Summary Checklist

The purchase of insurance is one of the most important personal business transactions that you make. Your financial future and that of your family may depend upon what policies you choose to purchase. Smart shopping takes time and effort. The rewards of smart shopping are increased understanding of the insurance you have purchased, more control over the insurance you have purchased, and the peace of mind that results from an informed decision making process.

Finally, here is a summary checklist to help you effectively use the services of a broker or agent:

Plan your purchase. List points regarding coverage and price that are important to you in buying insurance.

• Shop around. Compare the products and services of several insurance companies and salespeople.
• Check credentials. Make sure to verify broker or agent and company licenses.
• Ask your friends. Check with your friends, family, neighbors, and work peers about their experiences with insurers and brokers or agents.
• Keep copies. Request copies of all presentation materials including charts, graphs, illustrations, or proposals and keep copies of all promises and signed applications.
• Make your own decision. You are ultimately responsible to make the final choice on what you need and can afford. Never rely solely on the advice of a broker or agent.
• Get promises in writing. All coverage or policy provisions should be in writing. Verbal promises are not good enough. Don’t sign any documents unless you have read and understand the terms and conditions.
• Get a receipt. Always get a receipt and retain it for the time the policy is in force.
• Read the policy. Check to see if the delivered policy is what you have purchased. If changes are needed, contact the salesperson or insurance company immediately.
• Save your policy. Keep your policy in a safe place, so you will have it when needed. Don’t let a broker or agent keep it for you.
• Don’t be pressured. There is no reason to be rushed or hurried by high pressure sales tactics. You are in control. Buy only the insurance you want and need.
• Don’t assume. Survey the insurance market yourself to find the best policy for you. It is a mistake to assume that any one broker or agent has made an exhaustive search of the market place for you. Do your own research and make an informed decision.
• Understand Premium Financing. Don’t borrow from a premium finance company without fully understanding the terms and conditions of the contract.