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Life Insurance Companies Tips
Top Life Insurance Companies
After determining that you do need life insurance, where to get life insurance is one of your next steps. Here is a list of some of the top Life Insurance Companies in the United States:
-Allstate
-ING
-John Hancock
-Massachusetts Mutual
-MetLife
-Nationwide
-New York Life
-Pacific Life
-Prudential
-Standard Life
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LifeInsure.com Tip: Tips for Life Insurance Company Ratings
If you are asking, "Which life insurance company?", your decision is likely based not only on products and prices but also the rating of life insurance companies. How are life insurance companies rated; and what does that mean for the consumer? Read the following tips to find out.
Life Insurance Ratings are determined by Independent Reviewers. Reviewers consider several qualitative and quantitative factors to arrive at life insurance company ratings. One such reviewer, A.M. Best evaluates the balance sheet strength, business profile, and operating performance to make a rating determination.
Life Insurance ratings are expressed as letter grades. Ratings range from A++ (which is superior) through F (in liquidation). It can be assumed that top rated life insurance companies enjoy higher ratings and foster more confidence among policy holders.
There are some companies that are not rated. There are several reasons a life insurance company may not be rated. The most common include: the company has not be in business long enough, there is not sufficient data available or the evaluation processed used is not applicable under the company’s current circumstance.
It is wise to review the insurer’s rating at policy inception and periodically throughout the life of the policy.
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Different Needs Throughout Your Life
Having a policy with a life insurance company is critical. For those who have life insurance it is also important to have the right amount of coverage. When you enter different stages of your life, your insurance needs change as well. These are some steps throughout your life that you should review your insurance policy:
-Becoming engaged or newly married
-Recently divorced or widowed
-Beginning a family
-A substantial change in income or economic status
-A change in your job or lifestyle adjustment
-Soon to be or recently retired
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LifeInsure.com Tip: Tips on Life Insurance Awareness Month
Life insurance is one of the foundations of a sound financial plan. Still many people remain unaware of its importance. Life insurance companies are working to change that by marking each September as Life Insurance Awareness Month.
Tip 1. Life Insurance Companies Planned Life Insurance Awareness Month with Consumers in Mind.
• Remarkably, nearly 70 million Americans have no life insurance coverage. • Of those that are covered, policy amounts are often inadequate to meet their loved ones financial needs. • More than 100 life insurance companies participate in this campaign. Their goal? To create opportunities for the uninsured to seek out coverage that will protect loved ones from unnecessary financial hardship when their income is removed from the family budget.
Tip 2. Top Life Insurance Companies Want to Help You get the Coverage You Need
• Many questions come up when shopping for life insurance. Should I read life insurance company reviews to find the best provider? Where can I find life insurance company rankings? How does term life insurance differ from whole life insurance? • Life insurance companies can help you find the answers you need and feel confident in your plan and the protection it will provide for your family.
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Life Insurance History
The first records of life insurance dates back to ancient Rome where burial clubs came together to help the poor pay for funerals, and to provide for their families.
Life insurance began to popularize in London in the 1600's. The first life insurance company in America began in 1735. The company was started to help Presbyterian ministers' families.
Now there are nearly 2000 life insurance companies available to provide coverage to everyone. The Internet has provided even more options than what existed just a short time ago. Instant research is available to gather the vital information when choosing a Life Insurance Company.
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LifeInsure.com Tip: Tips for Evaluating Financial Strength of Life Insurance Companies
Who provides life insurance company ratings and why do they matter to consumers? The following tips offer useful information on choosing a life insurance company you can depend on to be there when you need them.
Some of the leading services offering life insurance ratings include A.M. Best and Company, Moody’s Investor Service and Standard & Poor’s. Ratings are expressed slightly differently among life insurance rating services. If you aren’t sure how to interpret a rating there are two things you can do.
• Look for a legend that provides a definition for the rating – for example, with Moody’s, Ba1, Ba2 and Ba3 mean the company has been assigned a “questionable” rating.
• Talk with your agent to help you interpret life insurance ratings.
Policy holders pay premiums based on the promise that the life insurance company will pay the benefit in the event of a claim. If the promise is broken and the benefit is not paid the consequences could be devastating. When you are shopping for life insurance be sure that the life insurance company rating figures prominently in your decision making.
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Health Guidelines and Life Insurance
Most life insurance companies require a medical examination and administer a questionnaire. Underwriters take all the information gathered to determine the rates of an individual policy.
