What to Look for in
an Insurance Carrier
When choosing a life insurance policy
to purchase, most people focus on the
life insurance rates and type of policy. These are important factors but before
you make a final decision, you need to know certain things to look for in
your life company as well. Insurance is an important decision to make, so
keep in mind the following guidelines when choosing your life company:
A) Financial Strength:
The single most important thing to
look for in an insurance carrier is financial strength. An insurer's
financial strength is its ability to meet its ongoing insurance policy
and contract obligations.
B) Ratings:
All life companies are generally rated by at
least one of the five top rating agencies. These are A.M. Best, Fitch,
Moody's, Standard & Poor's, and Weiss. When checking the life insurance
ratings of a company make sure you look at a minimum of two life
insurance ratings to get an average idea of the financial strength
of the concerned company.
C) What is its reputation for paying claims?
Your state insurance department can also inform you about the ratio of
complaints to policies sold of your life company. It is also essential to
check the quality of claims in terms of how fast they have been paid.
D) Product:
Choose a life company not based on reputation
and name alone but rather one offering multiple types of products,
policies and features.
E) Financial advice:
Insurance can
be very confusing to many people so it would be helpful to have a
life company with representatives who are available to answer all
your questions and encourage communication.
Keeping these factors in mind will help you make the best decision.
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