Having a life insurance is important to all, although many don’t realize that fact until it’s too late. But before getting one you need to choose the right insurance agent/financial advisor for you.
This is more than a person who sells a policy, she is also the one you will need to contact if you necessitate to change anything or claim on your insurance.
That’s why it is vital to choose the one who you think you can tolerate to see again and again. And should really provide the great service you will need.
Below are the qualities you might need to consider in choosing the right insurance agent for you.
Your Agent should have PRIDE!
P– PROFESSIONALISM
- Does she act like a professional?
- A good agent demonstrates professionalism by being on time, wearing proper attire and showing proper decorum while meeting you.
R– RESPONSIBLE
- Is she responsible enough to educate herself beyond the basics. Is she serious about professional growth?
- Ask about her education and training. Some even undergo several trainings, seminars and Masterals like: Registered Financial Consultant (RFC), Registered Financial Planner (RFP). These additional trainings and further studies will indicate that the agent has completed advanced training, passed rigorous exams and is serious about professional development.
I-INTEGRITY
- Does she practice what she advocates? Does she own one of those things she offers to you?
- A great agent “walks the talk”. She, herself, is financially educated and updated and definitely should not be financially in trouble herself. She should own what she is offering you. She should know the benefits of having one and she wants it for herself and her family.
D-DELIVERS REAL VALUE
- Does she put your interest first before her own?
- Good agents will take the time to listen and ask questions about your objectives, help construct a basic game plan, and work with you to find the right insurance solutions for your needs and budget.
- Is her after-sales-service good? Does she genuinely care about you and your policy, even after you are fully paid?
- A good agent, whether she hires staff or not, should provide a good after sale service.
E – ETHICAL
- Does she put down other companies, just to make the company she represents look good? – Unethical
- Does she offers part of her commission/salary when you get a policy from her?- Unethical
- Is she a member of any professional membership?
- An agent who is a member of professional affiliations like: Life Underwriters Association of the Philippines (LUAP), PIFAAF, the Million Dollar Round Table (MDRT), means they adhere to a rigorous code of ethics and are dedicated to enhancing their skills and cognition.
Always remember, your relationship with your insurance agent is like marriage. Till death do you part. So be very careful in choosing one. It will be difficult to get annulment later on. If you want to know how much life insurance you REALLY need, read here.
When it comes to planning your future, NOW is always the best time to start. To learn more about Life insurance or if you need help with your financial plan/ goals, I will help you make it happen. Feel free to contact me.
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I’ve encountered financial articles from well known personal finance gurus like Suze Orman and Dave Ramsey, they mentioned about “buy term, invest the difference” and it will save consumer tons of money. What is your opinion about it? Thank you
Hi Bernard, actually, i’m in the process of making an article for that, but in the meantime, since you asked, here are my few thoughts about BTID. I am not really a fan of BTID, why? Because of these: 1. Term insurance: Can only be renewed up to a certain age. Usually up to age 69 only, what if you lived up to 75? Or even older?
2. The premium is increasing. A 2 Million term insurance for a 30 year old is just 6,000 a year, but with the same coverage (2M) at age 69, it will be 75,000 worth. Remember in Term insurance, if you don’t die, the money is also gone. Nada, zap! In whole life, premium stays the same from age 30 up to age 100. And the money you paid will earn dividends. You can even withdraw the dividends if you need money at some point in your life.
these are just few clips from the article to come. so please do visit my blog again.. In the meantime, you may want to visit my other article: http://www.myfinancemd.com/termslifeinsurance/ (term vs whole life)
[…] To guide you on who to call, here are the Qualities of a good financial adviser. […]
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Thanks for sharing informative on insurance agent , It was a great read.
Hi Doc! If you can only mentor me as Financial Advisor maybe I could do better in my job. I love my job and I now found a job that isn’t a work for me… I really love what you wrote and admire you so much!!!
I really feel fullfilling in what I do now and I don’t expect that helping people can make you a living at the same time. I want to advance my study and training in financial literacy. The RFC and RFP what are the qualification? I really want someone to mentor me in this field/industry so i can be best of what i am doing right now and can give right advices and correct information to others. I am glad to meet you someday, if i can be allowed to be managed by you. Many of my knowledge are from google and I thank you for I found your website . 🙂
Iloveyou Doc Pinky !!!!
Love,
Jacob’s Mom
Hi Maybe it would be better to communicate privately. You can email me here: docpinky@myfinancemd.com will wait for your email. 🙂
Thanks Jacob’s mom. You can get RFC or RFP by enrolling. Qualification? Wala masyado but you you have to be ready for the tuition fee is around 30K-40K.:)