Gary Taffet: When Purchasing Life Insurance, Discernment Is Key

Life insurance coverage is a significant purchase; not only does it represent a major financial commitment, but, because life insurance is used to protect family members from economic hardship, it is imperative for individuals to obtain high-quality coverage. As such, many individuals are prone to seeking out advice before committing to a particular life insurance plan. According to a recent article from Business 2 Community, however, the quality of life insurance advice can vary greatly -- and it is essential for individuals to make certain that they are only listening to informed and unbiased counsel. This stance has won a comment from Gary Taffet.

Gary Taffet has worked in insurance brokerage and employee benefits administration for years, and currently serves with the New Jersey-based Reliance Insurance Group. Taffet has issued a new statement to the press, in which he offers his own thoughts on the Business 2 Community article, and the need for proper guidance when shopping for life coverage. "Independent insurance agents with vast professional experience make the best life insurance advisors," states Gary Taffet. "Each client is unique. An independent insurance advisor has a fiduciary obligation to provide the best possible recommendations. These valued and trusted professionals are providing unbiased and knowledgeable advice. And that is the most crucial role of any insurance agent."

Gary Taffet's advice for individuals to obtain proper counsel from independent insurance agents dovetails with the Business 2 Community article, which cautions against leaning on the advice of those who have little life insurance experience -- in particular, family members and friends. The article notes that there is nothing at all wrong with seeking insight from friends and loved ones, but cautions individuals to remember that, in most cases, these friends and family members are not life insurance professionals.

The Business 2 Community article continues by noting the crucial distinction between captive agents and independent agents. A captive agent is generally only able to refer clients to a single life insurance carrier, whereas an independent agent is able to provide a range of options. Because the independent agent has greater liberty to endorse different products and services, the independent agent is ultimately better able to meet the particular needs of any given client -- a point affirmed by Gary Taffet.
Ultimately, the article shares the view held by Gary Taffet -- that for individuals seeking the best possible life insurance coverage, speaking with an experienced and independent agent is ultimately the most prudent course of action.