10 Things Your Insurance Agent Might Not Tell You

Not All Plans Are the Same

As “duh” as it may sound, not all plans are the same and the details matter. The duration? The returns? The coverage? The flexibility? All these matter. Your agent may focus on certain products but there are plenty of other options out there that might suit you better. Take the time to explore and compare to find what works best for you.

You Might Be Over-Insured

It’s easy to think more insurance means better protection, but you might be paying for coverage you don’t actually need. Understanding your current financial needs can help you save without sacrificing protection.

Commissions Play a Role

Agents earn commissions, so it’s natural for them to lean towards certain policies. But this doesn’t mean their recommendations aren’t valid. Just ask for alternatives and see what else is out there.

Your Policy Could Become Outdated

Life changes—your insurance should too! It’s a good idea to review your coverage every few years to make sure it still matches your current needs, even if your agent doesn’t always bring it up.

Inflation Eats into Your Payout

The payout that seems big today might not be worth as much down the road. Look into policies with inflation protection or just check in occasionally to make sure your coverage keeps up with the times.

Newer ILPs Are Worth Considering

While older Investment-Linked Plans (ILPs) were seen as hybrid products with high fees that ate into your returns, the newer ILPs are a different story. Today’s ILPs are almost entirely focused on delivering strong investment results with most, if not all of your money going toward growing your wealth. They’ve come a long way, and it’s definitely worth giving them a second look if you’re exploring investment options.

Term Policies Are Worth a Look

Whole life insurance isn’t the only option. Term policies offer coverage for a set period and are often cheaper. Plus, they can be renewed or adjusted as your needs change.

The Fine Print Matters

Insurance policies can be full of little details that affect how and when you can make claims. Always ask your agent to explain anything you’re unsure about so you don’t get caught off guard later.

You Could Be Duplicating Coverage

Sometimes, we end up buying policies that overlap with what we already have—like health coverage through work. Review your policies to avoid paying for the same protection twice.

Cash Value Plans Isn’t the Best Investment

Whole life policies build cash value over time, but don’t expect big returns. If your goal is to grow your money, you might be better off with a separate investment plan. Cash value whole life policies are meant for protection priority before wealth accumulation priority.

A Quick Thought:

Yes there’s a commission for the work we do, but that doesn’t mean it’s “just another sales job”. In fact many who stay on go on to be pros in certain areas such as insurance matters, estate planning or becoming investment pros with industry recognised certificates. As a customer, take the time to choose your preferred agent to work with for different purposes. An insurance pro may not be the same person as the investment pro. Don’t hesitate to ask questions, compare options, and work with someone who’s genuinely looking out for you!

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