I have been an insurance agent for about 1 year now. I am now fully licensed in property and casualty and life. I thoroughly enjoy my internship with my agency and have been learning a great deal about the importance of being properly insured.
The greatest mistake I see people make is what they look for when shopping for their insurances. They often look at the price of premium rather than the amount of coverage they are receiving. Many of the quotes I create for others have their previous liability limits listed at state minimum. I often explain to them that causing a multi car pileup on the freeway would create a large liability, and your state minimum limits would barely cover your own damage, let alone, additional bodily injury and property damage. When the clients begin to see this, they often go above and beyond, by wanting to raise their coverage, and even get quoted for an umbrella policy.
The amount of coverage one can obtain in regards to liability is fairly inexpensive for the amount of coverage they may be receiving. When we stop looking at insurance as gambling, and instead look at it like an investment, we begin to see its purpose. An investment has an overall purpose to increase your original state. Although, Insurance law is clear that upon filing a claim, its purpose is not to increase your status, but only to bring you back to your original state, many of the so called policies we have should be scheduled to give us plenty of monetary cushion for replacement in the event of a loss.
Your premium is a price to be paid for the sense of mind insurance offers. Although, it is a possibility to be over insured. Some may be paying as much in premium for protection against a loss, as if they were set aside the money spent on premium and save to replace the loss with their own funds. This can be particularly true with health and long term care insurance. Analyzing the value of a policy is always worth the time is takes to crunch the numbers.
I recently helped a woman in her mid 60’s, who had become a widow. Her husband passed away suddenly, and unfortunately left her unprepared financially. He did not have a life insurance policy in place. His wife was not educated when it came to insurance and how to understand the type of policy she needed. Because my company’s purpose is to prepare and diversify our client’s assets, we were able to help her get on track, but her life could be much more restored to its original state had she found us sooner.
I work as an assistant to a master of insurance who has been in the finance and insurance industry for his entire life. As he begins to enter his retirement years, he is full of understanding and vision when it comes to building the insurance book, and educating clients. I am learning that this industry is so customer service oriented. We must always be prompt in our responses, we must be thorough in our explanations, having the heart of a teacher, and courteous with those that may be impatient or permanently dissatisfied.
My boss has always told me how recession proof this industry is, because there will always be a need for insurance. As Americans continue to build their lives on credit and debt, the insurance policies will be bigger and heftier. We will have full coverages, lienholders, mortgagees, escrow accounts, and so on. Most people like to stick with something that works, which ensures a continuous annual source of commission and income.
I love being an independent insurance agent for the sake of options and avenues. I am usually in a position to offer a pending client the best rate available, when they are looking to switch. We can keep current clients in the agency by switching them to another carrier if rates increase, and we have almost any product any one could need for insurance purposes. I get great joy when I can let a family member know how much money I can save them. I get great joy when I can explain what PIP means, or Uninsured Motorist Property Damage coverage may provide to a car with liability only. I like being able to list my laptop for school on my renter’s policy. I enjoy the sense of security I get from knowing, if it breaks, or is stolen, or ruined, it’s covered.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.