The practice of using agents to shop around for good deals is prevalent, especially in the insurance sector. Rather than do business directly with companies, people use agents to get insurance for their vehicles, homes, businesses and even life. When it comes to shopping for life insurance, finding a good agent is vital.
Who Is A Life Insurance Agent?
A lot of people confuse between agents and brokers when transacting insurance business. A life insurance agent is a representative of a particular insurance company, responsible for selling and serving policies of that company. He is a specialist of insurance policies and their technical and legal aspects. An agent can be direct or independent. A direct agent works with a single company, specializing in the company's policies, while an independent agent may work for several companies. A broker on the other hand deals with policies from many different companies and is usually a middleman between the client and the insurance company.
What To Expect From Your Life Insurance Agent
A life insurance agent is usually trained by the company to transact business on its behalf and as such is expected to be highly knowledgeable on all the aspects of the company's life insurance policies. Apart from that, your agent should display a high level of professionalism. He should be available for consultation, answer all your questions diligently and clear your doubts, enabling you to make the right choice.
A good agent will start by assessing and evaluating your life insurance policy needs in order to come up with the best policy for your family. This includes basic information, health status and budget among others. Once you have discussed your needs, he should be able to give you quotes of different policies that match your needs and help you to calculate your premiums. He should be honest about all the costs of the policy, including premiums, penalties, cost of processing the policy and any additional costs that may arise from poor health and other policy influencers. The legal aspects of the policy must also be properly explained so you are not disadvantaged in any way.
Basically, a life insurance agent is the one person you will trust to get you the right policy for you and your family. As such, you should settle on one that can deliver exactly what you are looking for. Agents earn a commission if you purchase a policy through them and it is not uncommon for presentations to be designed like sales pitches. However, a good agent should look beyond the commission and into getting you exactly what you are looking for.
In case you are working with a direct agent, whose company cannot cater for your needs, the agent should be professional enough to refer you somewhere else rather than get you a policy that will not cover your needs. Overall, a good life insurance agent can be expected to get you a good deal on your life insurance policy - one that covers your needs while still being within your budget.
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