They work for their Company first and for you second. You shouldn't have to call half dozen sources to get the best coverage and competitive rates. Your agent should analyze your needs, and offer you options from which to choose. Sure, prices can go up. But they can also go down. Login Sign up. Login or Sign up. Team Cafemutual Nov 23, You first need to surrender your agency license with the existing insurance company and return the appointment letter and identity card issued by the current insurer After submitting these documents, you will receive a cessation certificate a kind of relieving letter.
IRDAI norms direct insurance companies to issue cessation certificates to agents within 15 days of the date of application Once you get the cessation certificate, you can apply for fresh appointment with another insurer. You will have to furnish details of your previous agency and the cessation certificate However, the new insurer will issue fresh appointment only after a cooling period i. Have a query or a doubt? Need a clarification or more information on an issue?
Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk cafemutual. Latest Articles. Postmen, Gram Sevaks to sell insurance policies. Despite pandemic, health premium remains unchanged over the last nine months. Average premium price of a term insurance having coverage of Rs. Depending on the type of insurance, even if new policies can save you money there might be other factors to consider.
Life insurance policies, for example, often have exclusions that apply during the first two years that would apply again if you have to take out a new policy when changing agents. Sean Butner has been writing news articles, blog entries and feature pieces since He currently advises families on their insurance and financial planning needs. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors.
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By: Sean Butner. When your new policy is in force, contact your former insurance carrier and provide instructions for terminating your old policy. When searching for a new insurance agent, consider seeking the assistance of an independent insurance broker, rather than a captive agent.
An independent broker is able to provide you with policies from multiple companies, whereas a captive agent can only sell insurance from one specific provider.
If you decide to change insurance carriers, do not cancel or terminate coverage under your old policy until you are certain that new coverage is actually in place. This will ensure that no gap will appear in your protection and leave you without important coverage. Personal Finance Car. You can change insurance agents. Changing Agents Within the Company. Step 1. Video of the Day.
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