by Chris Funnell
Life Insurance can be confusing if you’re not a Life Insurance Broker. If you don’t understand the product, how then can you make a well-informed decision about it?
In cases like this, you need the assistance of a professional Life Insurance Broker to make an informed decision that feels right to you.
However, it may just be your misfortune to come across an Inexpert Life Insurance Broker. If your Life Insurance Broker is exhibiting these warning signs during your discussions, you may want to hold off on your Life Insurance purchase.
One of the key characteristics of a great broker is the ability to listen to clients. It is in listening to clients that a broker gets to know and understand you.
If you notice that your Life Insurance Broker repeatedly asks you for information that you have already previously given (on many occasions), or doesn’t properly address your questions, then you may surmise that he’s not paying enough attention to your needs and may not be able to provide the most suitable policy for you.
Another key element in an ideal Life Insurance Broker is his or her ability to know life insurance inside and out. Your broker should be able to explain everything well, and in a way that clients can understand it even if it means going back to basics.
It would also help if your broker has prepared a comparison list of companies to make it visually easy to compare options. If, however, your broker doesn’t come prepared to educate you on various life insurance options, or is unable to answer your questions to your satisfaction, then you may want to think twice about proceeding with him or her.
It is unfortunate if you run into a Life Insurance Broker that bears a striking resemblance to a used car salesman – always pitching a deal and always in your face. Some people don’t respond to a hard sell and an insurance broker that rushes over his client’s questions, discussions and requests doesn’t deserve to close the deal.
It’s very competitive for Life Insurance Brokers Canada since there’s a huge market and number of players in the game. Once you decide on a broker, it is only prudent that your broker provides ongoing contact and service otherwise you may consider moving your business.
If your broker hasn’t given you the courtesy of a call back or follow-through as promised, he or she may not be so keen on servicing your business.
Sometimes, it happens that you encounter a Life Insurance Broker that is focused on selling you an expensive and high commission life insurance product such as Whole Life, Universal Life, or Term-to-100, that doesn’t match your budget or need. Maybe it’s a combination of not listening and talking too much, or he’s set on this path and there’s no veering away from it.
If he’s pushing you into an expensive option without offering alternatives such as low-cost term insurance, maybe it’s time to look for another life insurance broker.