Who’s Looking Out for You?

By Dudi Farkash

Have you ever met a company that displayed no desire in selling you their products? I certainly haven’t. Life insurance is no exception. There are life insurance salesmen, locally and across the country, eagerly seeking to solicit new clients. As the recently deceased company SYMS used to advertise, “An educated consumer is our best customer.” I’d like to share several pointers with you to help you avoid some common traps and better assist you in navigating the road to financial responsibility.

1. Consider Specialists Only

There are many types of insurance policies. Auto, fire, theft, flood, jewelry, liabilty, and property are just a few examples. Some auto insurance salesmen will offer to sell you a life insurance policy. Would you want a veterinarian to be your personal physician? Nor would I, so why would you entrust the insurance on your very life to an auto insurance salesman?! The auto insurance salesman may have a sweet deal in insuring your truck, but you’re not a truck! When buying life insurance, long term care insurance, disability insurance and health insurance, go to a life insurance specialist only! It’s your life!

2. Selecting an Agent

Seek not a salesman. Look for a competent, experienced and trusted agent who will serve as your advocate if heaven forbid the need arises. The fact that your friend or relative uses so- and- so agent is no reason for you to trust him or her. Make sure the person you go to has the qualities of a trusted and competent agent before you enlist his assistance.

Several years ago a local Heimishe family here in Brooklyn lost their father/ husband r”l. While sorting through the documents, the family discovered that he had purchased a policy of substantial coverage sometime back which was still within the term of coverage. Relieved, the family contacted the life insurance company to request the payout of the life insurance policy. The family was utterly dismayed to learn that the policy was invalid due to several months of missed payments. Despondent, the family contacted me to see if I could help them. They weren’t even able to track down the agent that had sold them the policy in the first place! Sadly it was too late. I couldn’t be of assistance.

Make sure your life insurance agent is of the sort that will always be there for you and will be there to look into your eye (or your family member’s) and say with conviction, “You will be taken care of, you have my word.” If you forget to make a payment, your trusted agent who cares deeply about your family should contact you to make sure your coverage doesn’t lapse. With an agent courtesy of google, you may not be so lucky.

3. Know the Life Insurance Company

Not all brands were created equal (think MF Global!). Your agent represents a life insurance company. Which ones does your prospective agent represent? There are literally hundreds of life insurance companies across the nation. Make sure your agent will steer you to the one suitable for your needs. Different life insurance companies have different standards in how they write and honor their policies. A trusted agent will know to direct you to the proper company that fits your needs.

4. Go Heimish!

In order for your agent to properly advise you on which products to buy and how much coverage to have, he must understand your unique financial needs. It’s impossible for a foreigner to understand the unique expenses of a frum family. The only person that can practically asses your family’s needs is a fellow heimishe yid who relates well to your criteria. Selecting a heimishe agent is integral in ensuring the soundness of your policy.

5. Get to Know Your Agent

Make sure the agent that you select will be as known to you as your doctor is. When asked who your physician is, you utter his name without hesitation; likewise, you ought to have your insurance agent’s name on the tip of your tongue. He may be the most important man you will ever do business with in your life.

In conclusion, my friends, value your life, maximize it, and last but not least, insure it! It’s your life, please don’t delay seeking the proper agent to help you do what’s right.

for all your financial protection needs www.farkash.bfgny.com
3917 12th Ave.
Brooklyn, NY 11219
718-437- 0500
Email: [email protected]