Financial Strength
One of the most important factors to consider when buying life insurance is a company's financial strength. To put it simply, make sure that you are not going to outlive the company that you choose! Of course there is no way to be absolutely sure that the company you choose will be operating a hundred years from now, but the best way to make your decision is base it on the industry rating system. The most secure company's will have an A++ or AA+ rating from a company like A.M. Best or Standard & Poor's. Below are links to the top four industry rating companies. The financial strength of a company will also be a good indicator of the quality of service that you will receive once you have purchased your insurance. Customer service, back office staff, claims support, beneficiary changes, underwriting and other various services all tend to get better as the quality of the company increases. The importance of financial strength cannot be underestimated. Make sure you have a quality life insurance company in your corner, even if it means paying a little more. |
