NFIAS Can Save Clients 40-60% On Insurance Costs
When you purchase your next life-insurance plan, there is a little known way you can get back 40-60% of the first year’s cost—through a rebate from the agent. With annuities you can get back 1-3%. It’s almost like getting an additional bonus interest rate in the first year.
Rebating. A very hot topic since Proposition 103, in 1988, lifted the restrictions on California insurance agents and allowed them to rebate commissions to their clients on a certain number of products, most notably life insurance and fixed-rate annuities.
New Foundations Insurance & Annuity Services (NFIAS) has been offering rebates to its clients on these products for the past 20 years. This allows clients to save a substantial amount of money—thousands to tens of thousands—on the purchase of these products, especially if they’re looking at a high-premium life insurance plan or a large annuity.
“And if you do this through NFIAS, by no means will you have to give up quality on the plans you’re looking to purchase,” says Rick Moncher, NFIAS president.
As an independent agency, the company represents more than 100 premier companies in the industry.
The company has the capacity to shop the market for the best plans, the lowest prices and the best companies available.
“As independent agents, we can search all the companies available and come up with a selection for the client to choose from,” Moncher says, “finding the best plan with the best product for that client and situation.”
This also allows NFIAS to obtain the most competitive quotes and rates for those whose health may be a factor in obtaining such products as life insurance.
A number of the companies NFIAS deals with specialize in placing people with challenging health histories or medical problems, often offering the client more competitive rates or even providing an offer of insurance for someone who may not be able to qualify at all with most traditional insurers.
Not all companies in the insurance industry allow rebating. Though perfectly legal by California state law, some insurers still do not allow their agents to offer a rebate as company policy.
New Foundations Insurance and Annuity Services complies with those companies’ wishes not to rebate. But with such a vast selection of companies remaining, NFIAS can still shop the market for clients and offer them the best plans, at the best rates with the best companies available.
The staff at NFIAS is comprised of agents with a long track record in the business, many of them more than 20 years. They have a wealth of knowledge and experience in policy analysis and medical underwriting.
In many circumstances, they have been able to secure offers of insurance for those who were not able to buy anywhere else. And with their streamlined agency structure, they can often outwork the competition at a lower rate and cost to their clients.
• Why do they offer a rebate when most agents do not?
“Most clients come to NFIAS already with an idea of what company they want or even which specific plan they want to purchase,” says Mon-cher. “Simply put, clients have already done half the work for us. Why shouldn’t they be entitled to a rebate for making our job a little easier?” Moncher asks.
This is not a popular view with many insurance agents and some insurance companies. But then again, as Moncher states, “not to sound impertinent, but we are working for our clients, not anyone else.”
• In essence, can a client go to any independent agent in the state and find the same products and the same companies?
Certainly. NFIAS makes no claim on having a lock on the market, a proprietary product or some magic bullet that no one else possesses.
They are very clear that anyone can purchase the same plans and same companies they offer with many other independent agents in the State of California.
• Why then, would you want to buy through New Foundations Insur-ance and Annuity Services?
“Only if you want to save a substantial amount on that same plan you’re going to buy anyway,” Moncher reports.
“We can get you the plan you want, with a reputable, highly rated, quality company; and we are willing to give back 40-60% of the first-year commission,” Moncher explains.
For example, if a client buys a large insurance policy at $10,000 per year premium, with a commission rate of 80%, the agent’s commission is $8,000. On a 50% rebate, the client would get $4,000 back in the first year.
“If you would like to save thousands or possibly tens of thousands on your next life insurance or annuity purchase—and still receive the highest quality service in the industry— then give the people at New Foundations Insurance & Annuity Services a call.
For more information, call 866-201-3532 or visit the website: www.nfias.com.