The Value of a Second and Impartial Opinion

The way most people buy life insurance is a recipe for poor results. It violates two clear principles of successful decision-making commended in Proverbs 24:6. “By wise guidance you will wage war and in an abundance of counselors there is victory.” Notice two dominant adjectives: wise and abundance. In other words get a second opinion… but be sure it’s wise.

Most insurance is purchased with singular advice from a sales agent, i.e. without a second opinion. Strike one.

What about the “wise” part? We tend to think wise guidance primarily consists of training and experience. While those are important, there is a third element that trumps both…and it has to do with motivation. Proverbs 24:23 gives a clue, ” To show partiality in judgment is not good.” Why is it not good? Because it’s self serving. A similar verse, Proverbs 28:21, inspired the name of our website, “Impartial insurance advisor”: “To show partiality is not good- yet a person will do wrong for a piece of bread.”

This verse described what I observed in sales meetings while an insurance agent. We regularly reported how many policies we sold, the amount of insurance, and the amount of annualized premium collected. With that sort of pressure and the constant enticement of commissions dangling before us, could we be impartial advisors?

Deuteronomy 16:19 says, ” You shall not distort justice; you shall not be partial, and you shall not take a bribe, for a bribe blinds the eyes of the wise.” What does a bribe do to the wise? It blinds (takes away the ability to see clearly), leading to a distortion of justice. When Proverbs 24 commends “wise guidance”, it means guidance not under the influence of a bribe, a “piece of bread”, or any inducement to distort advice. Yet this is exactly what a commission does. It makes the commissioned “advisor” at least to some degree a blind guide. Strike two.

Warren Buffett says it this way. ” In looking for people to hire, you look for three qualities: integrity, intelligence and energy. And if they don’t have the first, the other two will kill you.” Training, experience, and intelligence cannot make up for a lack of integrity (as per Buffett) or being partial (as per Solomon).

Why do consumers buy insurance with singular advice from blind guides? It’s easier (agent takes initiative while consumers are passive), or maybe not knowing where else to turn. That’s why Impartial Insurance Advisor was created, a source for that second opinion that is wise– well-trained and experienced– but most importantly impartial which means not self seeking.

Many are discovering that paying a little for impartial advice is the best insurance money they can spend. So what does Proverbs 24:6 commend for the best decision making?

• The Value of a Second Opinion
• The Value of an Impartial Opinion

That’s who we are. Combine that with 35 years of experience in the insurance markets and all the training the industry has to offer and what do you have? Homerun!