Choosing the right insurance advisor

16 January 2006

Buying insurance or mutual funds, don't go blindly with the recommendations of your neighbour-turned-insurance-advisor. Take professional advice, says Gaurav Suri, marketing director of MetLife Insurance

"Well they are not for me… only for the rich"
"Is there a person who truly has my interests at heart?"

I hear these two statements all the time, now that I have shifted to the financial services markets. Outlined here are a few suggestions on how consumers can empower themselves to choose responsibly the insurance policy that best meets their needs, without being overwhelmed by insurance agents and investment advisors.

In the bargain they would be doing the insurance industry a big favour by helping it to mature faster, to make the insurance and financial planning profession a more responsible and respectable one.

Achieving financial goals can be easier with the help of a good insurance advisor. But finding the right advisor is a job in itself. Carefully evaluating your potential advisor can be a time-consuming process, but it may end up being time well spent.

Don't make the mistake of choosing just any product pusher or financial planner who comes calling on you. Be especially careful of the neighbour or acquaintance who has recently become a financial / insurance advisor as a part-time job, and is looking at people (s)he knows — like you — as potential clients.