Asked by George Middleton  |  Submitted October 02, 2015

What factors should I consider when selecting a life insurance company?

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  Answers  |  1

October 14, 2015

In my practice, we only use "A" rated (or better) carriers. The rating that I am talking about here refers to the claims-paying ability of the insurance company, and it just doesn't make any sense to go with a lower rated company.


Beyond that, you need to choose a carrier that offers the kinds of life insurance (term, universal life, whole life, etc.) that you want, and that they are competitive with those products. Less-experienced life insurance agents will tell you that life insurance is a commodity, that there isn't really much difference between one company's product and another, etc. Nothing could be further from the truth.


Get together with an experienced agent (you'll want to use an agent regardless, might as well find one that knows what he is talking about!) to discuss your options. If you plan out your life insurance needs now, you will find that it will cost you less and give you more options (flexibility!) over the long run.

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