Finding an insurance carrier that’s the perfect fit is a lot like dating. There are many good people out there, but not all are for you. Same with Insurance companies.
Each carrier has a personality of its own and specializes in areas where you may or may not be interested. Looking at their websites, some are purely concerned with their number of customers and are proud to announce those numbers. Others care about the environment and boast about their “green buildings.” Yet others are modest and focus on giving you the simplest plan at the best price. There’s more to providing insurance to the public than what they share on their websites. You must dig deeper.
Insurance carriers are rated by their financial strength
This is a measurement, according to NerdWallet, that estimates the insurer’s ability to pay its financial obligations such as your claim. (https://www.nerdwallet.com/blog/insurance/understanding-life-insurance-financial-strength-ratings/) These ratings are easy to find, but tricky to decipher, and vary between rating agencies.
While many larger insurance carriers may score high, be weary of carriers who score low with one or more rating agencies. Also, be sure to read how the rating system determines their scores and the factors considered.
Another consideration is the length of time a company has been in business. Don’t be fooled because they brag about being in business for 100+ years. Being in business that long may be impressive and prove stability, but they may not offer the products you are looking for.
Not all insurance carriers offer the same products and services
This is where you must focus on YOUR needs. While their rating might be sky high and they’ve been in business for several years, they may not carry products that you need.
Some carriers are private and focused on their clients
Others are public and must report to shareholders. Sometimes these come across as not customer friendly, but more focused on their own revenue.
When you meet with your agent, have specific questions about the type of company you’d like to work with. If you don’t know, ask his opinion and then do research on your own. This is important because some agents work with only one or two carriers, so you need to know your options.
If you have further questions about the whole process, or don’t even know where to start, reach out to a reputable insurance agent like Ron L. Reed. At Ron L. Reed and Associates, our mission is simple, “To be Clear, Concise and Conversational with our potential and current clients. Our values are People Respect, Opportunity, Passion, Excellence and Loyalty.” RLR is a life insurance comparison service, shopping over 25-30 of the nation’s top companies. We work on behalf of YOU and not any life insurance company to find the best rates and products available on the market.
Give us a call or get an instant life insurance quote by filling out the form to the right.