With the availability of life insurance information on the Internet – including the ability to get quotes and make a purchase online – the role of a life insurance agent may seem diminished. True, the Internet does make it easier for you to do the research upfront and gather information about the estimated rates, but a life insurance agent is still a critical part of the process. Their ability to provide personal consultation is something that can never be replaced by a company website. An agent’s professional experience in life insurance planning allows them to make recommendations about the policy that is going to best fit your needs.
Finding the Right Agent
A good starting point is to get recommendations from family, friends and co-workers. Their first hand experience may provide you with ideas about who to contact. The characteristics of a good agent include someone who:
1. Is a licensed life insurance agent, preferably an experienced CLU (Chartered Life Underwriter)
2. Will explain, in easily understood terms, the options available
3. Will work with you to find an affordable policy that best meets your needs
4. Asks the appropriate questions to gather information about your finances, assets, risks, etc.
5. Will not try to sell you unnecessary life insurance or make you feel obligated to make a purchase
6. Will meet with you throughout your policy to make sure it is still meeting your needs and is kept up-to-date
Overall, you will want to locate an experienced, licensed agent who can take the time to understand your unique situation and provide the best options for your needs.
Be an Educated Consumer
Your decision about a life insurance policy is important –an agent can help make the decision easier by providing their experience and background to create a customized plan for your unique situation. As a consumer, you need to:
a. Research the company’s ratings to support your choice of agent
b. Provide all information about yourself, including any known health problems and whether or not you are a smoker
c. Understand the policy that you will be buying, including the terms, fees and any penalties
d. Thoroughly read over your policy to ensure that it is accurate and that you understand it completely (ask questions if anything is unclear!)
e. Notify your insurance company of any life changes that will affect your policy
4. Contact your insurance agent if you have a complaint
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