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When you buy a policy, you invest in protecting your family as it proves to be the savior when a crisis erupts in the family. Any leniency in selecting the plan can cost dearly when it’s used to meet an eventuality. Many buy policies digitally or where interaction is limited and decisions are made based on available inputs. The general information might not be specific to your requirement, which could hamper making the right decision. Many platforms have emerged that part with information in a simple, user-friendly way, but don’t give a personal touch to bring all the details to explain the product's technicalities. We are listing below 5 reasons why you should meet an Insurance expert tarot finalize a plan for your family;

1. The Insurance is sold, not bought

The insurance industry operates globally on a Principle that "the Insurance is not bought but sold by an Insurance professional”. Not many desire to purchase Insurance; rather it is always sold by someone. In most cases, an insurance policy is explained by an expert and later followed by the same person to conclude the buying of the policy. The digital platforms can provide you with information but can't pursue you into buying a policy. Thus, a professional setup ensures the follow-up is aggressive for the potential buyer to finalize the policy at the earliest.

2. The insurance product should have customization

A life insurance policy is bought that suits the family's financial plan. It has to be designed keeping in mind the financial goals of the family that help to meet those goals. The same holds good for general insurance policies too- health, household, motor etc. These policies have evolved and are still changing therefore, it is best to seek an expert view to understand the new features offered by insurance companies.

3. Insurance buying should have the comfort of a relationship

In yesteryears, Insurance used to be bought through any known resource. This was essentially done so that the post-sale services could be available without hindrance. Insurance is a long-term contract where issues, especially claims-related, need special handling. In any eventuality, one looks for assistance from near and dear ones and if the same comes from a known source like your own insurance expert, it can't be better for anyone. The digital platforms and other financial institutions that act as intermediaries have no connection as they would only sell products but may not be helpful at the time of claims.

4. The choice of an expert is essential

With the opening of the Insurance Industry, a new league of intermediaries is emerging. We all have lived dealing with agents in the Insurance industry. IRDAI has introduced many kinds of mediators in Insurance Industry - Brokers, Web Aggregators, Corporate Agents, and many such entities have been licensed to operate in the market. Understanding the type of intermediary one wants to maintain, the association with the family is crucial. The decision to choose the agency depends on the kind of services and the insurance portfolio one wants to build for the family. Thus, understand the role of each type of intermediary in knowledge, their specialization, and the infrastructure with which they eventually will have to handle the post-sale services.

5. One needs a push factor while buying a policy

It is rarely found that one approaches any insurance company or any intermediary to buy a policy. Insurance intermediaries approach their potential clients through various modes of marketing and push their clients to buy a policy. The push factor involves chasing and follow-ups to help close sales, i.e., convincing the potential to commit to purchasing the policy. The insurance companies appoint a force of agents and a different section of intermediaries to market their products. This sales force pushes its clients to buy policies in the market.

Many who presume they can buy a policy without assistance might find themselves in a difficult position to decide on the right product. There are 24 life insurance and 33 general insurance companies in India and all these companies have multiple schemes to protect a family. One needs a comparison of features and pricing of various schemes to make an informed decision before finalizing any plan. Having an expert by your side is imperative as you seek professional advice from a CA to handle taxation issues, a lawyer for legal matters and a doctor for your medical complication. Similarly, it is essential to have an appropriate insurance professional to build and manage your insurance portfolio for the family.


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