Good practices your insurance agent should already be doing
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When it comes to insurance, it is important to find a good agent that understands and proposes the best solutions to meets your needs. Nobody wants an agent that places their self-interests above ours. Here are some things you should know before settling on one.
1. How suitable are their recommendations?
Recommendations are a good way to know whether an agent places your needs, rather than sales, as priority. Take healthcare insurance for example. You may be content with standard class wards, yet some agents may recommend a policy that provides coverage for a higher hospital class. Other agents may advise you against it. One way to identify a good insurance agent is by doing your own research and then considering their recommendations: do they really suit your needs?
2. What is their advice on policy termination?
Be it a loss of income or better offerings on the market, there is often good reason behind any decision to terminate any policy. Policy termination also represents a window of opportunity for agents to sell other packages. However, a good insurance agent would first point out any potential net financial losses that you may incur, the penalties that can result from early termination, as well as the loss or lack of coverage during the period of replacement.
3. Is your income being considered?
A good insurance agent will consider your income when it comes to purchasing any package. Any recommended new policies should not impact your lifestyle adversely, such as extreme scrimping and saving. While it differs for every individual, a healthy gauge will be to set aside 10–25% of your income for insurance, especially if you’re covering for multiple family members and assets such as cars and homes.
4. What are their communication practices?
Some good practices of reliable insurance agents include checking in on you at least once every 6 months or leaving you a contact number. This is to make sure that they are always available to provide recommendations at different stages of your life, such as when you have purchased a new car or property, or facing a health emergency.
A good insurance agent will always prioritise your enquiries and concerns above sales. If you have any questions regarding insurance, feel free to reach out to us here or find out more here.
