Hi I got a question here.
My current insurance agent (my cousin) stays in my hometown where I'm in the KL city here. May I know can I switch all my family's policies to be under another agent (a friend of mine) in the same city as I am? This is because if anything happens, it would be easier for me to engage the PIC, or upgrade the packages...

Does it cause any loss or offence to my cousin if I do so?

Thanks in advance for all the advice.

Obviously your cousin wont be getting any commission from your business anymore

For GE (Great Eastern), yes u can always change to service agent by only signing a request form. but Commission part will very depends on your cousin if he willing to let go to ur friend. but normally ... "NO"

Really? Even though the first agent is a screw up and needed to change?

let say u bought an insurance with agent A, and due to some reason he no longer as an agent anymore. all commission will flow to his/her supervisor directly. that is no way u (as a consumer) can transfer the commission to any other agent but only agreement with this supervisor. u may only able to change the service agent and this service agent wont get any benefit.

This post has been edited by kensnin: Aug 14 2012, 04:16 PM

to add on to it, the new servicing agent might not get anything from the existing policies that you have but he will be able to make commission from your future business, e.g. upgrade, new policy, referrals and etc... it's for long run benefit and a lot of agents can't see it that way and choose not to take over the servicing from other agents. hahaha

If anything happens? If it is related to claims, most of the time just use the medical card. As for pre & post hospitalization, the reimbursement receipts can be couriered down to your cousin.

I'm sure cousin can send to you a self paid courier service (on your cousin costs, of course) when your cousin asked you to sign on the dotted line.

Also, if your cousin is doing a good job for you, no point changing. How sure are you that your friend is going to do justice to the policy?

By the way, for Prudential, even if you change the servicing agent, the 6 years commission is still going to the original agent who sold you the plan, unless he/she left the business.

However the original agent will lose the future business if you choose not to do the upgrade with your cousin.

Important note on upgrading:-

Make sure if you ever do upgrading, the agent does not issue you with a new policy number. For upgrading exercise the policy number will be the same.

For example if currently you are paying RM 200/mth for RM 100K life/CI/PA cover and would like to increase to RM 200K and the extra premium would be + RM 150/mth.

Upgrading on the same policy means that the agent only earns RM 150 in commission due. However if he/she were to cancel the policy and reissue a new policy, even though you are paying RM 350/mth the agent commission due is RM 350.

Also bear in mind that whenever a new policy is being issued, everything starts over. Waiting period etc. Most of the time the offer for upgrading means waiving of the waiting period.

HTH

thanks for everyone's comments. looks like is not so advisable to change agent... okay, i will stick to my original agent then.

IMHO,

i think most ppl didnt say not advisable to change agent... just a lot of sharing saying agents nowadays seldom wanna take on the servicing new customer, because they do not get commission for doing the servicing...

and that is true... since a couple of years back, BNM regulation (or maybe its insurance company's own policy) to avoid agents pinching customers from other agents, ie ask them to change servicing agent...

however, i think no harm in getting a few more second opinion... ie getting contacts of agents willing to service... actually not much servicing required mar... only whenever u have questions only u will call them...

i know my agent very willing to help out.... i also same case with you... also buy from relative, and previously searching for someone to help with my queries.. you can PM me if you interested.. i will PM you my agent's contact number..


Cheers!

some insurance company do allow switching agents and also the commission cabe transferable at no cause. If you stick to your cousin, you still can always call your cousin regarding any insurance issues as a relative. If you dont, he might loss d profits or might not. If under mine, then 100% that he not able to get any profit..haha.No matter what, please make sure you have a good insurance coverage.