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Life Insurance Company RatingsAn insurance policy is only as good as the company that backs it. There are several important sources of information you need to consider before signing onto to any coverage.
There are five basic criteria that can be used when evaluating an insurance company. Let's take a look at them one-by-one: Experience and ReputationStart close to home with the easy questions. Consider any personal experience you've had with a potential insurer. Ask family and friends about their experiences. Fiscal fitnessThe fiscal fitness of a life insurance company is an area people often push to the back of their list when comparing policies on the base of premium costs. However, since you are depending on them, consulting insurance company ratings is crucial. Past performanceFirst, look at the past performance of the company. Although a company's future cannot ultimately be predicted by looking at past performance, it can still give you a general idea of what to expect. A general sense of how the company fares can be gleaned from their quarterly reports. Make notes of the good and bad trends. ReputationThe reputation of the insurance company in your area should be easy information to access. Insurance illustrationsAlthough we do not strongly advise using the insurance company publications as an evaluation tool, if you understand how to use it can be advantageous. A quick way to check ratingsThis is the internet - there is always a short-cut. Insurance company rating agenciesFinally, you can check the ratings directly with a ratings agency. (These will the same as the ratings provided by Insured Street, though you will be able to get more info beyond an A, AA or whatever grade). |
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This website provides general information for educational purposes only and is not intended to be legal advice. We make no guarantees as to the validity of the information presented. Your particular facts and circumstances, and changes in the law, must be considered when applying life insurance law. You should always consult with a competent life insurance professional licensed in your state with respect to your particular situation.