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Personality of the insurance agent
Have conversations with potential agents. Explain your situation and request a quote. Simply asking doesn’t mean you have to work with them. This is a chance for you to get a feel for how they work and if you’re comfortable with them.
There are 2 types of insurance agents:
A. Independent Agents – These are people who own a small business that represents or is affiliated with a number of insurance companies.
B. Direct Insurance Agents – A direct insurance company sells directly to you without a middleman, usually online.
Best choice:
Go with the Independent Agent as they have the ability to offer you the most appropriate price and coverage for your needs. They have all the data they can compare between insurance companies. They sell a variety of insurance and financial products, including property, life, accident, health, disability, and long-term care insurance. They are your one stop shop for insurance needs.
2. Credentials
A knowledgeable insurance agent can advise on the coverage and limits a customer needs to protect their family and investments. An insurance agent who has references has a certificate of qualification, authority or competence and is a certified professional in the insurance industry.
Good to have:
- CFP – Certified Financial Planner.
- CLU – Chartered Life Insurer
- CPCU – Chartered Property & Casualty Underwriter
- ChFC – Chartered financial advisor
- PFS – Personal Financial Specialist
- CIC – Certified Insurance Advisor
- ARM – Associate in risk management
Before buying insurance from an insurance agent, make sure that the agent is licensed to sell insurance. It is as if a patient consults a doctor and the doctor needs a license before he can dispense prescriptions. Each state requires insurance agents to be licensed to sell policies. Some states require separate licenses to sell property and casualty insurance versus life and health insurance.
3. Customer Feedbacks
While checking if the agent is licensed, also check if any complaints have been filed against them. For the company, you can check the NAIC’s CIS or call your state insurance department. The insurance department can also tell you if any complaints have been filed against the agent. You can also check with the Better Business Bureau to see if consumers have filed complaints — or compliments — about the agents you’re considering.
4. Ask questions
It’s okay to ask questions when looking for a broker. In fact, you should be asking questions when deciding who to work with. Some good questions are:
- What is your field?
- What’s your reach? Are you local? Statewide? Rural?
- What is your experience in my industry? How many years have you been amortizing this type of insurance?
- Do you have customer references?
- How long have you been in business?
- How many companies do you represent? Which?
Choosing the right insurance agent
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