Life insurance guards your financial future and affords your family the necessary resources to cover expenses that occur at the time of your death and beyond. The American Council of Life Insurers (ACLI) says choosing the right life insurance to meet the needs of those left behind can be confusing. You can purchase a life insurance policy from a bank, brokerage firm, or from an insurance agent. An agent can help you select a policy that best suits your situation.
Selecting an Agent
There is no shortage of insurance agents. The data base of potential agents published online by Insurance Agent List Downloads.com, has collected contact information for nearly 214,000 insurance agents nationwide. The Federal Citizen Information Center (FCIC) recommends asking family, friends, business associates and other people you know to suggest names of reputable life insurance agents. You can learn whether a particular agent is licensed in your state by contacting the state's insurance department.
Agent Credentials
As you narrow your search for an agent, find out the company (companies) he works for and what if any professional associations she may belong to. For example, the FCIC says the National Association of Insurance and Financial Advisors conducts continuing education training for insurance agents.
Meeting Your Agent
When you prepare for your initial meeting with your life insurance agent, have your personal financial information in order as well as the goals you have for setting up a policy. Your agent will ask about your occupation, earnings, outstanding bills, age, overall health, the medical history of your family as well as your lifestyle habits. Your agent will set your premium based on this information. For example, smokers will pay a higher rate than non smokers.
Agents Duties
Your life insurance representative will provide detailed information the various life insurance policies and guide you to affordable insurance that best suits your needs. The FCIC says once a policy has been purchased your agent should reassess your needs periodically as your life conditions change.
Tips on Purchasing Life Insurance
According to the ALCI, the majority of states require insurers to provide a buyer's guide to explain life insurance terms, benefits and costs. You can request a copy from your agent. If you have not received your life insurance policy within 60 days from the time of purchase contact your agent.
If you are unhappy with the performance of your agent or the company in general you should communicate your grievance to the customer service division of your insurance company
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