Best Life Insurance Companies – What You Want From Them

2007-03-08 10:33:40

( Insurance )



When you say you want to do business only with the best life insurance companies, you are looking for things other than reasonably priced products. You also want attractive contract features and good customer service. You should not forget a very important aspect: the financial health of these firms. Come to think of it, you’d look for these same things when considering auto insurance providers.

Financial health is perhaps the most important. After all, you would want the best life insurance companies to be around to pay your beneficiaries should you die. Even before you die, you would not want your insurance company to fail, which would force you to buy a new policy at less favorable rates (because you’d be older by then). Similarly, you would want car insurance providers to pay your insurance claims when the need arises, particularly since auto-related claims are so urgent.

You’ll probably want life insurance companies (and auto insurance providers) to have been doing business for 25 years or more. Perhaps the insurance companies should have annual premium volumes of at least 50 million dollars. You may find one company preferable for your term life protection needs but you may look at other whole life insurance companies for your whole life requirements. If you’re looking for an endowment policy, you’ll probably check investment performance and dividend history of the best life insurance companies.

Insurance companies are competing very hard for your insurance dollar. Their prices do vary widely – which is why you should always shop around when buying insurance. You’ll notice, though, that the best life insurance companies do not engage too much in cutthroat pricing just to corner your business. Price-cutting has been very common among car insurance providers. You might want to steer clear of companies that engage in these practices. Pricing is important but bargain-basement prices should be suspect, especially for life insurance.

You realize that claiming benefits from insurance companies can be a stressful experience for you (when making auto claims) or your beneficiaries. The best life insurance companies should have good customer service for these moments. You want the process to be as orderly and friendly as possible. In fact one consideration when selecting an insurance company is whether you prefer a local agent or are comfortable transacting business over the phone or online. Most higher-scale insurance companies have professional agents looking out for your best interests.


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