Insurance Company Reviews
Who you buy from can be just as important as the type of life insurance you choose. Here’s what to consider to find the ideal provider.
Choosing a Life Insurance Company
Your life insurance policy is something you’ll likely have for decades, so you want to choose a company you know will be there for you in the long run. Here are a few things that set the best life insurance companies apart.
- Financial stability: Since you’ll generally plan to have the policy for many years, you’ll want to make sure your life insurance company will still be there to pay out benefits when your family needs them. This is your family’s safety net, after all, so you need to be confident the company will come through many years down the road. Life insurance company ratings can help you understand how financially stable your provider is (more on those later).
- A variety of policies: If you work with a company that offers access to policies from multiple carriers, it may be easier to compare policy costs and features so you can find the right one for you. Remember: since life insurance agencies can’t mark up policy costs, you’re probably not saving money by going straight to the carrier versus working with an agency.
- Customer service: Buying life insurance can be complicated, so you’ll want a company with knowledgeable agents that will support you during the buying process and once you have your policy.
Understanding Life Insurance Company Ratings
While you’re researching term life or permanent life policies, be sure to check the insurance company’s financial ratings. These ratings provide you with an objective assessment of a carrier’s financial strength based on a variety of factors including company size and age, financial statements, the amount they collect in premiums, and the amount they’re paying in claims. Based on these facts, ratings agencies issue a grade for each carrier. In general, any company with an A rating is a safe choice financially. B ratings are also usually a sign that a company is financially healthy, but be wary of companies with ratings below that.
One rating to check is A.M. Best, the oldest of the ratings agencies and the only one to focus solely on insurance companies. Other major ratings agencies include Fitch Ratings, Moody’s, Standard & Poor’s, and Weiss.
While it’s important to review ratings, remember that most major insurers are financially secure, so you most likely won’t have to worry about them closing their doors. Beyond financial strength ratings, you may also want to check third-party review sites and consumer ratings like Better Business Bureau, J.D. Power, and Trustpilot.
Finding the Right Insurance Company for You
Before you choose a term life insurance or permanent life insurance policy, get a sense of your own insurance needs and how the process will work for each company. Some things to consider include:
- Your own lifestyle and health factors: Different people might be a better fit for companies and policies depending on their age, health, lifestyle, and hobbies. For example, if you smoke the occasional cigar, some companies might consider you a smoker and charge you a higher rate, while others might just give you a non-smoker rate. This is where an agent can come in handy. They’ll walk you through your options and help you find the best carrier for your needs.
- Products and features: It’s a good idea to get up to speed on the life insurance options that work within your budget first. Are you looking for term life or permanent insurance? Want a rider for a special situation? What kind of rates can you afford and what amount of coverage are you looking for? Consider the variety of features you’ll need and compare them with companies’ offerings and coverage limits. That’s the value of working with a company like eFinancial – our access to multiple carriers and policies makes comparison shopping simple.
- How they work: The application process often varies between different insurance providers. For example, you may need to do some steps in person, over the phone, or online. Depending on the company and policy, your approval decision could take anywhere from a couple days up to eight weeks. Consider your own situation and choose what’s most convenient and comfortable for you.
Life Insurance Quotes with eFinancial
At eFinancial, our goal is to make buying life insurance as easy and affordable as possible. We offer policies from over 20 top-rated companies, and our expert agents can help you shop and compare your options. We’re here to support you through every step in the process so you can get covered as quickly as possible.
Request your free, no-obligation online quote today, or call 866-388-3996800-957-9525 to talk with one of our agents.