Year Old Investor 30

Disclaimer: I am no more an insurance professional but from my 24 months in the industry I have seen quite a little of the unsightly aspect of the industry. This post includes my personal views. They are meant to educate rather than to constitute personal financial advice. For just about any decisions undertaken to buy insurance policies, please do your own homework.

Recently, I saw a realtor post a rather “click-baitish” post titled “Things Agents don’t tell you about Whole-Life policies”. He went on to summarise what he thought consumers should take notice when buying whole-life insurance policies. My estimation: Just because they can carry a few more products and can execute a comparison between the few products/ competitor products will not mean they are always impartial/ reasonable/ ethical. Most are still just product retailers.

A better suggestion may be to ask for comparison from different brokers/companies and doing that last lap yourself as a consumer which means you know that you are not tricked by anyone! If we rely on the agent for due diligence, we are in the mercy of the agent’s mistakes. They could also be motivated by “promotions/incentives” for pressing certain products because there are better commissions to be gained for a particular period.

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  • What access is required in the company’s accounts to record exceptional assessments
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There is just no way the end consumer will find out about all these special deals behind the back. The only way one can get rid of the risk posed by an insurance professional is to do your homework, find a very reliable/reliable agent or eliminate the threat of the agent altogether. This can just be a lame excuse to up-sell you a far more expensive plan than what you really need or press you extra coverage you might not need. Generally, similar insurance policies don’t really differ by that much.

My opinion: I’d rather you talk with the insurance agent the ease of claim or promises history regarding similar policies that you will be buying. Of course, if you are extremely rich, you can cover any thing you want as as you pays for this long. But chances are, ordinary folks don’t need excessive coverage.

Lower cost and bang for buck should be what consumers go for. In fact, this is the reason why the government came up with ways to do off with paying insurance agent’s commissions! You are able to go immediate to insurance firms WITHOUT going through the agent now? This is designed to benefit the buyer (who does not need advice). Times have changed. With the smart phone and a click of the button, you can certainly become a consumer would you not need “advice” from an insurance agent.