For example, benefits for disability policies typically begin after a waiting period of one to six months. Therefore, you should ensure that you have some form of coverage or financial resources before the policy period begins. Since insurance can be expensive, it makes sense to get more than one price quote for coverage. There are several companies selling any one type of insurance, each with its own price structures, coverage, and policy exclusions. To help consumers choose among the various types of coverages, companies train sales representatives in the technical points of their insurance products.
Many representatives work for just one insurance company.
Banks also sell insurance in certain states. Insurance can also be sold without an agent by companies called direct writers of insurance. At TIAA, our insurance is sold by our counselors over the phone. They are not commissioned sales agents. According to the Consumer Federation of America Insurance Group, a consumer advocacy group, agents representing only one company usually receive lower commissions than independent agents, so their prices tend to be lower.