Are you feeling nervous about investing in a significant policy? Do you have concerns that you don’t know the right life insurance questions to ask your provider?
Shopping for any kind of insurance can bring some heavy feelings to the surface. Talking about how to shield yourself or your loved ones from liability can involve extremely uncomfortable conversations.
What if you already knew how to talk to an insurance agent? Would the time and anxiety you save make the process easier?
With that thought in mind, we created this guide about the key questions to ask your insurance agent and prepare you for the best conversation with your local insurance representative.
1. What Can You Tell Me About the Company?
Having a friend or family member that works in the insurance industry can become a great asset. However, in the spirit of due diligence, you want to research the company you’re considering before signing on the dotted line.
Ask the following types of questions:
- What is the size of the company?
- How long have they been in business?
- Does the Better Business Bureau have any warnings about the carrier?
- How does the company’s staff respond to negative comments on Yelp and other review sites?
In some cases, the person you’ve contacted may work for multiple agencies. If that’s the situation, you’ll want to have some extra time set aside for a deep dive into each option.
2. What Policy Do You Recommend?
Insurance agents should have a deep knowledge of the products offered and what they do for their clients. Once you’ve described your considerations, you should see the proverbial wheels spinning in their mind.
After you understand the policy, reflect on how they presented the solution to your problem. Identifying the concept that gave you the most comfort should become a gut reaction informed by the facts.
3. How Much is the Premium?
Before you commit to an insurance policy, you’ll want to budget for the costs. Otherwise, what felt like a solid decision previously might make you feel anxious later on.
If you feel like the premium is out of reach financially, don’t hesitate to tell your agent. They may have ways to “trim the fat” or get rid of coverage that you’re not necessarily interested in possessing.
4. What are the Deductibles?
When you need it the most, you want to know what to expect from your insurance and avoid surprises.
No matter what type of insurance you want to buy, comparing how much you pay versus the company can make or break a policy. This strategy is also the only way to assure yourself that you have the coverage you need while talking to your insurance agent. It’s vital to know what portion you are responsible for in the event you need to file a claim.
5. What Discounts are Available?
Most people don’t think about discounts as a question to ask their insurance agent, but it can bring significant savings. The company that insures you or your property takes on liability, but that doesn’t mean they don’t have to compete for your business either.
This strategy can come in handy if you feel like the premiums are slightly out of reach for your budget. Communication is key in uncovering all possible discounts for various types of policies: auto, home, life, and business.
6. Is This Enough Protection?
Judging whether or not you’re “covered,” property and liability-wise, may depend on your goals and local laws.
For example, a significant number of states in the U.S. have adopted no-fault insurance legislation. For example, Florida Statutes limit your options after an auto accident. Insurance companies should ignore fault and pay for damages regardless of liability.
This law does not mean that you have no legal recourse after suffering injuries in a car crash. It does mean that the limits on your policy may have a significant impact on the costs.
7. What are the Conditions to Refuse Benefits?
In regards to different types insurance policies, there may be clauses that refuse to pay out under certain circumstances. While the details depend on your situation, examples can include:
- Suicide (life policies)
- Flood damage (property policies)
- Power failures (property policies)
- Lying about your health or other concerns (life policies)
- Significant fault or negligence that contributes toward injuries (any policy)
If you’re feeling uncomfortable about what may exclude you from a payout, always consult your specific policy verbiage and direct questions to your licensed agent. They can help you uncover additions to a policy that can cover the gaps that continue to drive your concerns.
8. When Can I Contact My Agent?
If you’ve hired a lawyer in the past, you might already know about receiving communication from paralegals. It’s difficult not to wonder how much attention your case receives from an attorney.
An agent has a packed schedule that can require significant amounts of travel and meetings with prospects. When you call with a question or claim, it’s crucial to know that the team in the local office has your back. In some cases, you may want to schedule an annual review to ensure you’ve optimized your policy.
At Harris Insurance, we have a team of licensed Agents that continually work on training and collaborate so even if your agent is unavailable, someone on our team is educated and able to step up to answer your questions.
9. How Does Filing a Claim Work?
During a time of crisis, you want to understand what to expect and how you should react. Don’t hesitate to dig into the details because you may thank yourself for the knowledge later.
How long does the average claim take to payout? What are the first steps? These questions need detailed answers, or you can frustrate yourself unnecessarily during a difficult time. We are here to be a liaison between you and your company to help the process go as smooth as possible.
10. What Happens When My Health or Other Circumstances Change?
For some policies, significant changes in your health or living circumstances should become reported to the carrier. A surprise diagnosis from your doctor or events like a heart attack can mean you need to contact your agent. Neglecting to update the appropriate parties can result in a denial of life insurance policies, for example.
There are common life happenings that should also prompt an evaluation of your personal policies as well. Getting married, having a child, and various business opportunities require you to stay in constant communication with your Agent to be sure that you and your assets are always protected accordingly.
Have More Questions for an Insurance Agent?
Now that you know some important questions for an insurance agent, what if you have more questions? These conversations can take many paths, and you can’t plan for everything after reading one article.
At Harris Insurance, we’re prepared to help you with whatever you need to ask. Contact us today through our website or give us a call to connect with an insurance agent. We will be prepared to answer any question you have, including the ten listed above and look forward to working with you to earn your business.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
