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Joined: 21-Sep-2008
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Quote fanofchennai Replybullet Topic: Know more about Insurance Agents
    Posted: 30-Sep-2008 at 9:50pm
LIC agents are paid directly by the insurance company. Life insurance companies use agents as a way to promote and instruct final users about insurance. For this service, agents get a commission on each policy sold.

Why do life insurance companies use agents?

There are a lot of details and options in life insurance, trauma insurance and income protection policies and that's where the agents step in. They have the knowledge to advise you on how to best meet your needs for the least amount of money. If you look at a PDS for any life insurance policy, you will most likely get very confused and lost just reading the first few pages. Agents are familiar with the language and implications of all these options and benefits and their expertise will get you what you need and within your budget. Also, agents help you with policy administration, renewals, etc.

Can I go straight to the life insurance company?

Yes, you can but the life insurance company will then send you to an adviser. Agents are an essential part of the loop and play an important role in the process. The price for a policy is set by the life insurance company and it makes no difference what adviser or company you go through. Our agents provide you with a personalized and professional service and that's why we are on the market.

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