Five Tips in Finding a Scrupulous Insurance Agent:
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1. Be sure the agent represents one or more insurers with top safety grades from independent analysts. It won’t matter how kindly your agent was if your insurer goes out of business. You’ll want to get a policy from an insurer rated no lower than A+ from A.M. Best or AA- from Standard & Poor’s.
2.Ask the agent to explain clearly how much insurance you need, why you need that much, and why he or she recommends a particular insurer and its policy. If you don’t get straight answers that you can understand, move on to another agent.
3.Look for someone who is a chattered life underwriter (CLU) or a chartered financial consultant (ChFC). These designations are no definitive defense against moral turpitude, but they do suggest that the agent was serious enough about the profession to take the courses necessary for the moniker. The American College, an insurance school in Bryan Mawr, Pa., awards both the CLU and the ChFC.
4.Don’t buy from someone pitching insurance as an investment. Remember: The reason to buy life insurance is to replace a lsot income, not to get rich.
5.Consider hiring an independent insurance adviser, not an agent, to help you choose a policy. For instance, the National Insurance Consumer Organization (P.O. Box 15492, Alexandria, Va.22309) will evaluate any cash-value policy for $40. Glenn Daily of the Life Insurance Advisers Association (800-521-4578) will both review policies and offer alternatives for a fee of $175 an hour. Figure on a two-hour review. For general life insurance questions, you can call the National Insurance Consumer Helpline (800-942-4242) of the American Council of Life Insurance.
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