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Judging a Life Insurance Agent

With the rising competition in the insurance market, the competition among insurance agents to secure the maximum number of clients has also accelerated. It is a known fact that life insurance agents work on the basis of commissions. Hence, the bigger deals they help the insurance company secure, the higher is their incentive. Although it is true that insurance agents receive handsome incentives for selling insurance plans, it is not necessary that all agents will mis-sell their products. However, you must exercise caution on your end and ensure that you to judge the credibility of your insurance agent. We suggest a few pointers to help you zero in on a suitable insurance agent who would not dupe you.

Make Sure the Life Insurance Agent Has a License

Every certified insurance provider has a license from the Insurance Regulatory and Development Authority of India (IRDA) to prove that they are adequately qualified to help you choose the right insurance policy to suit your needs. The license certifies that the agent has undergone sufficient training. Also, the IRDA permits one life insurance agent to represent one life-insurance company and one non-life insurance company at a time. You must ensure that your agent is not working simultaneously with several insurance providers. Also, make sure that you check both the license as well as your agent’s identity card.

Take Heed of Word of Mouth

Perhaps one of the best ways to zero in on an insurance agent is to talk to people who have worked with insurance agents and have had a good experience. When planning to buy a new insurance plan talk to your parents, friends and colleagues to get their feedback upon the role of insurance agents. Remember, that ideally, your insurance agent’s job does not end simply by assisting you to buy an insurance policy. Your agent is responsible for helping you claim your insurance as and when you need it. Hence it is extremely important that your agent is trustworthy.

Talk to the Agent before Finalising

Once you decide on a particular insurance agent, you must not take a final decision before talking to the agent for judging his know how and expertise in guiding you towards buying the right insurance policy. Check how much interest he shows in getting to know about your insurance goals and what objectives you are looking to accomplish with your life insurance policy. Make sure he enquires about the number of family members you have and present you with an insurance plan accordingly. Infact, offering you a plan should be the last and final leg of your discussion. If somewhere you feel the agent is pushing you towards a policy, which does not seem well suited for your family’s needs, do not give in. There are plans on which agents earn more money and are more likely to push those towards you.

Check the Agent’s Work Experience

It is always helpful when your insurance agent has had some experience with providing insurance. It is always helpful when your insurance agent can guide your with sound knowledge about the market, which plans would give you the maximum benefits and their knowledge about the investment markets also helps tremendously, especially if you are also inexperienced as far as purchasing insurance is concerned.

Make Sure Your Agent is Cooperative

After you have verified all the other requirements of your insurance agent, you must ensure that the agent has a helpful attitude and assures to guide you with assistance whenever required. As stated earlier, you will need to revert to your insurance agent when you have to make claims or upon the maturity of your policy and a disinterested person will be oflittle help.  

Written By: PolicyBazaar - Updated: 03 June 2020
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