21 Sep When you meet a ‘slimy’ salesperson

Q. I’m thinking about buying disability insurance, but the salesman is a little slimy. How can I find someone else to deal with? I know they get commission so I’m suspicious.

A. For starters, we’re glad to hear you’re considering disability insurance.

Income protection is very important and yet remains one of most overlooked types of insurance, said Ed Gaelick, a Chartered Life Underwriter and Chartered Financial Consultant with PSI Consultants in Glen Rock.

Everyone is a “salesperson,” and insurance agents or brokers have a level of expertise in their world that others probably don’t have, Gaelick said.

“While they are salespeople, they should also be viewed as trusted advisors,” he said. “Having a positive chemistry with the person you work with is critical. If you get a `slimy’ feeling, run fast to another agent or broker.”

Gaelick said you should find someone with an expertise in disability insurance, with years of experience and even professional designations.

The fact that the salesperson will get a commission is just a fact of life.

“Insurance people need to get paid too,” Gaelick said. “Many don’t charge a fee for their services and get paid by the insurance companies they represent. And they should. There is nothing `suspicious’ about that.”

To find the right professional, start by asking around with your friends and family.

But first, check with your employer to see if group disability plans are available, said Reed Fraasa, a certified financial planner with Highland Financial in Riverdale.

As you consider your options, be informed and think about how much coverage you may need before you meet with someone.

To do that, add up your basic fixed expenses for the year, Fraasa said. Then determine how much you have in non-retirement savings accounts and take 4 percent of that amount.

“The difference between those two numbers is a good starting point to determine how much you may need to buy in coverage,” he said. “At least that gets you to a place to compare quotes.”

When you find a salesperson, make sure you understand whether or not they represent only one company or if they can give you quotes from different providers, Fraasa said. Then make sure to get three quotes.

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This story was first posted in September 2015.