There are plenty of life insurance products in the market. Here’s when an insurance agent steps in to help determine the kind of policy you need at a premium rate you can afford.
We often receive phone calls from life insurance agents, keen to introduce us to the products they have to offer. Sometimes we disregard it, assuming it is an investment we don’t really require. But that is where we go wrong. In this day and age, not having a life insurance cover is a huge risk to take. Life insurance provides financial security to your loved ones in the event something happens to you. Now, it is the job of these life insurance agents to help users find the right kind of financial security for themselves. They are the go-to people when you want to find a life cover for yourself.
What does a Life Insurance Agent do?
Life insurance agents work on behalf of life insurance companies to sell policies to customers. They help you navigate through the process of buying life insurance and shop for the right kind of policy. Insurance agents are trained to understand the needs of the client. They are therefore well-equipped to make suitable policy option suggestions. They also assist nominees in the event a death claim needs to be filed. Life insurance agents monitor claims to ensure they are settled rightfully for both the insurer and the policyholder or nominee.
Now, choosing a career in insurance sales can be a very lucrative career choice. Many people are opting for this line of work since it offers unlimited earning potential and tremendous growth opportunities. So, when you consider the many agents in the industry, how do you determine who is the right person to avail a policy from? There has to be certain criteria by which one judges a life insurance agent. Below, we have listed some factors you need to take into consideration while determining the credibility of an insurance agent.
Finding the Right Life Insurance Agent
• Does the agent have a license?
You must only avail a policy from an agent who has been given the license by the Insurance Regulatory and Development Authority of India to sell policies. This license is proof that the agent has undergone the requisite training and passed an examination that legally qualifies him or her to sell insurance products. According to the IRDAI rules, a single life insurance agent can represent only one life insurer and one general insurer at a time. If the agent is representing multiple life insurers at one time, then the individual is not abiding by the rules. So, it is best to avoid such agents. Prior to buying a policy, make sure to ask for the agent’s ID card and license.
• Ask around
What better way to find out the credibility of a life insurance agent than to ask around about the experience people have had. You can start out by asking your friends and family members about the agent from whom they’ve availed a policy. Find out about how the agent works and whether your close ones are happy with the service they have received. You can also look up online reviews posted against every life insurance agent. They are mostly unbiased. This will give you an idea about the common opinion that people have about those life insurance agents you have shortlisted.
• Check agent’s work experience
Ensure that the insurance agent you intend to deal with has a good amount of work experience in this sector. They will be able to guide you better with their sound knowledge about the market and find the right kind of plan that will fetch you the most benefits. Having an experienced agent is especially important if you have zero knowledge about the industry and its products. Additionally, it is advisable to consider those life insurance agents who have the experience of working with people in similar situation as yourself. Check if the agent has worked with people who share the same financial and personal situations as you.
• Talking mode
More than the agent, it is you who needs to talk. Put forth questions at almost every stage prior to purchasing a policy. Ask questions that you may think are difficult as well. Check to see how the insurance agent responds to them. Is the agent able to provide you with direct and accurate answers? Are you able to understand the insurance concepts that the agent is trying to explain? Can the agent make you feel at ease? You can judge an insurance agent’s ability to manage clients by the way he or she explains the policy to a customer. Thus, if the agent can make you understand the nitty-gritties of the policy and accurately answer all your questions, you can shortlist him or her.
The insurance sector is flooded with an array of life insurance products. Finding a policy that is apt for you can seem like a daunting task, if you aren’t thorough with your insurance needs and what different policies have to offer. To help make the whole process easier and hassle free, it is advisable to go for an insurance agent. They are experienced professionals who can guide and provide sound advice on which insurance plan to avail. To find the right life insurance agent for yourself, keep the above-mentioned points in mind. This will allow you to shortlist those professionals who know how to best meet your insurance needs.