Policy or Sales Illustration
The insurance industry today is very broad due to its numerous private, public and independent organizations that are competing at the same time helping, in terms of reinsurance, to provide varied and beneficial insurance policies to each individual, family and group and company.
In order for the companies to continue in the operation as well as profit from the business, they need excellent broker and agents to explain the different policies that the company is offering. It is important that these agent and brokers are knowledgeable enough and are good in convincing their clients to be a part of the company.
How do these agents do the talking?
These agents are like boy scouts and girls scouts that are always ready to in whatever situation may come. Aside from being knowledgeable, charming and having good public relation attitude, they should also be equipped with what we called Policy or Sales Illustration that should be carried all the time to provide the clients a more comprehensive picture of the insurance.
Policy insurance or sales illustrations are the materials utilized by the brokers, agents as well as the insurer in laying all the facts of the policy which may clearly show how the policy perform to certain conditions that will be more elaborated on the terms and conditions when the insurance policy has been issued as well as the number of years that will vary from one client to another.
The illustration is made up by the insurance statistician and will try to predict on how much will be the return of the client’s investment. The entire illustration will depend on different factors: the performance of the investment, the assumption regarding the lifespan and the expenses projected by the company. Though the illustration may include the guaranteed cash values and the guaranteed death benefits, some of the projections tend to be speculative. This the reason why consumers are advised to take a closer look at the illustrations laid most especially the very minute details to avoid confusion and the sense of being fooled.
How to get the Best Deal
1. Have a financial assistant to review and evaluate the illustration provided to you. In this way, every detail will be explained further and nevertheless, your money is well taken care of.
2. Have an expert that will do a reverse engineer in the policy that is through viewing the assumptions made, the date of the company as well as recommend the best products and companies. Remember, these experts are paid in a flat rate as mandated.
3. Compare the policies cash value.
4. Review the company’s operation in the past few years as well as on its current situation. Search the web for review or comments prior to company and ask some of its policyholders of the company is doing a good job in protecting their clients.
Remember that it is always best that you listen and you observe all the facts whether written or not prior to the policy since there are a lot of at stake. It is hard to seek and spend money this time, so be careful.