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Comparing Life Insurance Companies

Premiums Vary Amongst Life Insurance Companies

When you compare life insurance policies, one of the first things you’ll likely notice is that rates may vary significantly from one company to the next. Life insurance premiums are based on risk, which is anything but an exact science. Each insurance company has its own risk assessment technique. While most companies use similar variables when assessing risk – such as age, health, tobacco usage, etc. – they don’t all assign the same weight to each factor.

That’s why it’s so important to get quotes from several different life insurance companies before making a final policy selection. You might find that you’re able to save a significant amount of money by choosing a company that uses a risk assessment formula that works in your favor. Therefore, if you buy insurance from the first company you come across, you might end up paying too much.

When you want to be sure you’re getting the best possible rate on the term life insurance coverage you need, it’s a good idea to request insurance quotes online. You’ll be able to quickly and easily conduct a life insurance rate comparison amongst top insurance companies. This will allow you to make sure that you’re getting the best value for your money.

Choosing Between Insurance Companies

What happens if you find great coverage for essentially the same price from more than one life insurance company?

Remember that selecting the right life insurance policy is about more than just choosing a policy based on price. It’s certainly a good idea to take into consideration variables such as the company’s financial strength rating and customer service record.

Financial Strength Rating: One of the things you’ll want to look at when conducting a life insurance comparison is the financial strength of each company. The better the company’s rating, the more solid it is. If price is the same between companies with different ratings, we typically recommend the company with the most favorable rating. You should check an insurance company’s financial strength ratings as found on this site when you get a quote.

Customer Service Record: Before finalizing your choice of insurance companies, it’s also a good idea to check out the company’s customer service track record. After all, you certainly want to make sure your life insurance company will be responsive to your needs throughout the years you are covered.

Tips for Gathering Customer Service Information:

Insurance Commissioner: Check with the insurance commissioner in your state to find out what types of consumer complaints might have been lodged against the insurance companies you are considering doing business with. It can also be a good idea to get in touch with the insurance commission in the state in which the company is headquartered.
Referrals: Ask your friends and colleagues if they have had experience with the insurance companies you are comparing. They’ll likely be happy to share their life insurance company experiences – positive and negative – with you. Asking people with whom you have personal relationships with for their experience can be a great way to get feedback from people you trust and whose opinions you value.

Consider Flexibility When Choosing Insurance Companies

Life insurance is something that consumers hope not to have to use for a very long time after purchasing a policy. Because life insurance can be a long term commitment, it’s important to consider the fact that your needs, and those of your loved ones, might change considerably after you initially purchase your life insurance policy. That’s why you might want to consider flexibility and various options when conducting a life insurance comparison.

For example, some insurance companies offer convertible life insurance policies. If this option is available, you can choose to convert your term life policy to a permanent life insurance policy per the terms of the agreement. This option often appeals to those who purchase inexpensive term life insurance early in their careers or before they have families, who later find themselves in need of a permanent life insurance option.

Another consideration when comparing life insurance is whether or not riders are available for the policies you are considering. If your insurance company has provisions to allow for riders, this means that you have the option of adding extra benefits to your life insurance policy for an additional premium. Child riders and waiver of premium are very popular rider.

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