Now more than ever families are focusing on how to protect their financial security, now and into the future. Life insurance has moved to the top of many to-do lists. A recent survey shows that 45% of younger Americans ages 22-40 are more likely to buy life insurance today then they were before COVID. The following are a few suggestions about what to expect to make it easier to get started…
Finding An Agent
Whether you’ve been putting off buying life insurance for years or it has suddenly hit your radar, there’s never a bad time to make a financial plan and lock in coverage. Life insurance companies and agencies quickly implemented plans to work around the hurdles of the pandemic, while at the same time handling an increase in applications. What are the duties of an insurance agent? An Insurance agent, or insurance account manager, sells and manages insurance policies on behalf of an insurance company. Their duties include answering your questions, helping you choose the best policy and making sure all legal requirements are met. Your licensed insurance professional will conduct a comprehensive financial needs analysis , and walk your through the question that will help you determine how much and what kind of insurance is right for you. This consultation analysis is a free service by insurance agents. Each state regulates its insurance prices. This means insurance companies file their “price list” of all the policies they sell with the state’s insurance department. This regulation means an agent selling you an insurance policy can’t quote a higher price than if you’d just gone directly to the company itself. They will give you several quotes. You can see they’re not just pitching you the priciest options when it comes to your insurance coverage but are genuinely looking to get you the best deal for you.
Buying Insurance Online
Convenience is obviously the main factor drawing people into the online insurance purchasing marketplace, but what about the downfalls? With an agent you have a dedicated person always available to answer your questions. It may be tough to understand the ins and outs of your policy an agent can help you understand your policy in depth. With an agent you can usually get a live person on the phone to talk to. Having an agent to handle all your insurance can sometimes save you money but also gives you confidence that one person whom you now know is taking care of all your needs.
Tips In Choosing An Insurance Agent
With their connections and their knowledge of the market, agents can often find a better value for your insurance dollar than you might find searching on your own. Agents do the shopping. You do the saving. They find you the right blend of price, coverage, and service. the process is too big of a decision to do completely online.
Tips to consider…
- Know the Difference between Independent Agents and other Insurance Agents.
- Ask for Referrals.
- Decide If Location Is Important to You.
- Visit Their Websites.
- Look for Credentials.
- Interview the Independent Agents.
- Knowledge and Trust Are Key.
- Find out About Their Specialties
- Ask If They Hold Any Professional Memberships
Life Insurance Costs Less That You May Think
You may be surprised about your notions, opinions or ideas that you had formed about insurance before going to an agent. For many people the biggest surprise is cost. In an Insurance Barometer Study, most folks overestimate the cost of life insurance. The fact is a healthy 30 year old can get a $250,000 20 year level term policy for about $10-20 a month. And if you need auto insurance, home insurance and health insurance plus life insurance in addition to being able to save money by purchasing all of your policies from one provider, you’ll also be saving time. Instead of having to keep track of separate bills due on different dates for a number of different providers, you’ll be paying your premiums to just one provider.
Questions You Should Ask Your Insurance Agent
- Insurance comes with questions. Which is a good thing, especially when you’re trying to get the most out of a policy or pick up additional coverage.
- What is my premium? For example, find out how much will it cost to be insured, and what payment options are offered
- Is it time for me to consider life insurance? What’s the right age to get life insurance? Should I get a whole life or Term life policy? What’s the difference?
- Am I eligible for any discounts? Is there a multi-policy discount I may be eligible for? Does the college I attended offer an alumni discount? Can I bundle my policies to save?
- Can I convert my plan or update it in the future? Many insurers offer term conversion riders, which can convert your term life insurance policy to a permanent life insurance policy at the end of its term is that available?
- What If I Can’t Pay My Premiums? Can I purchase a waiver?
Check The Insurance Company Financial Strength
You can look up any insurance company using A.M. Best, which requires a free membership login to access the information. This will give you the insurance carrier’s industry rating based on its size and give you an idea of the the company’s financial health. Keep in mind that the biggest company isn’t always the best company. You have to trust that the company has been around and will be around and financially strong enough to make a promise and keep it for 40 or 50 years.
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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