From last couple of weeks I am doing some exercise on life insurance........from this article one can know about insurance.
First of all I would like to say that every person should covered,should be compulsary at or near 40's.For the same one has to think how much one need to be covered.Go for single policy instead small pieces.It will be updated later on this issue but first of all about agents.
IT is hard to imagine finding time for paperwork that is not directly related to your profession.
Imagine thinking you are covered for medical emergencies, but realize it has not been renewed, after you get into an accident. Or waking up on your 55th birthday to realize you have let your money-back policy lapse, leaving you considerably short of your retirement target.
The key to quality insurance is not in choosing the right policy. It is in choosing the right agent.
The word agent comes from the Indian Contract Act, 1872, and is the Christian name for the woman who brings an insurance / mutual fund product to your doorstep.
Today, an agent does more than that. He takes over your insurance matters as his/ her personal responsibility.
We think it is time we brought to your attention to what not to consider in an agent during your selection process.
- The neighbor syndrome……….
Love your neighbor, by all means. But not enough to choose him/ her blindly as your insurance agent.
Typically, if s/he has meandered in his/ her career and has decided selling insurance or mutual funds is his/ her calling that may not be sufficient to choose him / her.
2. The relative syndrome……….
Sometimes, it doesn't pay to keep it in the family. Brother-in-law, sister-in-law, father-in-law are great as relatives but not necessarily the best agents. Unless, of course, they have a solid business painstakingly built over time.
3. The time factor……….
People in the business for a long time are a sound bet. In some cases, though, it might mean they come with biased notions. For example, many insurance agents say, 'private companies may not pay the claim', which is not true.
Private companies are reputed and come with strong partners. If they decide to leave, they will sell their portfolio to an Indian company.
4. The boss's wife……….
This is a tough one. I have absolutely no advice to offer on this. Play it by the ear, or update your resume!
5. The client's wife……….
This one is more manageable. While it may be easy to keep your client happy by giving him your business in return of his, it will be better in the long run if you keep the brownie points to the Diwali gift level.
6. The trusted bank……….
They know the exact amount you have deposited. They know where you eat, how you travel, what school your kids go to, which credit card you have. But that is where it stops. They need not be the best bet to plan your finances, so be careful.
7. The term insurance avoider……….
Most agents omit term insurance. That is not to say it is the best, or most suitable, for you, but your agent must offer it to you, just as s/he should offer a top up in a unit-linked plan or single premium products. S/he should give you the choices and a complete menu of products so you can make an informed decision.
8. The lemon seller………….
This is not actually the nimbu (lemon) vendor who comes to your doorstep. This is the agent/ bank/ advisor who sold you a plan that someone knowledgeable called a lemon.
If you have been had once, that is enough. Do not repeat it.
If you actually find someone who does not fall into any of the above type, to escape all these loops, hang on to him for dear life. Believe me; she is worth his/ her weight in gold....
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