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MANILA - Interested in getting insured? Here are some questions you should ask your insurance agent to know which kind of insurance plan suits your financial situation.

ANC On The Money's resident financial planner Salve Duplito said those interested in getting an insurance plan should do some research first before setting an appointment with an agent.

It is also important to decide on the company where you want to buy your insurance from before meeting your agent.

For Duplito, choosing an insurance company should be based on its capability to pay out claims, and not only on how much it sells.

After deciding on the company, one should also look into the personality of the agent by doing an online background check before the meeting.

WHAT TO ASK

A client should first seek the agent's recommended insurance product; this question should spark more questions from your insurance agent, who is expected to ask whether you are in debt, or if you have enough income, according to Duplito.

If the agent fails to ask these questions, Duplito advised politely ending the conversation and looking for another agent.

"You want an agent who you can grow with financially, not someone who is so focused on commission he does not even attempt to find out what you need," she explained.

Once your agent asks you about your financial situation, he or she should be able to suggest the right kind of insurance plan that fits your financial situation.

According to Duplito, term insurance is more suitable for those who are in debt, who do not have enough cash for investment, or those who have the capability of investing on their own, while investment-laced insurance is suitable for those who do not have debt, are already in the investment stage, and those who need guidance in investing.

She also said it is better to focus more on the right amount of protection the insurance product gives than on the amount of monthly premium payments.

"Never ever reduce the size of the coverage to accommodate investments. This is a universal concept, it applies to all except those who are so rich they don't insurance," Duplito said.

One should also ask their agent how they are going to earn from the engagement, as well as when they will be able to receive the terms of the policy.

According to Duplito, most insurance companies do not immediately put premiums paid in the first year to one's chosen investment vehicle.

Finally, you should also ask your agent how much the investment fees are, as well as when you will start receiving the returns of your insurance plan, if any.

For Duplito, aside from relying on your agent, one should also research as much as he or she can about the insurance product to get the most out of it.