Buying life insurance can be an overwhelming experience, especially if you are doing it for the first time. Here is a list of six different things to look for in a life insurance advisor.
Do you feel you can Trust your Advisor?
When your family's financial future is at stake, don't feel pressured into making an immediate decision. Make sure you feel comfortable with and trust the Advisor, making the decision on the information and advice given to you. When you feel you can trust the information and advice given, you believe your family's financial affairs are being correctly positioned.
Are they Life Licensed?
Believe it or not, some people hold themselves out as financial advisors and are not licensed. It is easy to go online and do a public search through the government agency website which issues life licenses. Simply search by their name and within seconds you can determine if that person is licensed to provide insurance products in your province.
Do they Specialize in Insurance as an Independent Advisor
Many advisors have a number of designations after their names. These may mean advanced studies in insurance, but may also designate investment studies. New insurance products are frequently introduced to the market. It is difficult to be current and knowledgeable in two very different financial disciplines. If you require a plumber, you wouldn't call an electrician. For insurance advice, find an Advisor who specializes in insurance not investments. It is also in your best interests to deal with an independent, rather than a "captive" Advisor. Why? Independent life insurance Advisors do exactly what your car insurance broker does. They shop the market to provide your family with the best product to suit your personal needs.
Is your Advisor available to you?
In today's connected world, too often the personal connection can easily get lost. Emails, voice mail, answering machines, the list goes on. So why is it so hard to speak to people? It is important that your Advisor takes the time to return your calls and communicate with you.
Is the Presentation and Communication Clear?
Do you find that you have to get a dictionary and look up the definition of "double indemnity" after you meet with your Advisor? Purchasing life insurance is one of the important tasks in life which you face. A good Advisor makes recommendations appropriate to your personal situation, in language you understand. Graphs and "what if" scenarios should not be used to answer your questions. Most of your concerns have likely been asked before and generally are easily addressed. Insurance really doesn't have to be complicated; it's not a mystery.
Have you done your Research?
In today's day and age, it is very easy to go online and search for something. Why not Google the name of your advisor? If you find a bunch of bad press, or an affiliation with the name Bernie Madoff, then maybe it is time to shop around.