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Finding an Insurance Agent

 

Insurance is based on the principle of paying money now for financial protection in the future, so it is not surprising that the insurance industry attracts more than its share of swindlers.

 

So beware of so-called low-cost insurance and to be alert to any other questionable insurance scheme. Comparison shopping is wise, and it often saves money.

 

Before buying any insurance you should check company's record and financial standing consulting insurance rating guides at a library or a bookstore or on the Internet.

 

These can provide the information about, whether the company is financially secure or not.

 

Has it been in business successfully for many years?

 

Is it known for handling claims quickly and amicably?

 

Doing all the work on your own seems hectic?

 

An insurance agent can do it all for you.

 

An insurance agent is normally committed to a particular insurance company.

 

A broker, or independent agent, may consult various companies to find the best insurance available for a given price. Both need to maintain a good relationship with clients in order to keep their business. When an insurance agent is trustworthy and concerned, he can be of great aid to his clients. He can help you, to make decisions about insurance, like:

 

First, a good agent or broker can help a client to select appropriate coverage from the seemingly endless list of insurance options. 

 

He will also explain the details of the policy to his client. As many well know, insurance policies are notoriously complicated. 

 

An agent's explanation can help the client to avoid unpleasant surprises. 

 

The agent can also become his client's advocate with the insurance company in case the client has difficulty obtaining a settlement.

 

Some of the questions that you need to ask yourself before selecting an agent are: 

 

Is the agent licensed to sell life insurance? Ask the agent to show the Identity card / License.

 

Is the agent an independent agent or an employee of a corporate agency / direct broker? If it is an independent agent, ascertain how long he / she has been in business and ask for customer referrals.

 

In case of a corporate agency / direct broker, check which company does he represent and the credentials of the company that is represented.

 

Remember that a broker represents the customer, while the corporate agent represents the insurer. Hence a broker may be able to give you a choice of products across insurance companies, while a corporate agent or an individual agent is paid to sell the products of the insurance company that he/she represents.

 

What are the qualifications of the agent?

 

Though IRDA prescribes that an agent needs to only have passed the XIIth standard examination, in many cases, the agent is professionally qualified and hence could provide better advice and service to you.

 

The important thing is to assess if the person you are meeting is a well-qualified individual who can give you sound advice. 

 

Be careful about dealing with agents who offer to pay a part of your premium or otherwise offer you a rebate on the value of the policy you purchase. Besides being illegal, any agent who agrees to forgo a part of his commission is not likely to provide you with good advice and / or service over a period of time.