If you’re reviewing Options for Your Company’s Group Health Benefit Plan and your company is between three to roughly five-hundred employees – you will need to work with an advisor. If you contact the insurance company directly they will refer you to their preferred advisor – but why should you let the insurance company make that decision for you?
The first step is understanding that you’ll probably need to work with an advisor. Choosing an advisor is just as important as choosing the insurance company and plan coverage.
Advisors will be different and the common differences are:
- In rare cases, advisors may have exclusive access to products. For example, Northern Financial Group being the only advisor with access to the Olympic Plan.
- Timeliness in responses for your questions and inquiries.
- Recommendations of different plan designs and coverage options.
- Preferred insurance companies – some advisors only work with one or two providers.
- How the advisor keeps you informed/educated on the product you selected and setting expectations for on-going renewals.
A common unknown fact is; only one advisor may represent you with a specific insurance company at a time.
First come, first served
This is a common source of confusion when clients are attempting to source quotes and review options. To illustrate with an example; if you ask Advisor A to reach out to Sun Life on your behalf for a quote – no other advisor can request information from Sun Life unless you replace Advisor A as your representation with Sun Life. Replacing an advisor to represent you with an insurance company requires a signed letter.
Making a decision
When you reach the process of collecting and reviewing quotes – remember that the process is a negotiation. As such, simply settling on the lowest quote may not be the best choice. Consider other structures such as renewal caps or asking for a specified price for your company benefits.
For more information or to start your review for benefits with Northern Financial Group, please contact us.