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Who Is A Health Insurance Broker?
The health insurance industry offers a plethora of policies therefore choosing the right policy which fulfills your exact needs is not easy. The task of finding the right policy on your own can be tedious and daunting. Even after all that hard work, one can’t be certain to find the right insurance solution. Guidance from an expert will save your time and money. These experts are health insurance brokers.
Health insurance brokers will access your health risks and guide you towards a suitable policy based on your financial needs. In addition, they will provide you with a comparative analysis of different health insurance policies enabling you to buy the best policy that meets your requirements. Health Insurance Brokers specialize in insurance and risk management and they always act in the best interest of their clients.
10 Tips To Choose The Right Health Insurance Broker
1. Qualified for the job:
Many brokers specialize in a range of services from loans to other kinds of insurance. However, you are looking for a broker who specializes in providing health insurance solutions. The broker must understand the tax and legal aspects of the products he or she sells and how they are designed to fit into a client’s overall financial situation.
2. Holds The Broker’s License:
Always make sure that the broker holds a valid license from an issuing authority to sell health insurance. In India, Insurance brokers are licensed by the IRDAI and governed by the Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002. These Regulations state the Code of Conduct for the respective intermediaries. License adds credibility to his advice and you can be certain that you are dealing with the right person.
3. Is The Broker Asking You The Right Questions?
In the first place, before offering you an Insurance policy the broker must assess your medical needs and financial capacity. Second, the broker offers you an insurance policy. If a broker pushes you a policy without inquiring about your need, then that’s the red flag you must avoid.
4. Are They Charging For The Service?
Usually, brokers don’t charge for their services because they are paid a commission directly from insurers. However, this should not influence which insurer they put you with, as they are acting in your best interest.
5. You Should Be Satisfied With His Answers:
The broker should be able to explain to you all the terms and conditions properly and provide you a detailed understanding of the policy you are going to invest in.
6. Should Be Easily Reachable:
Are they easy to get hold of and are you dealt with in a consistent manner? Being able to get in contact easily is important especially if you need help or advice when making a claim on your policy.
7. Proven Track Record Of Success:
These days most businesses collect reviews and testimonials from their consumers, the same is true for the insurance industry as well. There are apps and websites like policy Bazar, which will have a set of testimonials for your broker.
8. Explains All The Paperwork:
Brokers also need to explain what documents are needed for getting an insurance policy. A good broker will help you in filling up all the required paperwork.
9. Minimizes Expenses And Maximizes Impact:
The broker must take efforts to get you a deal that minimizes your expense while maximizing the value of the cover for you.
10. Should Offer Ongoing Support For Claims And Annual Reviews:
Broker’s guidance will make the process of claiming insurance quicker and smother. The broker should be ready to guide you, in case you face any trouble while claiming the insurance in the future.
In light of all these tips, you will certainly choose the right broker for purchasing a health insurance policy.
L&G Insurance Broker Solutions can guide you to find the right policy based on your specific requirements. L&G commenced its operations in 2001 and became one of the first insurance brokers to be licensed and regulated by the Insurance Regulatory & Development Authority of India (IRDAI). Reach out to L&G insurance broker solutions on [email protected] to get a consultation.