There are many resources available for members of GAIFA by virtue of the membership. Resources from the Life and Health Insurance Foundation for Education (LIFE) can be obtained by visiting their web site. Their address is shown at the end of this web page. You should also check out their section labeled "Real Life Stories" for some insight of their work.

Life insurance is designed to enable your family, loved ones, or business partners to be protected against financial difficulties in the event of a premature death. Combined with investments, retirement planning and proper estate planning, life insurance is a fundamental part of any sound financial plan. A professional insurance agent can assist you in designing a plan to protect you and your family or business.

Many companies offer health insurance but we find that in today’s market many companies are allowing employees the opportunity to purchase health insurance from a private vendor. Health insurance helps protect a family or individual from financial loss when an illness or accident requires medical expense. There are various types of plans with some offering discounts for PPO’s and HMO’s. Disability Income provides an income if you are unable to work due to sickness or an accident, dental insurance and Long Term Care plans help cover other health related costs.

Estate tax laws have changed drastically over the past years. The size of an estate exempt from taxation has been increased and continues to rise. Settling an estate can be devastating to a family. Many times the heirs are left with unexpected expenses ranging from debts to taxes and administrative cost. Court records indicate that in 75% of the cases most estates do not have the cash to pay the cost of settling an estate. This forces heirs to liquidate assets, many times necessitating a move from the family home, and the sell of a business for a fraction of its former value. Life insurance is important in estate planning because it produces the funds necessary to meet these expenses immediately. Life insurance when properly placed in an estate plan can help ensure that an estate passes to one’s heirs and not to the tax collectors.

As in selecting a physician or an attorney there are qualified ways to select an insurance agent. Listed below are a few of the guidelines and resources that can be used:

• Check to see if the prospective agent is a full-time and experienced agent or a part time agent.
• Ask for credentials of membership in their professional association.
• Ask for experience in handling the type of insurance you are seeking.
• Verify any training and or certifications of training the individual may have taken.

There are different categories of agents, however a professional agent will always place the needs of the client ahead of their own, doing what is best for the client, their family and the business. Professional agents will also provide reviews of the client’s insurance needs and are available for service whenever the client has a need for service.

Multi-line Agents:  These agents are just what the name implies. They service the financial needs of their clients through a diverse and comprehensive portfolio of insurance products and financial services including: auto, homeowners, personal umbrella liability protection, boat owners, flood, business, medical, disability income, life, annuities and mutual funds.

Home Service Agents:  These agents provide essentially the same services as the Multi-line with most of their services being provided in the client’s home. Often the Home Service Agent does not offer homeowners and auto insurance as part of their portfolio. They provide additional funds to supplement a person’s hospital and retirement benefits, life insurance to meet final expenses and continued needs for the surviving family.

Ordinary Agents:  These agents provide basically the same services as the Home Service agents and many of the Multi-line agents. Some Ordinary agents meet with the client in their home while others encourage the client to come to their office. The products provided by the Ordinary agent includes: life insurance, health insurance, disability income protection, long term care insurance and different types of retirement insurance thorough annuities and mutual funds.

Financial Planner:  These agents tend to provide comprehensive planning with focus being on all areas of the client’s financial portfolio. They work to develop a course of action to assist the client in achieving their personal goals. Usually a comprehensive plan includes but is not limited to: (1) analyzing the client’s current situation, (2) defining the client’s goals, (3) creating a plan that considers all the financial aspects of the client’s goal, (4) assisting the client in implementing the recommendations and (5) periodically reviewing and revising the plan to adjust for changes in the financial environment and the goals of the client. Quite often the Financial Planner is a "Fee only " compensation.

Whatever type of agent you need and choose to use, don’t be afraid to ask question. Ask what qualifies the agent to discuss your financial goals. It is even permissible to ask for references. The agent you choose will be performing services that will affect your financial health for the rest of your life. Determine if your agent has any professional designations. Most states also require agents to take continuing education courses to remain licensed in the state. Many agents in addition to the continuing education will take additional courses and are often awarded with professional designations. Some of these designations are: Charter Financial Consultant (ChFC), Chartered Life Underwriter (CLU), Registered Financial Consultant (RFC), Health Insurance Associate (HIA), Fraternal Insurance Counselor (FICF), Life Underwriter Training Council Fellow (LUTCF), Accredited Estate Planner (AEP), Registered Health Underwriter (RHU), or Registered Employee Benefits Consultant (REBC).