Insurance professionals are trusted advisors. Learn from the experts
Buying insurance in today’s times has become a must-do-activity for everyone, be an individual or a business owner. Since there are many types of insurance available, it is always best to consult an insurance professional for any advice. Yong Wai Meng is a trusted advisor who can help you choose the right insurance that is best suited for you, your family or your business.
The Responsibilities of Insurance Professionals
There can be unfortunate incidents in the form of accidents, illnesses, death or business liabilities, property damage, and vehicle accidents and so on. Not everyone has enough money to tackle such sudden incidents and hence an insurance policy in such matters is always a relief. That is why the role of insurance advisors offers much importance.
- They spell out the various insurance policies available to the client, along with details on premium, benefits, number of years and so on.
- People who wish to buy insurance trust insurance professionals to help them decide the best insurance for their individual purpose or for their business. Hence it is the prime responsibility of insurance advisors to help the clients understand about all the different schemes available and explain the complicated terms and conditions in an easy manner so that it is easy to comprehend and the clients can take an informed decision.
- Today an insurance professional like Yong Wai Meng is not just an insurance advisor but has sort of become a value-added partner for both the insurance companies and the insured. It is thus important that insurance professionals’ offers service with integrity to all the stakeholders he is dealing with.
- They should be skilled, patient and knowledgeable as to what the client needs, what his specifications are and as to what his financial ability is so as to choose a certain insurance scheme.
- Insurance professionals should forever keep on learning about new insurance policies in market and should have a thorough knowledge about the various products that are available.
Why you should go for an Insurance Expert instead of relying on online insurance buying?
It is true that today just with the help of a click it is possible to buy insurance. All one has to do is to go online, enter his needs and requirements regarding policy and he will be able to buy an insurance just like that. But remember, whenever matters are related to your finance, it is best to think, plan, strategize and more importantly, seek the advice of a professional before you choose insurance.
- An insurance expert knows about all the different insurance schemes, companies and news in the market. You do not have to waste your time in searching or researching. The expert will do the job for you. Also, sometimes it can be become very difficult to understand the terms and conditions mentioned in insurance papers, making it all confusing to you. An insurance expert will make matters easy and therefore easier for you to choose what is best suitable for you.
- An insurance expert like Yong Wai Meng is an expert word on insurance and is not from any particular insurance company. He will review the insurance market in an unbiased manner and just think about your interests and not of the company.
- Many a times, people are unaware about how to choose the best policy that suits them. What many do is just go by what friends or family have purchased and then blindly follow them. An insurance expert is knowledgeable about the various policies and will choose one that suits you and that which you are comfortable with, thus you do not have to spend money on wrong insurance.
- An insurance expert can also get the best deal for their clients as they deal with insurance companies too on a day-to-day basis. They know the companies and they are aware of the client’s needs. Thus, they are able to get the best one for you which of course you won’t be able to manage going online to buy insurance.
- The reputation and business of an insurance expert depends on what he recommends to you and what you gain from the insurance. Hence, he will only suggest what is best for you. Online sites do not have any reputation issues. They all work mechanically.
- Insurance experts can also help with insurance claims, as and when need arises. He can even help you with paperwork and other hassles to make it a smooth process.
Different types of insurance that you should know of
Insurance can also be termed as a financial product that helps individuals guard against any unexpected risks, be it illnesses, accidents, or any other calamity. There are thus many types of insurance and one has to choose what one needs as per his requirements and financial ability.
There are mainly two types of insurance, life and general. The former is mostly for individuals who can insure themselves or their family and the beneficiaries who are listed in the insurance papers will get benefits in terms of money. There are many plans available under life insurance plans such as investment related, in cases of premature death, health insurance, and so on.
General insurance is an insurance scheme that protects against any other kinds of losses such as damage to property, accident, etc. This insurance is useful in cases of your precious belongings being stolen, damage to your house or office, injuries related to accidents, and so on. Vehicle insurance, professional insurance, liability insurance, house owners’ insurance, health insurance, travel insurance and so on, come under this type.
If a business owner doesn’t buy insurance, he stands to lose personal assets in the bargain. Collision insurance is the first move to safeguard the vehicle against damages caused due to accidents.
Terms you should know when you buy insurance for self or family
Since you will find a dozen or more types of insurance schemes, choosing the type of insurance that is most suitable to you can be a little confusing. Yet, just focus on certain factors and you can make it an easy process.
- When it comes to life insurance, there is the term and the permanent ones. You should opt for the term life insurance if you intend to have it only for a certain amount of time. For example, this insurance is best for your kids’ education needs some years later. If you have a debt which you intend to repay say after 20 years, you can choose a policy for the same.
- Permanent life insurance is as it says till the time of one’s death. The benefit of a permanent life insurance is that if the insured dies within a month of taking the insurance or after 30 years or so, the beneficiaries will get the claim amount.
- You can also choose convertible insurance schemes which can help you to convert term life insurance policy to a permanent insurance scheme that too without having to undergo medical examination or tests. The premium that you will have to pay will be a higher amount, though.
Points to consider while buying insurance for your business
Do a check on risks: The first factor that insurance companies check is for the amount of risks that a business poses. Referred to as underwriting, it is the basis for the insurance company to accept or reject the coverage that you ask for and contains two terms, premium and deductible. The former is the amount that you need to pay for the insurance and the deductible is the amount you pay during the time of the claim. Both these amounts are inversely proportional. Hence asses your risks and then decide carefully.
Do a window shopping: You should find about all the relevant business insurance policies available today and do a check study of different insurance schemes with your risks. Each insurance company differ in terms of cost and other factors. If you are seeking the help of an insurance professional, look for specialized experts who work in specific areas. For example, if you have a textile business, look for insurance professionals who are experts in textile business.
BOP can be your top policy: BOP or Business Owner’s Policy covers many factors such as property, interruption to your services, liability, vehicles and so on. It is a simplified process and also helps you save money. Just read about the policy, know the details and also the extent of coverage. It depends on the business, if it is an extra risky one, extra coverage too will be required.
Seek professionals: When it comes to choosing a good business insurance plan, seeking the help of a reputed, knowledgeable, licensed insurance expert can be of immense help.
An annual check-up: Insurance expert Yong Wai Meng says, It is best to do check the coverage of your insurance every year because as your business expands, your liabilities too increase. Hence, in case of an unexpected turn, you do not want to know that you are unprepared. Hence, a round-up of your insurance coverage should be done from time to time.