secrets your travel insurance agent might not tell you
Every business on this earth has some positives and some negatives. In many cases, agents do not reveal the negative side of travel insurance and mention only the benefits, but as a prudent buyer, you need to know the dark side of the same also. It is not for making the best decision but to be aware of the facts that what all possibilities are that you may have to face, if you go for the insurance and claim, in case of happening of any event. It can help you keep prepared for any situation.
- His commission: Commission is the earning of an agent that is offered to him by various insurance companies. If one sells more plans, the company provides him more commission. Hence usually, the agents sell plans of a specific company only, which can offer them more commission. This commission is something that no agent reveals to his clients. Doubtlessly it is his income, but at the same time, for his interest, he does not let the client know about the insurance plan of any other company also.
- Exclusions from insurance plan: In many of the plans, there are things that are excluded from the coverage. However, an agent will never reveal this secret as, because of the same, the client may refuse to pay the insurance premium. This can lead him to not only misrepresentation of his policies but also damage the client by hiding some crucial pieces of information. For a client, it is much important to know the exclusions as he can have a complete idea in case of any issue while abroad.
- Any option to cancel the plan: Usually, every insurance company has some options for the client if he wants to cancel the policy. However, the agent of your travel insurance plan will never let you know this feature. He may be scared that if a client knows it, he may use it to cancel the insurance plan due to any reason which may affect his income also.
- Other cheap options to buy a plan: In the market, one can find several options for the travel insurance plan. However, an agent will show like he has the best plan, which is mostly sold in the market, and in fact, there are no other plans worth to check also. This way, he makes the client drive to a particular plan of a specific company only, which can benefit him in terms of commission.
- His role and responsibilities: In almost every case, the agent will not display his role and responsibilities for the customers as well as the plan as he may have to answer for the same. In fact, there are also responsibilities on him, such as offering the right plan after a thorough check and update the client about various aspects of the policy which almost no agent does.
- Hidden charges: In the travel insurance plan, one may find many hidden charges also, but no agent ever lets the client know about this dark side of the policy. The most significant charge is process charge, which is taken by the company for every process, and despite the client has paid the premium, he is made to pay this additional charge which is a good income to the companies. The agents know many of such charges, but they hardly let the client know about any of them as the client may go for the comparison of the same with other companies, which can lead him not to go for the plan suggested by the agent. Hence he may lose a client if he reveals this fact. Due to this point, almost every agent hides this material fact from the client while selling a plan to him.
- Other options that can suit your needs better: Every client in the market has different needs, and hence there are also varying policies for each of them. However, the agent never wants the client to check any other plan, which may be more suitable for his profile. If the client goes for a different plan, he may have to lose a client and also his income. Therefore he, although aware of some better plans, never shows them to the client.