Insurance is based on the principle of paying money now for financial protection in the future, so it is not surprising that the insurance industry attracts more than its share of imposters. This is true in developed as well as developing economies. Therefore, one is wise to beware of so-called low-cost insurance and to be alert to any other questionable insurance scheme. Too many hopeful buyers have ended up with nothing when such companies failed to pay on their policies—or just vanished overnight!
So, as with any other important purchase, comparison shopping is wise, and it often saves money. For instance, some companies offer lower rates on health insurance to nonsmokers. But how can a potential buyer find reliable insurance?
A first step can be to find out what others have experienced with various insurance companies and agents. Friends and neighbors may know a company’s reputation for service or an agent’s reputation for integrity and personal concern. It is also good to stay alert to news reports indicating which insurance companies may be having problems.
With every purchase we are willing to put our reputation on the line. See what others are saying about Independent Health Agents:
Additionally, a company’s record and financial standing may be checked by consulting insurance rating guides at a library or a bookstore or on the Internet. These can provide the answers to such questions as: Is the company financially secure? Has it been in business successfully for many years? Is it known for handling claims quickly and amicably?
Insurance rating guides, however, should not be considered infallible. One long-established, multibillion-dollar insurance company had to be taken over by the government only one week after it had been rated as superior in a well-known handbook!
Role of Insurance Agents
An insurance agent is normally committed to a particular insurance company. A broker, or independent agent, may consult various companies to find the best insurance available for a given price. Both need to maintain a good relationship with clients in order to keep their business. When an insurance agent is trustworthy and concerned, he can be of great aid to his clients.
First, a good agent or broker can help a client to select appropriate coverage from the seemingly endless list of insurance options. He will also explain the details of the policy to his client. As many well know, insurance policies are notoriously complicated. The president of one insurance company admitted that he did not understand parts of his own homeowner’s policy!
An agent’s explanation can help the client to avoid unpleasant surprises. For instance, most property- and health-insurance policies have a deductible. This is a set amount that the insured person must pay—say, for car repairs or medical bills—before the insurance company pays its share of a claim. The agent can also become his client’s advocate with the insurance company in case the client has difficulty obtaining a settlement.
To speak with a qualified licensed broker in your state call 312-940-3986 or get a quote today at andrew.ihealthagents.com.
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