Know What Insurance You Need? Now, Here’s How to Buy It

After weeks of research and inquiry, you have carefully zeroed in on an insurance policy suited to your needs. Now, you are probably wondering where to best buy it from?

Does it really matter where you buy your insurance policy?

Yes, it does. The right resource will do so much more than simply sell you a policy. They will guide you on the best available alternatives, share knowledge from years of experience, and make the entire process as seamless as possible. This is the kind of guidance you would definitely benefit from, especially if you are out to buy insurance for the very first time.

Some of the best resources to buy your insurance policy from are insurance company representatives, independent financial specialists, and banks. Each of these can help you in their own way. Read on to see how each of these options can work for you.

An insurance company representative is allowed to promote and sell policies from the insurance company that has hired them. Should you choose to buy from these representatives, you can be sure that they will be able to help you with an in-depth understanding of their brand insurance plans. They would also know which riders would work best to enhance your coverage for optimum value. When buying through company representatives, do be sure to meet with agents from at least 2 to 3 insurance companies so that you can make a fair comparison on what works best for you.

  • Independent financial specialists

An independent financial specialist or advisor is not bound to a single insurance company. As such, they can offer you a choice of insurance options from various providers. This can truly help you compare options and choose the best coverage with the most affordable premium. When working with an independent financial advisor, always run a background check on them or read customer reviews online to get a fair idea of how their services are. You can even take a second opinion from another advisor before choosing whom to work with. Remember to also do a bit of independent research on the plans recommended by the advisor so that you gain a thorough understanding of what you are signing up for. Do check whom you would need to contact incase you have to file a claim.

  • Banks

Many banks have tie-ups with insurance companies. So, the next time you head to your local bank to get some work done, an executive might request a few minutes of your time to discuss insurance policies. Taking insurance cover through your bank might be helpful as it will allow you to maintain your finances and insurance all under one roof which can be quite convenient. Do be sure to retain the contact details of the correct representative in the bank whom you would need to contact in case you have to file a claim.

Finally, you could also consider a DIY option. All you would need to do is log on to the company website, read the terms and conditions, select a suitable plan, and make the purchase.

For more critical plans such as life insurance and health cover, it is advisable to go with an agent who can walk you through the many things that you would need to consider for comprehensive coverage. For instance, they can help you understand the policy riders and exclusions. Also note that some insurance companies do not allow major insurance covers – such as life insurance – to be bought online. The complex nature of these policies necessitates that you receive a thorough understanding from the company in person to ensure you really get a holistic policy.

When it comes to purchasing an insurance policy, do be sure to give sufficient consideration to the channel of purchase too. Do take your time to mull over the various options and choose the one that you are comfortable with. You can even consider asking friends or colleagues to recommend good agents to assist you. Be sure to take a well-thought out decision. All the best.

 

 

Share on:

Leave a Comment