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.
2006-10-24 03:40:25 · 11 answers · asked by Anonymous 1 in Business & Finance ➔ Insurance
Financial strength rating! Check it out at www.ambest.com. You don't want to buy insurance from a carrier rated lower than A-.
2006-10-24 04:27:55 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
There are a number of ways in which to evaluate a company. First, you should consider the financial strength, performance, and integrity of a life insurance company. You should only consider those that have a rating of A, A+, or A++ by A. M. Best. Why? Because you want to make sure that the company will be around to pay out the claim. If you're realitively healthy, then you should be fine and it will be easy to find the lowest rate among companies. However, let's say you have a little health condition. Not all carriers treat different health conditions the same. So one may give you a more favorable rate over another. In a case like this, I'd recommend shopping around. There are several online quoting firms out there that can help you find the best product for the money. I hope that helps.
2016-05-22 06:46:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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
2006-10-25 02:31:03 · answer #3 · answered by ? 2 · 0⤊ 0⤋
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
2006-10-25 02:59:07 · answer #4 · answered by Byron Udell 2 · 0⤊ 0⤋
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. :)
2006-10-26 11:20:16 · answer #5 · answered by www.precisionwealth.com 1 · 0⤊ 0⤋
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?
2006-10-24 05:17:24 · answer #6 · answered by floozy_niki 6 · 0⤊ 0⤋
Agree with A rating. Customer service would be the next thing I would consider, all things being equal. Which agent seemed more professional?
2006-10-24 03:56:01 · answer #7 · answered by Kelly T 4 · 0⤊ 0⤋
Rating. A marginal company may go bankrupt.
2006-10-24 03:43:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
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
2006-10-24 17:33:04 · answer #9 · answered by rahul 3 · 0⤊ 0⤋
try this
http://www.anrdoezrs.net/ok79ft1zt0GJHMQQJOGIMIQPMN
2006-10-25 08:19:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