Insurance in Review

Physician's Money Digest, September30 2003, Volume 10, Issue 18

Many consumers believe that insurancebrokers have an inherent conflict ofinterest because they make their living oncommissions from products that they sellyou. That gives a broker a strong incentiveto sell policies, even if you don't needthem, to reap the commission on the sale.Now there's a group of fee-only insuranceadvisors who will look over your policiesand decide what's good for you to keepand dump. They can also evaluate theneed for any new policies a broker mayrecommend. The most likely clients arewell to do with several policies, some ofwhich may no longer be needed. Costscan run as much as $250 an hour,although at the Consumer Federation ofAmerica (202-387-6121;, actuary James Hunt, CFA,reviews insurance for up to $75 a policy.