The key is finding the product that you require. The way to buy insurance depends largely on whether you know what you want in the first place. Thus the level of assistance you require is a crucial factor to consider. Some of the common sources of finding coverage include:
1. Through an agent
There is perhaps the most established way to obtain life insurance. In fact there are many valid reasons to go through an agent as they can help you to determine your life insurance needs. You would want a qualified, committed person representing a sound company who is willing to help you with what kind of products to buy. The only problem is that agents currently represent one affiliated company and will push products that may not bethe most cost-effective in the market. Insurance brokers on the other hand, represent a host of companies and have obligation to be independent and consider the clients needs first.
2. Purchase from companies/internet
Several companies are now directly marketing insurance products. The cost of such products may be lower as comissions paid to agents are eliminated. However, the products may be standard in nature and they may not be customised to suit your needs. The internet has emrerged as an effective channel to distribute insurance products recently.
3. Group Insurance
Your workplace may be a channel to low-cost term insurance policies. Insurance companies offer lower rates to companies as the administrative costs for insuring a group are lower due to economies of scale.
4. Banks
Several banks ahve now tied up with insurance companies to distribute their products. This is a relatively new concept in Asia even though banks are now a major form of distribution int the US and Europe.
1. Through an agent
There is perhaps the most established way to obtain life insurance. In fact there are many valid reasons to go through an agent as they can help you to determine your life insurance needs. You would want a qualified, committed person representing a sound company who is willing to help you with what kind of products to buy. The only problem is that agents currently represent one affiliated company and will push products that may not bethe most cost-effective in the market. Insurance brokers on the other hand, represent a host of companies and have obligation to be independent and consider the clients needs first.
2. Purchase from companies/internet
Several companies are now directly marketing insurance products. The cost of such products may be lower as comissions paid to agents are eliminated. However, the products may be standard in nature and they may not be customised to suit your needs. The internet has emrerged as an effective channel to distribute insurance products recently.
3. Group Insurance
Your workplace may be a channel to low-cost term insurance policies. Insurance companies offer lower rates to companies as the administrative costs for insuring a group are lower due to economies of scale.
4. Banks
Several banks ahve now tied up with insurance companies to distribute their products. This is a relatively new concept in Asia even though banks are now a major form of distribution int the US and Europe.
