Choosing the best insurance plan

Aug 04, 2011

Life insurance companies use various factors to determine life insurance rates.

Understanding life insurance and retirement plans is not only important to the people choosing one, but to researchers, too.

Milliman recently released a survey to 29 companies in the U.S. about their individual life insurance histories. The Milliman Industry Mortality Study and analysis discovered that some of the policies were expected to have the best mortaility rates had significantly worse ones.

The significance of conducting similar assessments to Milliman’s work is to cover topics like mortality rate and its contributing factors, such as age, smoking, alcohol use and overall health.

"The life insurance industry relies on current and reliable information to be able to bring valuable products to consumers at a fair price," said Bruce Winterhof, Life Practice Director in Milliman's Chicago office. "We feel this study will help enhance the industry's understanding of mortality and lapse."

Establishing the various situations from one client to another helps companies better understand and assess what the life insurance rates for each person would be. But because each firm uses different rates, it may be useful to compare quotes across companies.

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