Questions to ask your Insurance Agent Before Buying

Introduction

Please be aware of the fact that insurance in not a commodity like a

television set or music system which you buy once , pay once and enjoy the

benefits. Please be very careful before buying a life insurance product in

particular. In life insurance the premiums are usually paid for a couple of

years and in some cases like term insurance policy many years. So

compare , study and also do some research on your own before buying the

policy. The hard work and time invested prior to buying the life insurance

policy will insure that you do not regret the decision later in life.

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Make sure that you do not fall into the TRAP. We tell you some

important questions to ask you insurance advisor weather he

is an insurance agent , broker or your friendly neighborhood

bank selling insurance.

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Try to find out his knowledge about the important developments in the

insurance industry. Is he aware about other companies products on

offer. How can a person say his product is the best without knowing

the product features or prices offered by other insurance companies

operating in India.

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Question1

When ever you are fixing an appointment please ask your 

insurance advisor to provide his Agent License Number , When was

it issued and when is it expiring.

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Question 2

How many years of experience he has in selling Insurance. There has

been some case where malpractices has been reported in the

exams conducted for insurance agents in the past.

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Question 3

Take every communication in writing in physical or through email and

keep it safe.

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Question 4

All insurance agents have a relationship manager on the rolls of the

insurance company and the agent or advisor has to report to him on

a regular basis. Take the Name of the relationship manager, Phone

Number and address of the branch office the advisor is reporting to

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Question 5

Tell the Advisor to make the illustration for the product on writing along

with his signature or ask him to send it through his mail account.

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Question 6

If the advisor is making promises like 15% returns or 20% returns tell

him to give everything in writing. There has been countless number

of cases where Advisors have promised more than 25% returns on

some insurance products and lured customers to invest in those

schemes. According to IRDA the illustrations can be made on 6%

returns and 10% returns for insurance products.

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Question 7

Never ask for a commission payback form the Advisor and also do not

entertain advisors who offer you commission payback. The

commission is the only incentive the advisor gets to service you in

the coming years. If you want a good service from the advisor then

never ask for it.

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Question 8

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