Finding the Best Term Life Insurance Companies (6)
Knowing which term life companies to work with can be challenging. Most people have heard of some companies such as Met Life, or Prudential. But just because you have heard of a company that doesn't mean that they are always the best term life company for you. Here are some tips for choosing the right company.
When speaking to an independent agent, let them know about your situation. For example, if you have any health conditions let your agent know. This can help your agent find the most favorable carrier to work with. For example, if you have high cholesterol you might be able to get a better health rating, and in turn, a better price from one company over another. While some insurance carriers will view total cholesterol levels over 300 as high, others might view total cholesterol over 260 as being high. Make sure to let your agent know your health situation so that you can find the best company for you.
Will they be there for me in 30 years?
When buying insurance you want to make sure you are working with a company that will be there when you need them. There are independent companies that rate the financial strength of life insurance carriers. When you are researching companies or getting insurance quotes, I recommend that you visit the websites of the insurance companies you are researching. On the website you should be able to read the company's about us page, find out how long they have been in business, and what type of financial strength rating they have. For example, you may have never heard of SBLI. However if you visit their about us page you will see that SBLI has been in business since 1907, and that as of 2003 the company had over $50 billion in life insurance policies in force. Just because you haven't heard of them, doesn't mean that they shouldn't make your list of the best term life insurance companies to consider.
Financial Strength Ratings
When researching an insurance company, you will also want to consider their financial strength, so that they can be there for your family for years to come. A.M Best provides financial strength ratings on life insurance carriers. When choosing a life insurance company, you will want to make sure that they are rated by A.M Best. The best rating from A.M Best is an A++ then A+(Superior), A and A- (Excellent) and B++ and B+ (Good), etc. When shopping for life insurance companies, make sure you find out what the A.M best rating of the insurance company you are working with.
The Bottom Line
There really isn't a list of the best life insurance companies. Choosing the right company should be based on your individual needs. For example, how much coverage you need, the type of policy, your age and health situation along with choosing a company that has excellent or superior financial strength ratings.