So you finally listened to your parents and got your insurance sorted like a proper adult… but you’re starting to realise you hate your agent. Uh oh. Here’s what to do next.
So you finally listened to your parents and got your insurance sorted like a proper adult… but you’re starting to realise you hate your agent. Uh oh. Here’s what to do next.
For those of us who are not well-versed in money matters, things like insurance, savings plans, and investment plans can seem extremely complicated. That’s why we engage insurance agents or financial consultants to help us with our money management and provide advice on policies that fit our lifestyle needs.
If you grew up here in Singapore, chances are, your consultant is either a) someone your family has used for ages or; b) an acquaintance or; c) your good friend. So you signed on the dotted line, thinking everything’s fine and dandy – only to realise further down the road that, hey, something doesn’t feel right. Maybe it’s a careless paperwork error that caused some inconvenience for you, or maybe your consultant is a little hard to reach now that the sale is done. Or maybe the realisation only hits you when you have a massive hospital bill to foot, only to have your agent tell you it’s not fully covered under your health insurance plan. Now what?
NEXT STOP: SPLITSVILLE
Before you fire your consultant, think about whether your issue with them can be resolved amicably first. Considering you’ve signed a long-term plan with this person, breaking the relationship before the maturity period of your plan can result in unnecessary monetary loss.
If your consultant is not performing up to par, have a face-to-face chat first to see if this is something that can be worked on. So maybe they have forgotten a meeting before, or wasn’t as helpful as you’d like them to be when sorting out a claim. Ask yourself honestly if you’re just unhappy with their services or if it’s a deal breaker.
“In my opinion, a deal-breaker is when they sell you a financial product based on its benefits rather than your needs. What’s worse would be asking you to terminate your existing life insurance in order to purchase a new one from them,” says Eugene Lim, an AIA financial services consultant.
HOW TO SAY GOODBYE
Breaking up is never easy. But the awkward talk is absolutely necessary, especially when money is concerned. It might also be possible that this is the first time your consultant is made aware of your unhappiness with their service.
“Politely drop them a message to let them know the reason for change,” Eugene advises. “However, if possible, do try to work things out with your consultant before making a change.”If your consultant is trustworthy, he or she would want to retain you as a client by taking your issues to heart.
Whatever you do, don’t just rage quit your current policies or stop paying your premiums, because doing so will definitely affect your coverage.
FINDING THE ONE
As mentioned earlier, our agent is likely someone we know personally. While it’s all fine and good to support your friend, you also need to look out for yourself, especially since your finances are at stake. Does that friend have a trustworthy reputation even before getting into the insurance business? Do you see your friend still in this same job 10 years down the road?
Another thing to take note of is how you feel after the initial meeting. Is he or she pushy? Do you feel like you’re being asked to buy more than you can realistically afford?
“When choosing an insurance agent, look out for someone who truly cares for your needs, rather than their pockets,” says Eugene. “It would be nice to support your friends in this business, but you have to make sure they are trustworthy and ethical.”
