When it comes to purchasing insurance, many people wonder whether they will save money by enrolling directly with an insurance carrier and avoiding a middle-man or broker. While it may seem like cutting out the middle-man would lead to cost savings, the reality is that using a broker can actually save you money in the long run.
Each insurance company files their rates with the respective state insurance commissioners. Therefore, the rates direct through the carriers are the same as through a broker like MBG. This means that the premiums for a specific insurance product will be the same regardless of whether you buy directly from the insurance carrier or through a broker.
However, brokers like MBG offer more than just access to the same rates as insurance carriers. They also offer a wide range of services that can save you time, money, and stress when it comes to selecting the right insurance product for your needs.
One of the key benefits of working with a broker is that they can shop all the carriers at once, saving you time and money by recommending the products that have the best premiums, copays, and networks for each individual client. Rather than spending hours researching different insurance options on your own, a broker can quickly narrow down your choices and help you find the best insurance product for your needs and budget.
In addition, brokers can provide valuable guidance and advice throughout the insurance selection and enrollment process. They can help you understand the different types of insurance products available, explain complex policy language, and answer any questions you may have about your coverage. This level of support can be especially valuable for those who are new to the insurance market or who have complex insurance needs.
Another advantage of using a broker is that they are not tied to any one insurance company. If you went direct through an insurance carrier, that company can only discuss their products. In contrast, brokers can discuss all of the products as a one-stop shop, as they do not work for the insurance company – they work for you. This means that brokers are able to provide unbiased advice and can help you compare and contrast different insurance products from different carriers.
Ultimately, while it may seem like buying directly from an insurance carrier would be the cheapest option, the reality is that using a broker can actually save you money in the long run. Brokers offer a range of services that can help you find the best insurance product for your needs and budget, as well as provide valuable guidance and support throughout the enrollment process. So, if you’re looking to save money on insurance, it’s worth considering working with a broker like MBG to help you find the right coverage for your needs.