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What You Must Expect from Your Life Insurance Agent

24-June-2021 |

You can buy an insurance policy directly from an insurance company. But, when you opt for an insurance policy or a savings plan through an insurance agent, you build a strong connection with him or her. The insurance agent helps you pay the premium on time, keeps you updated on the new regulations, and helps your nominees during the claim settlement process. So it is always better to opt for a life insurance plan through an agent.

Your relationship with a life insurance agent is not for the short term. Your insurance agent will help you before the purchase of the insurance, guide you properly through the steps during the purchase, and be with you after the purchase until the end of the policy term. So, before you choose a life insurance agent, there are a few factors that you should keep in mind.

 

Before Purchase

  • The insurance agent should be able to guide you about the various insurance products that are available in the market and also the features that each product has. Several products are available in the market, and as more and more insurance providers enter the market, new plans with added features are being introduced. So your Insurance agent needs to have in-depth knowledge of various plans in the market.

  • All the insurance products may not be the best fit for you, so your insurance agent should suggest the best products that fit your criteria and are affordable. The sum assured is very important. The sum assured should be calculated based on Human Life Value (HLV). The HLV is the present value of your future incomes, expenses, investments, and liabilities. The HLV will help you determine the amount of money needed to secure the life of your dependents in your absence. Your dependents are going to make a livelihood based on the sum assured of the life insurance plan. So the insurance agent should help you choose the right sum assured by considering your HLV.

  • Nowadays, there are two types of life insurance plans - traditional and market-linked plans. If your main concern is to hedge your life risk and protect your dependents, you should choose traditional life insurance. Or if you want life protection along with wealth creation, you can go for market-linked plans. Your Insurance agent should guide you with the extra costs related to market-linked plans, such as fund manager fees, market risks, and so on.

  • Your life insurance agent has more exposure to the insurance market than you have. So he or she should help you to choose the right insurance provider with the highest settlement rate. The settlement rate deals with the number of claims an insurance provider has settled.

 

During the Purchase

  • The proposal form is where all the necessary information of the insurer is mentioned. Important information like total income, other policies, and health conditions must be mentioned correctly in the proposal form. It is expected from an insurance agent to explain the importance of this information and ensure you provide the correct personal details, such as contact number, permanent address, e-mail ID, etc. Failure to provide the correct personal details may lead to claim rejection.

  • Policy documents are very important to understand. All crucial information is mentioned in a policy document. A policy document generally runs for several pages, and the language may be a bit technical. So, your insurance agent should help you understand the policy document in detail and clarify all your doubts regarding the policy.

  • The insurance agent should help you get through all the formalities for the life insurance policy. If the policy requires you to undergo a medical examination, the agent should specify exactly which tests are needed and the best place to get them done.

 

After the Purchase

  • Your insurance agent should sit with you at least annually to understand any new requirement that has cropped up in your life and provide a solution for it. If there is an addition of a new dependent in your life, the agent should help you add the said dependent to the policy.

  • The insurance agent should keep you updated on your policy’s inclusions and exclusions. An insurance policy is an agreement between the insured and the insurance provider. So, in certain situations, an insurance provider can deny the claim. For example, the insurance provider will not cover suicide for a certain period from the policy’s inception. Hence, if the policyholder commits suicide in that duration, the claim will be rejected. If there is a lapse in the premium payment, a grace period is provided. However, if the premium is not paid within the grace period granted by the insurer, the policy will lapse. All these clauses should be communicated and explained well by insurance agents.

  • The collection of payment on a timely basis is the most important task. Your agent should remind you of your premium payment dates and collect premiums from you on a timely basis.

  • Claim settlement is the most important part of an insurance policy. Upon death, when claims are raised, your insurance agent should guide your dependents to get full payment of the claim. The agent should coordinate properly with the claim settlement officer and make sure that your dependents get the full claim amount.

 
How to prevent yourself from choosing a fake insurance agent

Every legalized insurance agent should possess a license to sell insurance. You should always be careful while dealing with an unknown agent. Don’t give your details immediately at the first meeting. Try to call the company that the agent represents and check whether he/she has registration. Before giving your premium money, make sure that the agent has the license to collect money on behalf of the insurance provider. Don’t purchase a policy that you can’t afford just because an agent is asking you to. Policies go for a long term, so purchase a policy as per your financial condition, which you can continue till maturity.

 

Conclusion

Insurance agents are experts in their fields. They will help you lead a smooth life by getting your life insured and helping your dependents get the claim money. So you will have a long-term friendly relationship with your insurance agent. Try to be vigilant while selecting the agent. Also, choose an affordable policy that meets your criteria and doesn’t increase your expenses.

 

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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