Monday, March 1, 2010

"life insurance"

Caveat Emptor when buying insurance…..

In this high tech world we live in today buying the right type of insurance for your family is not easy ! With all the media blitz's on buying life insurance saying how easy and no salesman will call you may think why bother with an agent.

No one including myself likes a high pressure sales pitch but maybe you are looking at it the wrong way. When I meet with a client my job is to help educate them, teach them the how's and why’s of insurance and then to help them to decide what may help their particular situation.

Most people do not understand the difference between accidental and basic life coverage or the ramifications of term verses permanent. The wrong choices now will affect you for a lifetime because all these types of coverage are based on age, the older you get the more it cost! Let alone if the policy has limited benefits you may not have the claim paid when you need it the most.

I think another important thing is people don’t realize that all these programs are underwritten...meaning you need to qualify! So if you are part of the 50% of people who have had any medical condition or are overweight or do not meet these companies stringent guidelines you will be declined! Our job is to make sure you qualify for the programs we quote. When you do an application online or via phone these people do not care if you qualify they just want an application. I have seen it more than once, people declined by some company with ridiculous guidelines.

The best way to prevent problems is take the time to meet with an agent to discuss your situation. Everyone has different goals and needs and if any TV ad or website or radio commercial tells you different - caveat emptor!!!!

Beware of the agent replacing Insurance coverage

Has anyone contacted you to replace an insurance policy...if so BEWARE. The agent that replaces policies, especially life and disability is not always doing so in your best interest. I had a case recently which upset me because after all was said and done my former client has no coverage. An agent approached her with some mortgage protection which was by no means comparable and on top of all that outright lied about her current policy and it’s benefits. The sad thing is with all the confusion and deceit by this other agent she cancelled both policies so now my former client has nothing. If something happens to her, her child is left with nothing just because some unethical agent wants to make a few bucks!!

It seems that every week I get another letter form one of my companies about yet another policy replacement. The thing that scares me is all these agents are not making a fair comparison. Many of these replaced policies have disability coverage included and they do not even offer this additional rider. Each time I ask the client they always say Yes they have the disability coverage. Seems odd to me considering they don’t have it available….think maybe these agents are telling the truth...I doubt it!

There are some companies out there whose whole ethic is to replace policies and their prices are not even competitive. Let alone most of their agents are very under qualified. The objective with these companies is to work on friends and relatives so every time I hear a certain companies name it is “ my friend or relative sold me the policy”. It would be better to make sure by comparison if the coverage is good to keep friends honest, look at several companies. The bottom line is if someone wants to replace any current coverage for you make sure to talk to your agent or broker before you do anything!!!!!

Don’t let anyone steal the proper coverage from you..

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