Life insurance agents sell policies that pay out to beneficiaries when the policyholder dies. They may work for a company or independently, selling to individuals or businesses. Agents must be knowledgeable about various plans and options to help clients find suitable products. They may also sell other types of insurance, including health, fire, home, and accident coverage. Agents typically require customers to complete a questionnaire and undergo a physical examination. They must explain policies in simple terms and have excellent communication skills. A college degree and license are usually required.
A life insurance agent markets and sells insurance that pays beneficiaries a sum of money when the policyholder dies. A person in this position may work for a company or as an independent agent, selling insurance for multiple companies. Agents can sell policies to individuals or businesses only, or cater to both industries equally. Generally, the agent is expected to be aware of a variety of plans and options to help her clients purchase insurance products that suit their needs.
Their customers often purchase other types of insurance, as purchasing multiple plans from the same company often saves money on total monthly payments. These insurance options often include fire, home, and accident coverage. Health insurance is also usually available from a life insurance agent. Some agents are also licensed to sell securities and other financial products.
A customer who has expressed an interest in purchasing life insurance is regularly asked to complete a questionnaire by the insurance agent. Questions often focus on family health history, personal health history, and lifestyle habits. This assessment helps the agent make solid recommendations about which plan is best for the customer.
It is customary for the life insurance agent to require the purchaser to undergo a physical examination by a physician or health facility chosen by the insurance company. This health review is generally considered superior to the information provided by the client’s GP, as it is generally believed that the chance of bias is virtually eliminated. Undiagnosed chronic conditions or trends towards future health problems often significantly affect the cash premium the policyholder pays.
When a life insurance agent presents different policy options, he traditionally explains them in simple terms to help the customer fully understand the policy. Explanation highlights usually focus on monthly premium payments, policy exceptions, and the amount paid to beneficiaries. Generally, a competent agent is expected to be able to answer most questions about their products.
A successful life insurance agent usually has great communication skills and a reassuring demeanor. Being able to put people at ease is important when trying to sell them a product that will only be valuable after you die. The ability to clearly explain the ins and outs of premiums and exclusions also generally attracts and maintains a strong customer base.
Typically, a college degree is required to be considered for a position as a life insurance agent. A concentration of studies in statistics, economics or business administration is desirable. Usually, a license issued by a local or regional agency is required to work in this profession.
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