

When the Agent or Broker is Affiliated with a Primary Insurance Company

The most common situation is when an agent is affiliated with a “primary” insurance company. In some cases, the agent is “captive” and others the agent is somewhat independent. A captive insurance agent will almost always only be able to offer you insurance solutions from the primary/captive insurance company. When purchasing insurance, we feel it is vital to receive options from an agent from multiple insurance carriers.

The better, but not perfect, scenario is when the agent is considered independent, but still has a primary insurance carrier affiliation. These brokers can offer insurance solutions from multiple carriers (good news for you), but ultimately they must meet a minimum amount of production to keep their own special benefits provided by the primary insurance carrier...such as health insurance, expense reimbursement, bonuses, retirement pension contributions, and extravagant company trips (not good for you).

If a broker knows he must meet a certain amount of production to keep health insurance benefits for his family, or hopes to earn a trip to the Caribbean, do you think he is going to be more inclined to recommend that particular insurance company when he meets with you? Of course!

In both of these situations, you are left wondering if you received the best deal.

What is the solution?

An Independent Insurance Agency with No Primary Insurance Company Affiliation

Fiduciary Insurance Group is that agency.

Insurance Solutions

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