Insurance Agent: How to choose an Insurance Agent?

How to choose an Insurance Agent

A person who sells insurance policies is called an insurance agent/adviser. An agent works under an insurance company. While some agents sell policies from different companies, most sell policies from the same company. An agent can conduct their activities from home. We know many life insurance agents. They sell life insurance policies as well as general insurance policies like motor insurance, travel insurance and health insurance. Taking insurance through the right insurance agent is very beneficial for the client. Getting to know an insurance agent is essential.
Insurance agent

Agents who are only willing to earn commission regardless of client needs may not last long in business. By working as a POSP (Certified Point of Sales Person) consultant, one can act as an agent for various life insurance, term, group, motor and other insurance plans offered by various insurance companies.
What should an agent be?

The basic qualification of any insurance agent should be proactive and communicative. A life insurance agent should work to help you find a policy that fits your needs in terms of family responsibilities, finances, health and personal circumstances. A good insurance agent should put the policyholder’s needs first. An agent should be honest when discussing policies with the client. An agent should be able to offer you several insurance options that meet your criteria. The details, benefits, drawbacks of the policy should be clearly and simply explained to you. If any questions are asked.. should be presented honestly. Agents should not try to push clients on high commission policies. Under no circumstances should you be pressured into buying a policy.

Policy working, claims handling, premium costs, process updates, policy renewal etc. should be explained to the clients at various levels. Also, agents should ensure that the client’s details are correct in the insurance policy after you purchase the policy. After that the agent should be available to review the premium payment details. Better services should be provided to the client after purchasing the policy. Follow up service should be provided to the client at the time of claim.
How to find an agent?

If you are shortlisted by a company for an insurance policy, you can contact the company and ask to meet an agent. If you are not sure where to buy insurance from, you can take the suggestion of someone who has experience in this. Talk to friends, family and colleagues to find an experienced agent. Financial advisors can also suggest a better agent. Or they can help you buy a policy. Your professional advisors will be able to recommend a skilled agent because they already know your financial situation.
How to confirm an agent?

Insurance agents must be licensed by the state in which they sell insurance. As per the guidelines set by IRDAI, every insurance agent or POSP (Certified Point of Sales Person) should be licensed to sell life insurance or general insurance policies. It is most beneficial to the client when the insurance agent has prior expertise in providing insurance. Find details of an agent’s education, training and professional qualifications. Some insurance agents complete additional training and courses to gain better qualifications. This qualification may include Chartered Life Underwriter (CLU), Chartered Financial Consultant (CHFC), Certified Financial Planner (CFP), Financial Services Specialist (FSS). These advanced qualifications represent a commitment to professional, ethical business practices. A skilled insurance agent can offer a variety of policies and services to meet any legitimate need of a customer.
Agent should know..

Taking life insurance will last longer. Premium payments are made over several years. Clients also have many doubts regarding the claim. Life insurance is essential for financial protection of your family. So, research carefully before buying. There are many doubts about these approaches. All these must be asked of the agent. When was the agent’s license issued? How many years of experience? Ask for the address details of the insurance department office where the policy is valid. The insurance company should know the claim settlement ratio.

Agents claim many attractive benefits while selling an insurance policy. Make sure those benefits are written into the policy document. Most life insurance policies guarantee death benefit as the main benefit. Ask the agent what the actual claim conditions are. Ask the agent for the full terms in the policy contract. Most health and motor insurance policies come with riders. Learn these procedures. What are the penalties for non-payment of premiums? Find out if any benefits will be missed if policy renewal is delayed. If you are buying an insurance policy, you should be aware of unforeseen events that may affect the terms and conditions of the policy.

Finally: Not all life insurance agents are the same. Some insurance policies are complicated. So depending on your needs, you need a qualified insurance agent to help you find the right policy.


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