The premium which means the amount of money paid periodically to the insurer for covering his risks. or their sponsor eg the employer pays for the health plan to purchase health coverage. Deductible, the amount that the insured must pay out of their own pocket before the health insurer pays its share.

5 Cardinal Roles Of A Life Insurance Agent

Premium financing plans are usually between a financial institution and an irrevocable life insurance trust(ILIT) the procedures for insurance can be very complicated and risky arrangements especially with wealthy citizens who are very familiar with leverage financial risk. Insurance agent typically emphasizes on the needs why all individuals should be placed and have an insurance backing to enable you to take care of huge premiums that could accrue solely to individual bills if not under a financial scheme to leverage financial risk.

Therefore, is imperative one get a financial agent that will help understand and explain what the procedure and advantage of premium finance involves. The question that arises from many individuals is how to identify the right insurance agent.

Who Is A Life Insurance Agent?

Life insurance agent could be a company, individual or someone who is in the business of selling life insurance to groups or individual clients they have. However, for someone to be qualified as a life insurance agent, he or she must have certain properties or qualifications which are:

1. An IRDA certified license to be able to sell insurance of a particular insurance company he/she is operating with.
2. The specified age bracket should be at least from 18 years and above.

3. He or she must be equipped with a vast knowledge of the product or services they wish to sell.

4. Every insurance agent is required to have a sound knowledge of financial planning and need analysis to be able to guide their clients appropriately especially on what type of insurance scheme or package will be best for them.

What Does Life Insurance Agent Do?

Most life insurance agents play a crucial role in one’s financial planning and also assist you to purchase the suitable life insurance policy such as:

1. Helping one to abrogate and choose the most affordable life insurance plan which best suits your requirement in line with your need analysis and product review. He furnishes you with the product review and other elements embedded in the plan.

2. A life insurance agent helps one in applying and fulfilling all rules and regulation, norms and objectives of the insurance company.

3. Life insurance agent also serves as a liaison between the insurer and the insured or prospective customer in filling up the required form, file all necessary documents with the medical history, and also act as a representative of the insurer to the customer etc.

4. Once the policy is started, the life insurance agent is responsible to see to the fact that renewal premiums are paid on time, as their renewal commission is equally based on the renewal premiums paid by the client they have.

5. Filling And Claim, during maturity claims, insurance agent makes sure all checks in regard to the customer’s claims reach the customer before time so that the amount can be claimed on time.

However, insurance agents make life insurance scheme a bit accessible and easy to understand.

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