You're Going To Give Your Insurance Agent A Heart Attack!
Considering all the things consumers do to make their insurance agents' lives difficult, it's no surprise that the job can be highly stressful.
You may not realize is that failing to be open and upfront can do more than frazzle your agent's nerves. It could end up costing you money when it's time to file a claim.
Insurance agents have slightly higher than expected rates of death from ischemic heart disease. According to the Centers for Disease Control (CDC), from 1984 to 1998 such deaths for white males in insurance sales occupations, age 64 and younger, were almost 6 percent greater than expected. Could the behavior of insurance customers be shortening agents' lives?
Here are five things policyholders frequently do that undermines their own coverage while raising their agents' blood pressure.
Failure to admit you don't understand your insuranceKevin Foley, a New Jersey-based independent insurance agent, says his foremost stress-inducing "bugaboo" is with insurance customers who are afraid to admit that they don't understand their policies. Foley has a problem, he says, "When I say to you, 'Do you understand what I'm explaining to you?' and you say, 'Yes,' but your eyes tell me 'no.' . . . The decision you make today could be affecting you years from now, so I need you to understand what I'm saying. If you don't understand, I'll go over it again, that's not a problem. . . . I don't mind if people don't buy the more expensive option, but I mind when they buy the cheaper option without understanding what it means." Foley was recently asked by an auto mechanic if he could beat the mechanic's current auto insurance price. "I looked at it and realized I couldn't," Foley says. "But I told him I believed the policy needed a tune-up."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV