Does your Insurance policy really protect you?

This website does NOT sell insurance of any sort and offers unbiased information on insurance. Opinions expressed here are not meant to be professional advice. Please contact your insurance broker or agent of your choice for insurance quotes, advice or for any other insurance related query.  

Insurance agents jobs are to sell insurance. They may be friendly, courteous and polite, However they only get paid only when they sell you an insurance policy.

On this website you will find information and tips on:

√ Auto Insurance √ Health Insurance
√ Home Insurance √ Life Insurance
√ Liability Insurance √ Insurance Fraud
   

NEW! Does credit score affect your insurance premium... Read More

Understanding Insurance  Policies In Simple Language

In simple terms, insurance allows someone who suffers a loss or accident to be compensated for the effects of their misfortune. People buy insurance policies to get protection on the economic values of assets in case of uncertain events.

Insurance policies offer protection against everyday risks to your health, home and financial situation.

Buying Peace of Mind 
Importance of Checking Insurance Policy Clauses on your policy document.

Insurance is promise of reimbursement in the case of loss. In reality when you buy insurance you are given a piece of paper called an insurance policy that gives details of the types of losses you or your designated loved ones will be compensated for. Many consumers fail to realize that this policy document also lists many clauses under which the insurance companies can deny claims.

When you buy insurance you are actually trying to buy some type of peace for your mind and avoid unnecessary worry. For instance if you are a home owner you may worry that your house being destroyed by an accidental fire. You may try and take all steps humanly possible to ensure that your house does not catch fire, however accidents can happen and to many of us this is a cause for concern.

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We cannot continuously worry about the possibility of our house burning down and being left homeless. The only solution left to us is to cover ourselves with insurance so incase we do suffer a loss, we would be compensated for it.

Having insurance to cover losses is fine and gives us a feeling of having a safety net around us.

However buying insurance randomly by signing on the dotted line and getting a policy that may not fully cover your loss is equivalent to putting your head in the sand.

When the time comes to get compensation you may sadly discover that certain conditions in your insurance policy may be used to deny your loss claims. Many of us do more research before spending money to buy a small home appliance compared to the time they spend when buying an insurance policy. Do your homework before buying an insurance policy.

Insurance Companies - Insurance Policy - Insurance Agents

 

I have often heard people saying that all insurance companies are the same. They offer the same coverage. I beg to differ, all Insurance companies are not the same and moreover all insurance agents are not the same. It is up to the consumer to be alert when buying insurance to ensure that they are protected with insurance coverage.

Insurance Agents - Who do they work for?

Despite what your friendly insurance agent tells you, insurance agents work for Insurance companies. They are appointed by insurance companies to sell their product, which of course is their companies insurance policies.

One of the hardest things to sell today is Insurance. This is one sale where the buyer gets nothing for his money but a piece of paper called a insurance policy. Insurance agents are paid by insurance companies from the premiums they collect from your insurance policies.

Some agents sell insurance for many companies and claim they are independent agents and work only for interest of their clients who they sell insurance to. Hearing this sort of thing often makes insurance buyers feel that the agent is representing them only.

Regardless of what agents tell you when selling you an insurance policy. They work for insurance companies. No matter how well dressed, affluent and popular your agent may appear, insurance buyers must be alert when buying insurance.

The job of insurance agents is to sell insurance and they will try and sell you their insurance policies whether you need it or not. So discuss your insurance requirements with family members first to access your insurance requirements.

Do you need an Insurance Agent?

The general public cannot be expected to have knowledge of insurance policies. In fact there are hundreds of kinds of insurance policies. Many policies are tailor-made to suit insurance needs of various groups of people. This is where a good insurance agent comes in.

How to Choose an Insurance Agent

Good agents will be able to advise you on exactly what your insurance needs are. A professional agent should be able to access your insurance needs and provide to with various choices to select the policy that meets your individual need.

One of the suggestions that I would like to put here for those of you buying insurance is to avoid buying insurance from your friends.

In order for an insurance agent to truly access what insurance you need and how much you can afford, agents need to know some personal or financial details.

Many of us may not want to discuss such things with friends.

Shop around until you find an agent who you are comfortable with in discussing your insurance needs. With internet today we have access to a numerous insurance companies, brokers and agents whom you can contact right from the safety of your home and get information online. Check out your local yellow pages if you do not like to use the internet. 

How to choose a insurance agent - Points to consider 

 1. Don't get rushed into signing on the dotted line without understanding the
     policy terms. We very wary of terms such as 'Exclusions' and ask for
     explanations. The best way to understand something is by way of example,
     your insurance agent should be able to provide examples of different
     insurance situations where exclusions mentioned in a policy would cause
     your claim to be denied.

2.  Regardless of how well dressed your agent is or the fancy car he or
     she may drive, don't get intimidated by smart talking insurance salesmen.
     After all you are the buyer and the agent is trying to sell you a policy.

     The insurance agent is representing the insurance company and cannot    
     make any promises that are not covered by the policy in writing. Don't
     accept verbal insurances from insurance agents that an item would be
     covered. If it is not spelled out in the policy then the chances are that it
     may not be covered.

3.  Do let agents talk you into buying too much insurance. For example if your
     home furniture is valued at $10,000 dollars and your policy provides
     replacement value. Insuring your furniture for $50,000 will not benefit you.
     In case replacement is required you will only get the replacement value
     which may be around $10,000 or slightly more. However you would have 
     been paying a higher premium for higher amount insured without any
     benefit.

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