Buying an insurance policy is never easy. What’s even more challenging is selecting the right insurance agent to work with. If you’re in the process of getting a policy for yourself or your family, you need to do some research.
For example, if you’re going to buy insurance packages from Policy Genius, you must read Policy Genius reviews by experts like Gary P. Cubeta of Insurance for Final Expense.
The internet is, unfortunately, filled with unreliable and potentially harmful information. In this article, you’ll learn about the mistakes to avoid when looking for independent agents online.
Mistaking Carrier Agents for Independent Agents/ Brokers
When you’re in the market for buying insurance policies, you’ll find two types of people to work with. The first ones are called agents, and the others are called brokers. In an agent’s case, it’s mostly a person employed by an insurance carrier to sell their policies. But brokers are independent and self-employed individuals. They can offer you policies of different carriers, unlike agents who can only sell you policies of a particular carrier.
Most people view a broker to be the same as an agent. But they’re fundamentally different from one another even though both lead you to the same thing: an insurance policy.
If you’re mainly looking for an independent agent to work with, it ought to be an insurance broker. So, search for an insurance broker in your area instead of an agent. They can expose you to the insurance policies of multiple carriers.
Not Doing Extensive Research
Before working with an insurance agent, you must learn him or her as much as possible. That’s because the policy you buy will generally be long-term. If you’re purchasing life term or final expense policies, then you’re locked in for life. So before making such defining decisions, you must do some research about the agent.
You can start with the internet. That’s because if you can’t find something on the internet, then probably it doesn’t exist. You can search for independent insurance brokers in your area and go through their website. It will give you an impression of how well their online reputation is.
Next, read through the reviews that people have posted about the broker. This will give you a better idea of whether or not the broker delivers on his promises.
Online consumer forums are another great place to research the agent. Some people who have interacted with the broker will have posted their experience working with him or her. These details will help you find the right independent agent.
Not Seeking Referrals
Another mistake most insurance policy seekers make is they don’t seek referrals from their friends and colleagues. Insurance is now a commodity used by almost everyone. Everyone needs and has an insurance policy. And some of them might have worked with an independent agent in the past.
The benefit of seeking referrals is you’re only going to get good agents as referrals. Your friends and colleagues aren’t going to refer you to any agent that doesn’t offer appropriate services. So you can take out the research part from the equation and confidently work with the referred agent.
Not Discussing Your Requirements
After selecting an agent to work with, it’s important to discuss all crucial matters with him. This includes your medical history, the type of coverage you’d need, and face value.
All of these things determine the premiums you’ll be paying every month. And it’ll also influence the exact policy you’d be buying.
For example, you can purchase either a simplified issue or a guaranteed issue when buying final expense insurance policies. Which one to buy depends on your health status and age. The independent agent can help you find the right policy for you if you discuss your requirements with him.
Not Spotting Suspicious Activities
Not all agents are created equal. In fact, some employ shady practices to acquire and close sales. They do not disclose the complete information and trick you into an irrelevant insurance policy.
Especially in the health insurance domain, many prolific scams are running both in the US and overseas, targeting US consumers. These scams cause damages in hundreds of millions of dollars.
There are certain behaviors you need to be aware of. For example, if the agent states that you’re approved of an insurance policy without any paperwork and all you need to do is pay a processing fee, then it’s most probably a scam. Any insurance policy demands some paperwork where the agent gauges your credibility.
Finally, it’s the portals that you should be researching about too. For example, Policy Genius is among the largest brokers. But read Policy Genius reviews to get a better understanding of the platform. The more vigilant you become, the better.