Many people consider purchasing insurance from huge and popular insurance companies while some only trust those companies that have been in service for the longest time. However, with the recent economic crisis, even huge and long-term insurance corporations are subject to bankruptcy and insolvency.
Aside from the years of service and popularity a company, how can one tell if an insurance company is legitimate and trustworthy? Here is a list of some tips from Philippine Prudential Life on choosing an insurance company:
1. Visit the insurance commission’s office or website and find out if the insurance company is listed among the authorized companies. Check if the date on the list is updated to make sure the insurance company is still licensed to operate.
2. Check the insurance company’s financial strength. This information is also available at the insurance commission’s website. Here you can check the insurance company’s ranking according to assets, premium income, first premium, and paid-up capital. Don’t rely solely on the information you read on the insurance company’s website or from the insurance agent’s sales talk. They won’t necessarily lie, but it’s always better to check the data yourself to get
firsthand information about the company.
3. Get first-hand information from insurance agents. Ask him if he or she has insurance policy under the same company. An agent can withhold this information, but there is no harm in trying. Ask the agent if he or she is properly compensated as well. You may need to learn how to read body language and facial expression if you want to know if he or she is telling the truth.
4. Check the company’s reputation. If it’s a well-known insurance company, find out why it has such a reputation. Ask friends, relatives, or acquaintances about a specific company and what they know about the service it provides and who are the company’s well-known clients.
5. Visit the insurance company and seek help from their customer support. A friendly and knowledgeable customer service assistant means that the company gives high priority to customer relations. A company’s website also speaks about the integrity of an insurance company. A user-friendly interface with easy to access options and menus give the impression of good customer support.
6. Most insurance companies hire insurance brokers or agents. If an agent calls you at home and asks if he or she can come to your house to sell insurance, ask from which company he represents and check his or her name in the list of licensed insurance brokers in the insurance commission’s website.
Do not just rely on the insurance company’s popularity. Remember to check their plans and the coverage of their policies before choosing them as your insurance provider.
About:
Grace Tan’s shares her insight’s about Philippine Prudential Life as one of the most reputable and longest running companies. PPLIC has consistently growing since its birth on 1963 and Philippine Prudential Life scam is a far-cry, but a symptom of prejudice against multinational insurance companies. In addition, Philippine Prudential is a 100% Filipino-owned financial establishment and has been providing 48 years of quality service to the Filipino people.