What Makes a Life Insurance Company Good?

insurance policy

When getting a quote online from InsureChance, you’re likely to see a lot of different life insurance companies mentioned. It can even be overwhelming to try and figure out what separates one from another. That’s why we have broken it down for you so that you can identify the right insurance carrier for your needs.

Some of the most popular life insurance carriers include:

  • Banner
  • Prudential
  • Sagicor
  • Metlife

These companies have some or all of the factors listed below. Sagicor also offers no exam life insurance and is, in fact, one of the best no exam life insurance companies in the marketplace due to higher coverage caps and speedy approval time.


Great Products

One thing that can make a life insurance company successful is solid product offerings. Many companies that have been in existence for years benefit from a solid product offering that allows you to choose the type of policy best for you. Normally if term life insurance companies come with an option to convert and death benefit riders than its a notch above typical plans in the marketplace. Be sure to compare rates to ensure you don’t pay more for coverage than necessary.


Financial Ratings

There are a few different companies that review the financial situations of life insurance carriers in order to provide a rating. A strong financial rating can be a good indicator of the company’s overall strength. People tend to prefer purchasing insurance from an established company that has a strong financial backing. If this is important to you, make sure you review each carrier’s rating to learn more. Its always recommended to work with only “A” rated life insurance companies.


Customer Service

Even if your beneficiaries don’t need to access the policy benefits right away, there are several other reasons you might need to contact your carrier’s customer service, including:

  • Changing a beneficiary
  • Canceling the policy
  • Converting the policy
  • Adjusting your payment terms to pay more or less frequently

In all these situations, you want a customer service department that is prompt and courteous. The companies listed above, along with several others, provide outstanding customer service and truly believe that their clients are a first priority. This might not seem like a big issue, but it’s always beneficial to have a customer service department you can count on.


Niche Underwriting Specialties

Not all insurance carriers are the same, because some are friendlier towards particular medical conditions or high-risk activities. This means that you could get denied by one carrier, rated by another, and approved by another. It’s all about finding the right company for your needs. When you work with a independent life insurance agency, you can get the inside scoop on the company most likely to offer you a policy with the best possible rating.


Competitive Rates

Companies would not be in business if they could not provide customers with a solid price on a good policy. Looking for a company that has all the factors mentioned above, in addition to a competitive rate offering, is the best way to narrow down your search for term life insurance online. Get a quote today and start doing your research to get your ideal life insurance policy.


And because I think the two topics are closely related, you might also have a look at a previous article: “Why Having a Will is A Smart Financial Move“.


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