DOES ANY ADVISOR SOLVE YOUR PURPOSE?

Thinking ofbuying an insurance policy will get you insurance agents knocking your door.
They would provide you with the benefit illustration of their policies their tax benefits,
maturity benefits, loan availability, etc. And god forbids if something happens to you,
your dependents will have enough money to fall back on. These benefits convince you to
buy an insurance policy.
Your decision might please you for a while. But once queries creep into your mind, you
start doubting your decision. The queries like, how well do I know the agent? What
kind of services will he provide me? Will he be around when I need his services the
most? Has he chosen the right policy for me? Has he kept my priority ahead of his?
What are his credentials? And all such questions.
If you consider these questions are not relevant to you, think again. An unscrupulous
agent could suggest an expensive policy as it may provide the agent with higher
commission or may suggest a policy that would not match with your requirement.
He could even be untraceable at the time when you need him the most.
Every year it is seen agencies of lakhs of agents are terminated. This is due to lack of
meeting the stipulate quota ofbusiness set by the insurance company. Either they
agents terminate their agency code or the company wishes them good bye. In both
cases, you tend to lose.
This causes great hardships to the existing policyholder, as they have to survive without
an agent. New agents are also hesitant on providing services to them, as they do not stand
to earn anything from such proposals.
You should not undervalue the importance of an insurance agent, as he
is the liaison between you and the insurance company.
All this might look nightmarish but the solution to this isn’t all that difficult. What you as
a prospective insurance client need to do is ask a few questions before you finalize to
purchase an insurance policy.
Is your agent a professional: Many individuals tend to take up insurance as a side
business. They tend to take up insurance only an alternate means of earning. They do not
tend to take their clients seriously. Check whether he is in this business full time.
Experience : Try finding out the number of years of experience the agent has. According
to industry sources, only about 10% of LJC agents have 5 years & more of experience in
this industry.
Place of contact: It is always better to have the address of your agent. Even if it is his
house, you are assured that you could trace him down whenever required. His telephone
numbers and address should all be kept handy.
Reference: Ask for references ofhis client or any other person know by you. Request him
to give reference of his client’s name and telephone number and check with them. Try
finding out the genuineness of this person. Another way is to ask him whether he has any
clients in your neighborhood. Chances are that one of his clients may be your friend.
Check all your doubts : Make sure that the agent is properly addressing all your queries.
Do not feel shy to show your ignorance. Request for an explanation when you do not
follow any particular feature..
A Few Don’ts : Never conceal any facts from the company. Insurance is based on th,
principal of utmost good faith. You might try concealing certain facts at the time of the
proposal; it may so happen that the insurance company may find out about your
concealment at a later stage and thus would refute your claims. Don’t be lazy in filling
the forms, it would take only a few minutes for you to fill it. At least you are assured that
all the information provided in the proposal form are correct. Ensure that the
chequeyou hand over to the agent bears the name of the insurance company and
your policy number is written on the reverse
INSURANCE IS THE SUBJECT MATTER OF SOLICITATION