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Life Insurance Reviews

Selecting the Best Life Insurance Policy Using Life Insurance Reviews & Ratings

Buying life insurance is usually a life-long commitment. As the years go by, premiums start getting more expensive, so most consumers stick with the same company for 10 years or more. This means that the initial company selection is something that should be taken very seriously. Reading a variety of life insurance reviews is an excellent way to get a sense of each company and which one is going to be the best fit for you.

Reviews that Concern Cost

Cost is probably one of the biggest concerns that people have when it comes to reviewing policies, and it's normal to seek out life insurance reviews that specifically mention the price the person is paying. When reading reviews, though, you need to remember that the price that someone else mentions is not likely to be the same price you'll pay. Life insurance premiums are determined by a variety of factors, including the person's age, the term of the policy, the amount that the policy will pay out in the case of death, and the person's general health. The sheer number of variables means that few people are paying the exact same price. It's good to pay attention to the other types of details within the reviews without solely focusing on the price.

Products Offered

When reading reviews of life insurance companies, you'll also want to ensure that those reviews match the type of policy that you're looking for. For example, life insurance companies usually offer term and whole life plans. Some also offer plans that are specifically intended to cover only final expenses. While each of these plans has its own benefits, you want to compare apples to apples. Learning about someone's experience with a term life policy doesn't necessarily help you select a company when you want a whole life policy.

Reading the Names

Carefully read the names of the insurance companies being reviewed. Sometimes, two companies have similar names, and this could mean that you mistake one company for another. For example, Ameriprise and Ameritas Life Insurance are easy to confuse with each other. You could also potentially mix up company names that both use the same word in their names, such as American Reliable and American National.

Financial Ratings

Since you're bound to have a long-term relationship with the life insurance company you choose, it can be even more important to choose a financially sound company than it is when buying car insurance. You want to be certain that the company will be around for many years to come. This isn't something that you're as likely to find in consumer reviews, but you will find this type of information in the financial ratings of the companies. AM Best, S&P, and Fitch are all third-party companies that provide insight into the financial strength of insurance companies. When looking at these reviews, take care to note how that company actually ranks the businesses. For example, an A+ rating might sound good, but it may not be the highest rating that the company offers and the different rating agencies use slightly different rating scales.

Advice and Customer Service

Customer service is what can make or break an insurance company, and when you read reviews of the company, you can get the inside scoop. Reviews might complain about long waiting times when calling or mention a specific representative as being pushy. Likewise, the review might praise the company for helping the person understand which options were best in their personal situation. Take all of these reviews with a grain of salt, though. A single bad review among hundreds of positive reviews shouldn't necessarily make you run away from the company. You also have to evaluate the company from your own perspective to determine what matters most to you.

Claims Handling

Ultimately, one of your biggest concerns is whether or not your loved ones will be able to collect on the policy when you're gone. Pay attention to insurance company reviews written by survivors about what the company was like when handling the person's claim. Did the company pay the money promptly or was there a lag time of several months? Did the company refuse to pay based on the cause of death? These types of reviews tell an important story about what it will be like for your survivors.

Carefully reading reviews from a variety of sources helps you narrow down the list of potential life insurance companies. Once you have only a few companies you're considering, it becomes a lot easier to call them up to request quotes that take all of your personal details into consideration.