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How To Judge A Life Insurance Agent?

IamCheated.com Research Team | July 19, 2018  7:00:pm

The Life insurance sector in India is growing as many people are availing life Insurance. As the sector keeps growing, insurance agents who sell life insurance plans are also increasing in number. Insurance agents help you avail a life insurance plan.

It’s a known fact that you must avail life insurance when you have dependents. To learn all the details on the life insurance plan, you need to have a discussion with the insurance agent.

As Insurance agents work for commission, not all agents keep your financial goals or needs in mind. There are some agents who sell policies which give them a high commission. So, you have to follow the points below when choosing a good insurance agent.

1. Search for agents:

You can choose a good life insurance agent by taking references from family and friends. Ask them if they are satisfied with the services provided by the agent. They should know the agent for at least 2 to 3 years. If they are happy with the services, you can contact that agent. You can also ask your financial advisor to refer a good life insurance agent, as they have the necessary knowledge to judge the agents.

2. Make sure the agent has a license

You must choose a life insurance agent who has a license from the Insurance Regulatory and Development Authority of India (IRDA). This license states that the agent is qualified to help you avail the best life insurance policy, which suits your needs. In order to get the license from IRDA, the agent has to undergo training and pass an examination.

As per IRDAI rules, a single life insurance agent can represent only one life insurer and one non-life insurer at a time. In case the agent is representing many insurance companies at the same time, it is better to avoid buying insurance from him. Before choosing an agent, you must take a look at his ID card and license.

3. Speak to your insurance agent

After you decide on a particular insurance agent, you have to speak to him/her before taking a final decision on how he can help you avail insurance which best suits your need. Also, know how interested he is in understanding your goals and objectives, when availing this insurance plan. Make sure he is not forcing you to buy a policy which does not suit family needs.

See Also: ATM Fraud: How To Get Your Money Back After a Scam?

4.  Check agent’s work experience

Make sure your insurance agent has good work experience in this sector. If he has sound knowledge on the markets, he can help you avail a good insurance policy. If you are new to insurance, it is better to choose an agent who has good work experience.

5. Select a co-operative agent

After analyzing all other criteria, you have to make sure that the agent is co-operative and is of a helpful nature. It is better to select an agent who can help you whenever needed. Your agent is also responsible for helping you during the claim process.

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