Elements to consider before buying an insurance policy
Buying an insurance policy is essential now a days. It is a good form of protection when problem arises. I will not go into details on what sort of policy you should get but there are a few things you need to consider whenever you purchase an insurance policy.
Company
Do some homework on on the company that is going to sell you the policy or insure you. It is recommended to buy policies from those well established insurance companies like Prudential, Great Eastern, AIA and ING.
The main reason buying from a well establish company is to kill of all the hassle whenever you want to do any claims or when your policy matures.
Product understanding
Don’t simply buy any product blindly. Ask questions and clear all your doubts on the policies that you are going to purchase. Different policies have different functions. Endowment plans do not cover medical bills. So be precisely sure on what you going to buy.
Good agents to service
The hardest part in buying an insurance policy is to get a good service agent. Good service agent is essential as they can help you to clear your doubts and help to do claims when necessary.
No point having a good policy and have a full understanding of the product if you don’t get yourself a good service agent. It does not matter where your service agent is from as long as they provide good services.
By having this 3 elements with you, buying an insurance policy will be without any headaches or worries. Hope this little information helps whenever any of you out there want to purchase an insurance policy.
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4 Responses to “Elements to consider before buying an insurance policy”
By min dfin on Sep 16, 2009 | Reply
I kind of disregard a good agent to service as a criteria for selection of insurance company to buy. A good agent indeed will be helpful, but however it is hard to find. Sometimes, they do change job at the end.
By Kampung Boy on Sep 16, 2009 | Reply
Why you disregard it Min? So are you going to do all the claims by yourself when you are not well?
What’s the point buying a policy from an agent if they don’t service you?
I do agree there are many cases where they change job later, those are so called part timers.
I am sure that it’s essential to have a good agent to service you as most of the products from the bigger companies are the more or less the same.
The only difference is the servicing agent. Don’t you think so Min? Just my 2 cents! ^^
By min on Sep 19, 2009 | Reply
Getting a good agent, is good if you can find one. I am speaking out of my experience, as both of my good agent, had left the insurance company. So, it make no difference in the end, having a good agent.
By Kampung Boy on Sep 21, 2009 | Reply
Hmmz min, maybe you didn’t get a good enough agent. They are just in the industry to test the market.
You need to find an agent that is full heartedly into the insurance line. Meaning they won’t abandon when you need them most.
Just my 2 cents!