Top Life Insurance Companies
Best Life Insurance Companies
Finding the best life insurance companies not only requires looking for the best policy deals, but also checking on the company’s financial strength and on its reputation for customer service. For instance Banner Life Insurance is not only A+ Rated, but has a high reputation score from their policy owners. They are known as a financially secure company who offers more competitive rates to higher risk individuals.
Bad life insurance companies may give customers hassles when it comes time to make a claim. However, the best companies provide caring service during such trying times and they always seem to come down on the side of the customer.
Comparing insurance polices
The main items to look for when comparing different companies’ life insurance polices are:
o Term – The term is the length of time that the insurance policy covers. For example, a 20-year term policy will last for 20 years from the date the policy activates. Companies will generally reject a late claim even if it is only a day after the term expires. As a rule, the longer the policy term, the higher the insurance premium. Although term life insurance is typically cheaper than non-term insurance, it only pays when the covered person dies within the term period.
o Premiums – The premium is the regular payment that you make to maintain coverage. Companies will have different payment schedules for premiums with some allowing you to make smaller payments more frequently.
o Coverage amount – The amount of money that you can claim as a benefit in case the covered person dies. Popular amounts are $100,000 , $250,000 , $3000,000 , $500,000 and $1,000,000 .
o Renewability – Policies differ in whether they allow the customer to renew the policy at the end of the term. Some policies may guarantee the customer the right to renew even in cases in which the customer’s health deteriorates.
o Exceptions and exclusions – Insurance policies may have language that allows them to reject claims under certain circumstances. For example, a policy may not cover deaths when the covered person commits suicide, even if this occurs with the term period. Reading these details can help customers avoid disappointments in the event that they need to file a claim.
Company financial strength
Major financial firms like Moody’s, Standard & Poor’s and A.M. Best publish financial strength ratings for insurance companies that volunteer to participate in their ranking service. The financial strength of a company can be important because it shows whether the company may pose a risk sometime in the future.
Some A+ Rated Companies include MetLife Insurance Company, Banner Life Insurance, Transamerica Life Insurance, American General, Prudential
If a company is in financial trouble, it may have trouble paying its obligations. For this reason, it is a good idea to stick with countries that rate highly. While customers may be able to find good deals from lower rated or unrated companies, they may not have peace of mind because of the provider’s lack of stability.
Organizations like J.D. Power and Associates offer ratings of insurance companies provided by consumers. Unfortunately, though, they do not cover life insurance but only auto and home coverage.
However, many websites offer consumer reviews and ratings of insurance products including term life insurance. Because life insurance claims are comparatively rare events, the number of reviews specifically for life insurance may be lower when compared to other types of insurance products.
Some Internet forums discuss insurance policies and the members are usually more than willing to provide assistance and information to other members. Since term life insurance companies will usually offer other types of insurance coverage, another option is just to search for a company’s overall customer ratings.
For example, do they treat customers courteously? Is there any pressure applied to purchase insurance products? If you have felt pressured in the past visit my Select Quote Review to learn how to find a non-pressured sales environment. Probably, the most important question to ask is whether the company promptly processes claims or whether it gives customers grief instead before awarding any benefits.
Resources to compare companies
The easiest way to compare a large number of term life insurance offerings is to use online comparison websites. These sites allow you to compare policies from different providers side-by-side or in easy-to-read tables and charts.
In many cases, the comparison websites will allow users to search for companies in their local area. They may also provide features that allow for easy filtering and sorting of results. These sites will require the user to fill out a form as the data can help deliver a highly focused listing of insurance offers.
For finding specific information on insurance companies, you can ask people in your personal network for their advice. Your friends and family may have experience with companies you are considering. The online option for researching insurance companies includes checking company ratings along with blogs, forums and other websites that provide ratings and reviews of insurance providers.
Whether you use comparison websites, your personal network or other online resources, you should always pay close attention to details. Many offers may sound attractive until you read the fine print. Insurance providers used skilled marketing techniques to sell their products, so it is always good to look a little deeper to find the truly best deals and companies.