The key to any good relationship is trust and the client/agent relationship is no exception. You need to trust your agent's knowledge, experience and professional judgment. And above all, you always should feel that the agent is acting in your best interest. The agent also needs to trust you. He or she needs to know that the information you provide is truthful and complete. And ultimately, the agent needs to have faith in your ability to make the right choices for your family.
When the time comes to sit down with your agent, here's some information that will help ensure a productive meeting:
Be ready to answer lots of questions. In order to conduct a thorough financial needs analysis, your agent will need to gather a lot of information on your financial situation and goals. So prior to the meeting, you might want to prepare (or update) your personal financial statement. This is a document that outlines your living expenses as well as your major assets and liabilities. Your agent will use this information to discuss your insurance options and set reasonable financial goals for you and your family.
Expect detailed questions about your health. For example, you can expect questions about your age, medical condition, medical history, family health history, and personal habits, such as any risky hobbies you may have. When you apply for life insurance, you'll typically be asked to have a medical exam. Often, a licensed medical professional will make a personal visit to your home.
Be truthful at all times. Always answer questions about medical history and health carefully and truthfully. This information helps a company establish a premium for your coverage based on your risk. For instance, you may pay a lower premium if you don't smoke. On the other hand, if you have a chronic illness, you may be charged a higher premium. Also, in the event of a claim, accurate and truthful answers enable your beneficiary to receive prompt payment. Inaccurate or untruthful answers, however, may cause delay or even denial of a claim.
Make sure you receive the attention and advice you deserve. You should feel satisfied that your agent is listening to you and doing all that he or she can to find you the right type and amount of insurance at an affordable price. Your agent should take the time to carefully assess your financial situation and explain in detail any recommendations that he or she makes. Never allow yourself to be rushed into a decision and if you don't understand something your agent is trying to explain to you, ask to have it explained again. If you are not comfortable with your agent, or you aren't convinced he or she is providing the service you want, find another agent.