A few days ago I had done a post saying from whom you should not buy a life insurance policy, here is the sequel to that
Having said what CANNOT be the reasons NOT to buy from a set of people, lets look at what you can do to protect / save yourself from trouble:
1. Ask to see the agent’s insurance (IRDA) / mutual fund (AMFI) license. You actually want to be treated by a doctor, not the doctor’s husband, wife, daughter, father…..
2. Ask how many companies the agent represents– if an agent represents a number of mutual funds / insurance companies, he has the ability to look for the best policy to fit your unique needs and to find the best value for your money.
3. How long has the agent been in business? How long has the agent been associated with the agency? Check the length of the association. Longer need not be better. It is only an indicator that the agent will not leave it for another business.
4. Has the agent earned any designations signifying that she has received advanced training in the business of insurance / wealth management..
5. Did you learn about this agent from someone you trust and respect?
7. What are the other things he does along with this business? In Indian conditions there are very, very few people who make a full time income by selling only insurance.
8. Ask how the agent perceives his role in handling claims. In case of general insurance you will live to learn!
11. Ask him his educational qualifications. There is nothing to say that a qualified person is more up to date than a person who is not qualified, but it might help. Equip yourself with knowledge. That is the real protection.
12. Is the agent a member of any local / national body of professionals which is subject to some code of conduct?
13. Has any action been taken against him in any forum? Does he have any commendation given to him by say, a neutral body?
14. If he criticizes the competition, beware of him. It may be sheer lack of knowledge. Ask him to say good things about the competition.
15. Ask him whether the money that he earns from the product that he sells is significant part of his earnings. If it is not, he is likely to give it up.
16. Make sure he understands risk cover, asset allocation, risk profiling, switching, and equip yourself enough to ask all these questions.
Start with a prayer that always helps!
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