A story just came to light recently from a couple who recently purchased a home in Merida, Mexico. They were looking to purchase international health insurance and arranged to have a meeting with an insurance agent in Merida. Although the insurance company was legitimate and the policy was a fitting policy, the advice the insurance gave to the couple was not. In the worst case scenario, it could have potentially caused the couple to lose their policy and in the best case scenario, they could have been denied coverage should a claim have been filed.
Buyer Beware: A person does not have to be licensed to sell health insurance internationally. Ask if your agent is licensed to sell insurance.
Make Sure Your Agent Is Licensed
In the United States, each state requires insurance agents to hold a license to sell policies. Most states require insurance agents to complete pre-licensing coursework before taking state licensing exams. States typically require a specific number of pre-licensing class hours for each type of insurance. There is no requirement that insurance agents hold a college degree to obtain a license, but most employers prefer to hire applicants who hold an associate’s or bachelor’s degree in fields such as business, accounting, economics, math or finance.
The majority of states also require licensed insurance agents to complete continuing education programs every two years to keep up with changing tax laws and government regulations that impact the insurance industry.
Agents At American Insurance for Expats Are Licensed
At American Insurance for Expats, all of the insurance agents are licensed and governed by state law. IMG is an American company located in Indianapolis, Indiana, and conducts business under U.S. law. Although they provide coverage all over the globe, and have agents in Mexico and other countries, all of the insurance agents hold valid, U.S. licenses and maintain their licenses through continuing education.
Know your insurance agent and be confident the policy you are purchasing will protect you the way it was intended to.