Questions for Brokers~Test Your Broker's Knowledge
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Having a broker is like having a financial advisor at your disposal 24/7. A broker acts as a middleman between a client (that will be you, totally overwhelmed by the daunting world of insurance) and insurance or medical aid companies (the companies waiting for innocent victims such as yourself).~Every person should have access to the services of a good broker. This is basically like having a personal financial advisor at your disposal. With all the different insurance and medical companies bombarding you with information, deciding on an insurance company and product can be quite testing! Your broker will act as middleman between yourself and such companies and make your life that much easier!
Brokers schedule meetings with their clients, discuss their needs and requirements, answer any questions they might have and then source the best possible product to suit the needs of their clients.~A broker needs to listen to their clients so that they have a clear understanding on the client's requirements. They will then be able to suggest the best possible products to suit their clients' needs.
What are a couple of questions you can ask brokers to test their knowledge?
What do you specialize in? Some brokers only deal with short term insurance, whereas others can also assist you with life insurance. Some brokers might know nothing about business insurance, but everything about medical aids. Make sure that your broker will be able to assist you with the specific product you require.~What type of products do you sell? It is important that your broker specializes in the specific products you require. If you are looking for short term insurance, it might be disastrous if your broker only handles life insurance! Some brokers can assist you with anything from business and home insurance to car insurance and medical aids!
Are you an independent broker? Depending on the broker's field and level of expertise, he/she might be allied with more than one insurance firm. This is important to prevent the broker from trying to force you to go with a certain insurance company. Remember that brokers receive commission and incentives from the insurance firms and they will put pressure on you to make use of the companies where they will also benefit through your business. If they are associated with a couple of insurance companies, your chances of getting an unbiased quote is much better.~Are you part of a firm or are you independent? A broker might be connected with more than one insurance firm. This will of course depend on their fields of choice and their level of expertise. If a broker only works for a specific insurance firm, he/she will obviously try to force that company's products onto you. Brokers are rewarded through commission and other incentives - if your broker works independently and is able to offer you a wide range of products from more than one company to choose from, your chances of getting an impartial quote are quite good!
Not all brokers are as qualified as we might think.
Have you had any investment or similar financial training? It is reassuring if your broker had at least some kind of formal training. As they work with customers' money on a daily basis, you'd assume that all brokers know what they're doing, but the sad fact is that a lot of brokers are only salespeople with one goal: To sell as many policies as possible!~Tell me a bit about your financial background? You'd assume that because brokers work with money and policies on a daily basis, they'd all have formal training. Unfortunately, this is not always the case. A lot of brokers are purely salespeople who have no other formal training except for the training on the products they're selling. Would you not be so much more comfortable if your broker had proper financial training?
How long has your company been in business? You might be entrusting this person with your total lifesavings, therefore you should be 100% sure that you're not dealing with a fly-by-night company or broker. New brokerage firms are formed on almost a daily basis; make sure that your broker is with a professional and reliable firm.~How long have you been in the industry? If you are planning on trusting this person with your hard earned money, you should make sure that he/she won't disappear with your money overnight! Make sure that your broker is part of a professional and reliable firm. If the broker works for himself/herself, a good track record is extremely important.
What if I want to cancel my policy? If you are not satisfied with your investment, your insurance policy, your medical aid or any other financial product, you would want to cancel or switch to another company. Enquire about the procedure and the penalty or cancellation fees involved.~Can you explain the cancellation procedures to me? If you are spending money on an investment, insurance policy, medical aid or any other product, you would want to cancel or switch to another company if you are not satisfied with the results received. Familiarize yourself with the penalty fees that would be payable in such a case.
Do you communicate with your clients? It is important that a broker keeps in touch! This can be by means of an email newsletter or an occasional phone call. If there are any changes to your policy or maybe exciting new products on the market, your broker should inform you immediately.~Will you stay in touch? It is important that brokers communicate with their clients! This does not have to be a weekly phone call, even an occasional newsletter will do. Any changes to your policy or new products and special offers should be communicated to the client.
May I contact some of your existing clients for a reference? The best referral is a word of mouth referral! If your broker is hesitant if you ask if you can contact one or two of their clients, they might be hiding something.~Will it be in order if I contacted some of your existing clients? Word of mouth is the best referral. If other clients are satisfied with the broker's services, you can rest assure that you will also be taken properly care of. If the broker refuses, take your running shoes and get out of there!
Are you only available during office hours? This is very important as life does not stick to office hours! If you have an emergency and need to get hold of your broker, you need to know that they will be available!~Will you be available after hours? If you need to get hold of your broker in case of an emergency, it would be no use if you can only get hold of their answering machines! Not all things in life can be anticipated and your broker needs to be available when required!
Follow the above guidelines carefully - the result will be a good relationship with your broker and the assurance that your requirements are properly taken care of!~By following the above advice carefully, you should have a reliable and trustworthy broker and you can rest assured that all your matters are in order!
Brokers are there to make our lives easier - by choosing the perfect broker for your requirements, your insurance will be smooth sailing from now on!
Article Source: Articlelogy.com
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