BeamaLife is Breaking the Mold of the Typical Life Insurance Salesperson

Online, June 23, 2010 (Newswire.com) - BeamaLife is helping life insurance industry by finding alternative permanent life insurance distribution channel to its struggling Career Agency System.
Piscataway, NJ - 06/21/2010 - It is still likely, in this day and age, that there are lots of life insurance agents in and around the area where you live and in your community; perhaps you even know one or two and may be in your relation. However, how do you know which life insurance policy is best for your individual lifestyle & needs and who is best suited to fulfill that need? Here are some tips to help you chose an honest and knowledgeable life insurance provider, who will in turn determine the kinds of life insurance you need and help you compare top life insurance companies.
You may be wondering what the difference is between an agent and a broker. An agent can be hired by a life insurance company directly, or can be an independent contractor. Usually, an agent is contracted with an individual insurance company and sells policies that this one company issues. Some life insurance agents may be able to get quotes from other insurance companies but they are conditioned to sell the products their employer offers. This is not always their fault as some companies hold their agents "captive" by reducing their compensation percentages if they sell other companies' products. Some agents are under contracts which contain quotas or "employment contract minimums" and may not stay employed if they don't attain those objectives. Other companies only distribute their products through their own agent network, preventing brokers from comparing their products and prompting interested consumers to obtain product information from one controlled source. As you may have surmised already, a downfall to working with an agent is that you may have less access to a variety of other life insurance companies and products (possibly more appropriate and less in cost) policies as a result of the affiliation your agent has with one company.
This information is not new; these techniques have been used by companies for decades, creating an atmosphere of stress, doubt and outright frustration for some agents. That's why, according to insurance and financial industry statistics; nearly 89% of all new life insurance professionals choose another career path within the first 5 years. Very few of the 11% of agents who do remain in the industry achieve the level of success they anticipated when they began their careers.
On the other hand, a broker is entirely independent of any companies. A broker is able to both work with and sell the products of a variety of companies. As a result, you will get a wide range of possible policies and companies to choose from. The objective of the broker is to find the best possible policy/company combination for your needs, rather than the best fit for you within one or two companies. "Online broker like BeamaLife can provide you best life insurance quotes by comparing top 100 life insurance companies, with the step-by-step advice and wealth of research," said Neil Jesani, CEO BeamaLife.
As the years have gone by, insurance has become more and more complicated. There are a myriad of insurance firms, and also policies to pick from, in a market that is always changing and growing. In addition, there are usually complicated clauses, disclaimers and industry jargon that can confuse the insurance layman. How is the average customer to know what all of this means, and which policy actually will benefit them in the end? This is the perfect reason to be sure that you are armed with thorough knowledge of insurance, as well as the part it will play in regards to taxation and other financial concerns. Often, local insurance agents are not so bright (it is difficult to find bright people to make cold calls and work on commission only), lack knowledge in a variety of insurance companies & policies and do not understand the nitty-gritty of life insurance laws.

Media Contact:
Neil Jesani, CFP®
BeamaLife.com
[email protected]
(732) 465-0065 Ext. 20