How should I pick a company to buy life insurance from?
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11 Responses
1.31.2010
Best Answer – Chosen by Voters 1) Check the companies in your area.2) Find out their AM Best ratings.3) Look up their name in Better Business Bureau to get details about the company and how many complaints they receive and resolve. (I use this to find out if their customer service is good or not).4) Call the company to have an agent come over to get a quote. You should also ask bunch of questions to each of them such as what kind of life policy do they own. Don't ask for recommendation since they want to sell you the most expensive life product there is. Ask to see their life policy and ask them to explain the terms in the life policy. (You should write these terms down and search them on the internet to find out what they mean and what they do).I personally own a 30 year term through Primerica and also setup my Roth IRA there as well. Source(s): Check out my research on life insurance: http://obe231.blogspot.com
1.31.2010
you have to compare Source(s): http://www.insurance-assurance.com/
1.31.2010
It depend what type of insurance you would like to buy, If you want to buy Term life only, you can buy from any where, don't buy VUL insurance, will cost you more later on, If Whole life that you looking for, than you buy from mutual company, not from stock company, mutual company like Massmutual, New yoke life, north west mutual, this big three are good enough to you, holp that help you.
1.31.2010
Dont do the comparison shop website, all kinds of losers will be pestering you for the next two months. Talk to 4 companies on an individual basis.Never talk to PrimericaIf you have any health problems be upfront in the beginning, it can save you a lot of problems. Also check JD Power or Consumer Reports for customer service and claims ratings as well as the ambest financial strength standings.I like the following companies for life:New York LifeMetLifePrudentialIf you are nonstandard theres going to be some other options that you need to look at
1.31.2010
The specific company is not important. See an independent agent who can offer several options from several companies. Discuss what you want the coverage to do for you and how it can fit into an overall financial strategy.The agent will probably only show you the stronger companies anyway, but I'd suggest no company with less than an AM Best A+ rating. Source(s): Financial planner, insurance agent.
1.31.2010
Comparison-shop at the below website Source(s): http://www.dpbolvw.net/click-2184795-104…
1.31.2010
all due respect to rob, the specific company is ALL that matters. when it comes time to pay off the policy, the independent agent doesnt pay you … the insurance company pays you. frankly, i wouldnt even look at anything BELOW an A+ unless i had significant health problems.i do agree with purchasing your insurance through a mutual company. generally, the clients are the owners of the company and not stockholders. as the company flourishes, you reap the monetary benefits of it.primerica has also been mentioned. i hate to criticize other companies, but primerica is the exception to my rule. they have some of the poorest trained people in the industry. they dont understand much at all about life insurance. the big problem here is since they dont understand it, they carry the crappiest product which is ok since they cant explain it to you as a consumer. i agree, RUN away from primerica. (p.s. bernard is on drugs that only his beloved primerica and one other company paid out claims from 9/11. this is exactly the kinda bumper sticker sales slogans they use cause they dont understand how to educate people on their products. in fact probably evey single major insurance carrier paid claims from that day. to say otherwise is preposterous. note: this is the value of having a personal insurance agent and a stellar company. if you have a company that is even A+ or especially below, they may try to wiggle out of paying a policy if the situation gives them simply a bit of wiggle room. an A++ wont. i am not recommending NY Life (but they were recommended by others), but they paid policies on 9/12 without proof of death. all that a person needed was to show the person assumed dead was on duty that day and was now missing. they paid. then (i know this for a fact), they took their entire advertising budget (their most discretionary spending) and donated it all to a NY relief fund for emergency responders).NY Life is a great company. there are other great companies out there (NW Mutual, Mass Mutual, Guardian, etc.). its just that primerica aint one of em. Source(s): http://www.naic.orgwww.ripoffreport.comi advise individuals and families on wide ranging financial issues that include insurance and investments. however, i sell no specific insurance or investments of any kind.
1.31.2010
I suggest you do talk to Primerica. Check any viable rating service and Primerica is A+. Primerica is one of two companies that paid out life policies During 9/11. Also Primerica will educate you on insurance, set up a FREE detailed financial plan and educate you on planning for retirement and on your mortgage. If you sit down 30 minutes with a Primerica agent, you will see why Primerica is disliked by its competitors. All term insurance is not the same. Even if you don't go with primerica, make sure you ask your agent (1) How does the policy pay out? (2) Is it garuanteed renewable? (Primerica is) (3) Will the policy payout if I die within two years? (4) and will I have to convert the policy into a whole life policy. As an agent, these are the main things that are not explained to my clients by their old agent. Which is why they switch to us. Remember, buy term and invest the difference!
1.31.2010
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. Source(s): http://www.accuquote.com
1.31.2010
The ones that don't screw people over, which is majority of them. Choose the ones that are actually going to sit down with you and help you improve your finances for free such as showing you how to get out of debt, how to save money for retirement, and explaining to you why you need income protection and explain the difference between cash value vs term. Source(s): Life insurance with cash value don't pay out cash value when you die! They say its a good way to build savings! How is that so if you lose it all and it doesn't go to anyone when you die? People say you can borrow it. Why do I want to borrow my own money that I paid for? Cash value = http://answers.yahoo.com/question/scams!
1.31.2010
Don't. Sit down, and write up a list of what you want your life insurance to accomplish. Bring the list to an independent agent, ask them to get you 4-5 quotes, from A RATED CARRIERS. Any company that's A rated, is financially solid.Sit down with the agent, and compare and contrast the COVERAGES, so you know the plusses and minuses of each policy. Then pick the one that meets the most needs on your list, which you already wrote out. Source(s): agent, 21+ years