{"id":572,"date":"2014-10-20T12:25:02","date_gmt":"2014-10-20T12:25:02","guid":{"rendered":"http:\/\/andrewwbradley.ca\/Blog\/?p=572"},"modified":"2014-10-20T12:25:02","modified_gmt":"2014-10-20T12:25:02","slug":"insurance-agent-missing-action","status":"publish","type":"post","link":"https:\/\/blog.andrewwbradley.ca\/index.php\/2014\/10\/20\/insurance-agent-missing-action\/","title":{"rendered":"Is your insurance agent missing in action?"},"content":{"rendered":"<p><a href=\"https:\/\/andrewwbradley.ca\/Blog\/worried-about-making-a-bad-investment\/disapointedcouple-2\/\" rel=\"attachment wp-att-1763\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft size-full wp-image-1763\" src=\"https:\/\/andrewwbradley.ca\/Blog\/wp-content\/uploads\/2017\/02\/disapointedcouple-1.jpg\" alt=\"Is your insurance agent missing in action?\" width=\"402\" height=\"501\" \/><\/a>If your insurance agent becomes unwilling or unable to provide service, you have an orphan policy. What happened? There are many reasons they go M.I.A. \u00a0 like:<\/p>\n<ul>\n<li>leave the business:\u00a0do something else or retire<\/li>\n<li>switch firms:\u00a0prohibited from taking the clients<\/li>\n<li>stop doing business with an insurer:\u00a0might lose their contract<\/li>\n<li>have poor processes: makes servicing more difficult<\/li>\n<li>avoiding you: the policy may have under-performed and your not happy<\/li>\n<li>they prefer selling: don&#8217;t like to do service work<\/li>\n<\/ul>\n<p>Whatever the reason, you&#8217;re paying for service you not getting.<\/p>\n<h4>AN OVERLOOKED CAUSE<\/h4>\n<p>Your agent may be doing business in the insurance world here in Ottawa but is that enough? You might be on the path to the orphanage without knowing. The changes take place gradually as your service becomes less and less and possibly stops. You\u2019re not alone.<br \/>\nSince life insurance usually pays most of the compensation at the time of sale, there is no strong financial incentive for agent to provide ongoing service. If you have a term policy or miss a payment your policy could lapse and you could lose your coverage. Who is on your side?<\/p>\n<h4>ANOTHER COMPLICATION<\/h4>\n<p>Some insurance policies are \u201cvested\u201d. That means the old agent keeps getting paid even if they tell the insurer that they won\u2019t provide any more service. This arrangement protects that agent at your expense. Why would another a help agent you for free?<br \/>\nThere\u2019s another possibility. Your old agent may sell policies to another agent (e.g., for two or three times the renewal compensation). Now your new agent has more incentives to pay attention to you.<\/p>\n<h4>WHAT MAKES YOU VALUABLE?<\/h4>\n<p>The main reason you\u2019re valuable to a new agent is for new business. That\u2019s reasonable. Beside life insurance, people often need more protection against the costs of<br \/>\n&#8211; disability (especially if you are self-employed)<br \/>\n&#8211; critical illnesses<br \/>\n&#8211; long-term care (especially during retirement)<br \/>\n<span style=\"line-height: 1.5;\">Even if the agent is not paid, you may like the service enough to provide referrals.<\/span><\/p>\n<blockquote><p>Tip: Be wary if the new agent attempts to replace your current coverage with new policies. That leads to more compensation but you may get better results by modifying your current policies.<\/p><\/blockquote>\n<h4>THE TRANSITION<\/h4>\n<p>If you\u2019re transferred to another agent, how would you know? The insurer and your old agent may not inform you. If you get a letter from a stranger claiming to be your new agent, how can you be sure?<br \/>\nYou can check them out online (e.g., LinkedIn, Google+, Facebook) and chat on the phone. You might phone the insurance company. When you\u2019re satisfied, why not meet? Insurance requires maintenance. Your new insurance agent may be more diligent and consistent than the old one.<br \/>\nIf you are not satisfied with your insurance agent or haven&#8217;t seen them since you purchased the policy, contact me today and I would be more than happy to provide the service you are missing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If your insurance agent becomes unwilling or unable to provide service, you have an orphan policy. What happened? There are many reasons they go M.I.A. \u00a0 like: leave the business:\u00a0do something else or retire&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":24147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[8],"tags":[255,280,311,362,366],"_links":{"self":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/572"}],"collection":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/comments?post=572"}],"version-history":[{"count":0,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media\/24147"}],"wp:attachment":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media?parent=572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/categories?post=572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/tags?post=572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}