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5 Questions To Ask Your Insurance Broker During Plan Application

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Some people say that insurance is not for everyone. And, that’s true. People invest in insurance for various reasons. Some do for their health, family, future, or business. It’s easy to meet people who are indifferent towards insurance, too. After all, not everyone is well-versed in its perks and how it works.

Thankfully, insurance brokers exist. An insurance broker is a professional who’s an insurance expert. They help applicants assess and look for the right insurance plan that meets their needs. Insurance brokers represent clients during the application period, too. 

If you’ve been thinking of getting insurance but are still not sure whether you’re applying for the right plan, consider hiring an insurance broker. With their help, you’ll get to understand better the scope of different plans. You might even find a better plan that suits your needs and goals. 

If you’re thinking of consulting an insurance broker, that’s great. You probably have a lot of questions to ask them but don’t quite know where to start. That’s okay. To help you, here are 5 questions that you can ask as you kickstart your insurance hunt journey.


1. Can you brief us about insurance and how beneficial it is?

For starters, insurance can be an intimidating topic. It’s completely normal to know little or nothing about insurance. The reason why you are consulting an insurance broker is that you need to know and understand the field. 

For you to have a solid foundation of what insurance is, ask your broker the most common questions people ask about insurance. Ask what insurance is and what makes it beneficial. If you get an answer that is similar to “financial security” or “future protection” that’s good. If you get a situational answer, that’s even better.

Ask about the basics of insurance and how it can benefit you long term. You don’t necessarily have to know a specific plan right away. You can ask about a specific type and how it can benefit an insurer during the time that they need it most.


2. What plan best fits my underwriting risk?

After you ask the most basic question, your broker will likely start to ask you questions, too. Expect to be asked about your financial goals, current standing, the purpose of the application, and such. These questions serve as an overview to your broker regarding your underwriting stand.

Before you can be granted a certain plan, your broker and company will assess your risks. This process is called underwriting. Underwriting is necessary for both the company and the applicant to know the best plan that suits your needs.

Also, companies look at an applicant’s risk because they need to check if there’s a profit once they grant you a plan. To make it simple, if you have a higher risk, it’ll likely be hard to be granted a plan right away. This is because you’re likely to use your insurance for a short amount of time. 

Unlike those who have fewer or no risks, insurance companies know that those clients won’t use their plan in the next 5 to 10 years. Meaning, they get to make a profit out of the plan’s premiums and payments during that period. Ask your broker about your plan options. This will help you understand how a plan’s terms can benefit your future goals.


3. Do the terms of the plan meet my goals and needs?

After your underwriting, you probably have a couple of plans that you are choosing from now. Before finalising your choice, make sure to ask your insurance broker about the plan’s terms. More importantly, if those terms meet your future goals and needs.

One of the common mistakes applicants make is getting a plan that has a low premium with terms that they don’t need. It may seem like you are saving money, but in reality, you are wasting money on a plan you don’t need.

Remember, the reason why you’re applying for insurance is that you want to benefit from it. Most especially in times that you need financial support. Before sealing the deal on any insurance plan, make sure that you understand the policy and what it covers. 

The reason why some people have a negative notion of insurance is that they encounter people who weren’t able to make use of their insurance benefits. They likely feel cheated on for investing in a plan they weren’t able to benefit from. 

Before you decide on any plan, make sure to discuss each term with your broker. Ask your broker how you’ll get to make use of the terms and if it meets your potential needs in the future. 


4. How long is the validity of my plan and should I upgrade once the term expires?

One of the advice that brokers give to insurance beginners is to start with a plan that is affordable but doesn’t compromise the term policy. Then, once your initial plan expires, some would recommend upgrading to a plan with better coverage.

If you need to stick to a specific budget for the time being, maybe you can consider negotiating a plan with a term that you need in a premium that you can pay. Then, once it expires, you can consult with your broker to see if it is possible to upgrade your plan with better coverage. 

Knowing the validity of your plan helps you map out your plans for the future as well. For example, if you are getting business insurance, and you’re only starting your business, you can consider getting a plan with a low premium first. Once it expires, your business goals and needs have likely changed as well. 

Discuss with your broker the validity of the plan that you’re applying for, and ask for his advice on whether you should upgrade once it is over or consider other amendments that meet your needs.


5. Lastly, what do I do once I need to claim my insurance policy?

Lastly, ask your broker about the process that you need to follow when claiming your policy. Technically, if you need to claim your payout, you’ll have to call your insurance company and tell them what happened. But, if you want a quick and straightforward process, it’s better to familiarise yourself with the requirements.

Asking won’t hurt, so it’s better to consult your broker about the process if ever you need to file your claim. If there are any documents that you need to process, it’s better to know and have an overview of what they are. That way, you know what will be asked of you if ever you have to claim your payout. 


Don’t hesitate to ask all your queries and be open to sharing your concerns with your broker

I can assure you that the last thing that you want is to invest in a plan that you won’t be able to benefit from. No one would like to waste their money on that. Not even car or business insurance applicants. To avoid that, make sure to ask all your questions to your broker.

The reason why they exist is to help you choose the best plan that could accommodate you the most. Don’t hesitate to share your concerns and be transparent about your goals. That way, you won’t have to be one of those people who see insurance as a waste of money. Understand your plan and how you can benefit from it before signing that insurance plan. 


Also read: What are the different functions of an Insurance Broker


About the author:

Bianca Banda is a writer for Lewis Insurance, an insurance company located in Australia, offering wide financial services and management for both business and family matters through proven quality service, trusted support, and expert advice. 

Bianca Banda

Bianca Banda is an ardent writer, aiming to share helpful information and ideas effectively and engagingly.

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