Getting life coverage is not always easy. That is why you must take active steps to get A Life Insurance Agent or a Broker to assist you. Besides, the key to buying the right amount and the right type of policy at a good rate is a good agent or broker.
What Should I Be Expecting From An Insurance Agent or Broker
While choosing an agent, below are the things you should look out for. Such a person should have the following advantages.
- The agent must have a sound understanding of your financial base.
- He should know your sentiments are about taking risk situation.
- The Agent should be able to know and study your income and estate tax “brackets,” and your other financial assets and obligations.
- He should also know about your personal situation (that is, your age, marital status, dependents, etc.)
- Your agent should carry you along in all the decision making process. He should explains, in terms you can easily understand, issues, options and planned use of life insurance in your financial program
- He must not be quick to convince and pressure you into a decision, but works with you until you’re ready and convinced that you are doing what is best for you
- Your agent should also be ready to review with you periodically—perhaps every three years or so—whether the product continues to be suitable for your needs and circumstances
- Finally, he should be qualified and licensed by your state insurance department.
In case you have not gotten an agent or a broker, you may decide to ask a friend or family relation to guide you in choosing one. If that option does not work, then you may decide to choose from over 70,000 members of the National Association of Insurance and Financial Advisors (NAIFA). This is a professional body of life insurance brokers and Agents who subscribe to the organization’s Code of Ethics.
You should be aware that brokers and agents are entitled to remunerations. However, the prices depends on the individual agent or brokers.
Finally, the ideal way to protect yourself is to make sure you understand what you’re buying. You must understand the whole gamut of the insurance policy. It’s nature, limitations, penalties or fees if you want to drop the policy.
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