Medical examinations typically include:
-Blood pressure
-Cholesterol Readings
-Height and Weight
-Urine sample
Some of the questions include:
-Health and medical history
-Family medical history
-Personal driving record
-Use of tobacco
-Substance or alcohol abuse
-Aviation use
-Hazardous activities
-Residency/Citizenship
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LifeInsure.com Tip: Tips on Life Insurance Company Rankings
For many consumers, life insurance company rankings are pretty low on the list of considerations when choosing coverage. That common mistake can be very costly in the long run.
When you are choosing life insurance you should ask your agent to provide the life insurance ratings from a couple of rating services. In addition to the rate (usually expressed as a letter with A++ being superior) shoppers should ask for copies of the ratings report.
Consumers benefit most from highly trained, knowledgeable agents and online services. Because there are so many options and possible outcomes it is important to work with an agent or service that is comfortable navigating the complex world of life insurance. One way to build confidence in your agent is by carefully listening to responses. For example, it is reasonable to expect that your agent be able to answer your questions about life insurance company ratings. If the agent sounds confused or uncertain, you may not be getting all the information you need to make the best decision on your life insurance policy.
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Life Insurance Checklist
Advanced planning can help alleviate some of the confusion and uncertainties when it is time to file a claim with a life insurance company. A list of all items related to an estate should be created. The list should include the following:
-Life insurance company policies and additional related information
-All other insurance policies
-Employer's information including any policies and benefits
-Copies of wills and trusts
-A list of all assets
-A list of checking, savings and money market accounts
-A list of all credit cards
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Filing a Life Insurance Claim
If you need to file a life insurance claim, immediately contact your life insurance agent. Your representative will help you through the claim process and answer any questions along the way. Before filing a claim, review all bank statements, credit card information and contact employers to find out what coverage was carried by the deceased. All paperwork should be in order. A copy of the death certificate is necessary and in certain situations a marriage license and other documentation will be required. File the claim with the life insurance company. And if needed, determine the proper payment plan. Follow-up on your claim once it has been submitted to ensure a speedy payment. There are many channels that a claim can get tied-up and delayed without proper attention.
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Investing in a Company
Life insurance is at the heart of a family's financial security. The products provided by life insurance companies serve more than one purpose.
1) Protection: Life insurance helps ensure that a family can keep the house and pay the bills in the event of a death.
2) Savings: Life Insurance Companies offer products that have living benefits. Some polices accumulate cash value that you can use later for an education, emergency expenses, or retirement.
3) Wealth Transfer: Death benefits are tax-free and have a high amount of liquidity. Life Insurance Companies offer policies that are useful for businesses as well as for families.
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Searching for a Life Insurance Agent
Insurance agents must be licensed. Agents also earn designations such as Chartered Life Underwriter (CLU) and Life Underwriter Training Council Fellow (LUTCF). Many also belong to the National Association of Life Underwriters (NALU). Agents who sell variable financial products such as mutual funds must also be registered with the National Association of Securities Dealers (NASD) and are also required to hold state licenses.
All of these designations, licenses and associations ensure that the agent is proficient in representing the Life Insurance Companies and in servicing the client.
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Policy Planning
There are a few things to remember when picking out your life insurance policy:
-There is no rush. Make sure that you understand the policy and that you are comfortable with the life insurance company, the agent, and the product.
-The check should be made payable to the company and not the agent. Always get a receipt.
-There is a cancellation period on all policies in the event of problems or you decide against it later on.
-Contact the agent or company with any errors within the policy.
-All life insurance companies have customer service departments to discuss any concerns or problems you encounter with your policy.
-Review your policy at least every three years to make sure that you have the proper coverage.
-If your situation changes in any way, have your policy reviewed and adjusted if possible.
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Life Insurance for Individuals with Existing Medical Problems
If you have existing medical problems, finding a good rate for life insurance might result in a challenge. If you find yourself needing help, contact a special risk advocate, who can help get you the best life insurance policy price.
Special-risk advocates work with people who have been diagnosed or have a history of some of the following conditions:
-Cancer
-Diabetes
-Heart disease
-Hypertension
-Stroke
-Depression
-Hepatitis C
-Obesity
-Smoking and tobacco use
Competition and the assistance of advocates have persuaded life insurance companies to insure and to offer more attractive rates to customers with health problems.
