What factors help you pick one life insurance company over another, that offer similar quotes on term life.?
I have 2 life insurance companies that are offering me very similar quotes (annual premium) on term life insurance. What factors do I need to keep in mind, when deciding which one of them to go with.
Rating. A marginal company may go bankrupt.
Agree with A rating. Customer service would be the next thing I would consider, all things being equal. Which agent seemed more professional?
Financial strength rating! Check it out at http://www.ambest.com. You don’t want to buy insurance from a carrier rated lower than A-.
The most important thing is features.
Does it pay you in lump sum?
Does it cover Terminal Illness and Disability and Death or Critical Illness and Disability and Death or just Death?
Is it guaranteed renewable?
Does it allow you to purchase a future insurance without evidence of good health?
It the company efficient in processing claims?
What is the overall reputation of the insurance company?
The biggest factor would be the credibility and reputaion of the insurer..The other would be preimum you are going to be charged..
http://www.healthinsuranceace.com
Many factors go into the price of life insurance – your current health and medical history, family history, your activities and driving record, to name a few. Many Web sites quote the LOWEST rate in the market, which often leads consumers to submit applications to substandard carriers, only to find the actual rate offered by the carrier after all factors are examined is much higher than initially quoted.
It is crucial to check the financial ratings of the carrier. You can gather information from insurance rating firms such as A.M. Best, Standard & Poor’s, or Duff & Phelps. Ratings are the financial barometer of how the carrier is performing. Premium price should not be the only deciding factor when choosing insurance. It is also important to discuss your insurance needs with an insurance professional or financial advisor.
I would recommend speaking to a qualified insurance agent before securing a insurance policy. To check out the various life insurance types and options click on http://www.insureme.com/landing.aspx?Refby=614500&Type=life. It’s a web site that will give you the information required to make a decision on which policy is right for you. It also gives you the option to call local agents to get any of your questions answered. Policies start at as little as $3 per month for $150,000 in coverage.
Take care,
Ron @ InsureMe
There are a number of ways in which to evaluate the financial strength, performance, and integrity of a life insurance company.
I suggest looking at company’s that have a rating of A, A+, or A++ by http://www.ambest.com/, the country’s most recognized insurance company rating organization.
Other third party services, which measure insurance companies’ financial strength, claims paying ability, and other financial categories include:
- Standard & Poor’s http://www.standardandpoors.com/
- Moody’s http://www.moodys.com/cust/default.asp
- Fitch http://www.fitch.com/index.aspx
- Weiss http://www.weissratings.com/
All of the above services assign “letter grades” to the various insurance companies.
NOTE: These letter grade ratings are not warranties of an insurer’s current or future ability to meet its contractual obligation, but rather opinions based on the available facts about each life insurance company.
For more information, check out http://www.accuquote.com/faq_answer.cfm?number=7
try this
http://www.anrdoezrs.net/ok79ft1zt0GJHMQQJOGIMIQPMN
Insurance Company: Ratings, Guarantee Period, Convertibility, Return of Premium, Riders, and cost of coverage after the guarantee period is up in case you still need coverage in the future.
Insurance Agent: How long in business, Professionalism, Service Record, Department of Insurance background (any complaints), and whether he or she is independent or a proprietary agent.
These would be my general rules for making a decision.
Good luck.