What’s the Difference: Insurance Agent vs Insurance Broker
June 11, 2024 | John Demko
Understanding the roles of insurance agents and brokers is significant when it comes to insurance. These terms are often used interchangeably, which can be confusing. You might be wondering if they do the same thing, how are they different? And most importantly, which one should you use to help you compare your Medicare plan options? In this blog, we’re here to guide you through the differences between these insurance professionals, helping you understand which one is ideal for you to work with based on your needs and empowering you to make informed decisions about your insurance plans.
What is an Insurance Agent?
An insurance agent is a licensed professional who sells insurance policies and helps clients choose the right coverage for their needs. Insurance agents represent a single insurance company and can help you choose a plan offered by that particular organization.
What an Insurance Agent Can Help With
Here are some things an insurance agent will help you do:
- Selecting an insurance plan or policy
- Reviewing plan benefits with you
- Enrolling in a plan or policy
- Answering questions
- Sharing important information and details about the plan
- Assist in annual renewal decision
- Help with renewals
What is an Insurance Broker?
An insurance broker is also an insurance agent, but the main difference is that they are contracted with multiple insurance companies rather than just one. This means an insurance broker can provide information and recommendations on multiple plans.
What an Insurance Broker Can Help With
An insurance broker will assist with all of the things that an insurance agent will do, except they will also be able to:
- Compare several different insurance carriers and plans
- Support you in deciding which policy is most suitable based on your personal needs
Learn More: How To Choose A Medicare Insurance Broker
What is the Difference Between an Agent and a Broker?
Working with an insurance agent can help you choose an insurance plan. Working with an insurance broker can help ensure that you select the most suitable insurance plan. If you’re looking for a more personalized approach that takes into account your individual lifestyle and personal needs, working with an insurance broker is the way to go. They can help you compare many different options and ensure that you select the most appropriate insurance plan tailored to your unique circumstances.
How Insurance Professionals Specialize in Types of Insurance
Both insurance agents and insurance brokers can have specialized expertise in various areas of insurance, such as property, life insurance, Medicare, or individual health insurance. This is an important distinction as you want to make sure that the insurance professional you are working with is well-versed and experienced in what you need help with.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Attend an online Medicare webinar, in-person Medicare workshop, or schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.
