Expert: Life insurance needs must be carefully researched

Feb 04, 2011

Careful thought should go into life insurance purchase

All life insurance companies are not created equal, as many policy offerings differ between issuers. Fortunately, a guide from can help potential customers make the right decision for themselves and their families.

Financial ratings - which are a measure of a company's stability and a general guide of how "safe" one's money is when invested with products offered by the firm - are one metric consumers can use to differentiate between policy issuers, the report said. Higher marks from analysts like A.M. Best and Standard and Poor's are generally good signs.

Another thing to look at when trying to select a life insurance company is the number of consumer complaints a firm has been the subject of, ConsumerSearch said. These can be found via the Better Business Bureau and a number of watchdog groups like Consumer Reports.

The consequences of the sudden loss of a family member are bad enough without adding financial turmoil to the mix. Protecting dependents against insolvency and helping them pay for final expenses is a responsible thing to do, experts say.

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