As a modern consumer who has seen the 2008 meltdown and billion dollar companies go under or getting bailed out by the government, you want to make sure you get a strong company. So you may be confused as to how to go about doing this but it can be pretty simple after you read our article. For a quick summary read below or dive in to become a pro:
- Something to consider when looking for the life insurance company is the ratings of the insurance company you are contemplating about.
- Work with companies that have A+, A and A- rating to reduce risk of having a policy with a company that can go under.
- A.M Best is a professional company who uses a basic method of grading insurance companies.
- Moody’s is another company who also do ratings for insurance companies.
- If the company’s ratings are pretty good, you should check their reviews to see if their product line is for you.
- It is also important to educate yourself on additional riders or policies because the riders can allow you to do different things while being insured.
- Term Life is the most basic form of life insurance protection.
- Whole Life provides lifetime cover with guaranteed cash value accumulation.
- Universal Life provides lifetime coverage with more flexibility than a whole life plan.
- Shopping around is so important and we all know how time-consuming it is to browse through different insurance companies and policies trying to DIY. The truth is you can cut your time in half by speaking to an independent licensed agent.
Why is it important to look at insurance company ratings?
Something to consider when looking for the life insurance company is the ratings of the insurance company you are contemplating about. Personally, we don’t work with any companies that have a rating less than “A-” because we don’t want our clients to be in jeopardy. For example, if you decide to get coverage from company ABC because they offered you the cheapest premium opportunity. Company ABC has been around for the maximum of five years and they have a pretty bad rating from A.M Better, but that didn’t matter when you decided to receive coverage from them because well, money speaks.
Let’s say that next year disaster happens and an earthquake shakes the building out of place or the stock market changes drastically and company ABC decide their best option is to pull out. Do you know what happens to all the premiums you have paid? Well, in this case, you’re a lucky person because you only put out a year of premiums and all that money went down the toilet along with your policy. In most cases people are not as lucky as you were in this pretend scenario, sadly people put up so many years of premiums and get shut out when a disaster occurs. Don’t be that person because of a simple mistake you could have fixed simply by shopping around. Now you are stuck having to find another company with less money in the bank and more disappointment than anything. This is why it is so important to do the correct amount of research and look into the company’s ratings and reviews.
Why is it important to look at insurance company reviews?
It is important to read insurance company reviews because it is really hard to narrow down the best insurance company to receive coverage from. Especially if their ratings are pretty good, you will have to check their reviews to see if their product line is for you. Reading online reviews about insurance companies will point out if they have poor customer service or simply the wrong products for you. It doesn’t take much to read a review and this way you can come to your own conclusions and opinions!
Why should I look into a company’s product line and policies they offer?
It’s important to educate yourself about the many products that a company offer because it can give you a look into what kind of insurance you want from them. There are so many products that a company can have and all of them are a little bit different from the last. If you are having a hard time between two different companies that look like good companies to get coverage from, then just take a look at both their product lines.This method can help narrow down your choices by products. It is also important to educate yourself on additional riders or policies because the riders can allow you to do different things while being insured. For example, there are some riders that let you, under certain conditions gain access to your benefits before you die which can be very beneficial for you and your family.
Some common types of insurances
- Term Life; The most popular life insurance plan in America known for its simplicity and affordability. You can get a large amount of coverage for pennies on the dollar with a term policy since it will provide temporary protection. Term plans offer coverage for 10, 15, 20, 25 or 30-year and after the term expires it turns into an annual renewable coverage plan.
- Whole Life; A lifetime protection plan that covers you for a period of your whole life typically until age 100 when the policy will mature. This is a policy that provides a guaranteed benefit coverage along with a guaranteed cash value accumulation.
- Universal Life; Similar to whole life but with a lot more flexibility with cash value and premiums. Universal life plans also offer a lifetime coverage but give you more customization.
Shopping with an independent agency to get the best rates
Life insurance brokers are licensed and insured firms that are qualified by the state. If you use an agent you should choose wisely because agents get a compensation on your policy and they do more than just sell you life insurance, they can sell an annuity contract as well. That being said, if an insurance agent is given an opportunity to give you an expensive, unreasonable policy, just to make commission, you better bet they will. Plus, shopping with different carriers may seem difficult due to many options on the market but don’t worry here at InsureChance we will do all the leg work for you. We differentiate ourselves by the service we provide to our clients, we only give the best rates because we believe in helping you and your families save some money. Let us save you time and money and give us a call at 888-492-1967.
Working with an Independent Agency
In conclusion, there are more than 850 life insurance companies in the United States. Finding the best company to fit your needs can be difficult so when you are looking for the best one consider their policies, premiums, customer service and ratings. Don’t let anybody pressure you into a life insurance company with no stability, big mistake! Our service doesn’t cost you a dime and we will do all the leg work for you. So feel free to check out our amazing term life quoter or give us a call at 888-492-1967. Welcome to the best agency online!
