are many life insurance companies out
there now. Some, you may recognize
while others may not be as common to the
purchaser of term
life insurance. Even
these companies may have been around for
decades so you're in a good position of
strength in the term market. Let's
look at the term life companies out on
the market and figure out what's
important when selecting one.
a decision that needs to ring true for
years if not decades. Which life
insurance company to go with. With
all the talk of financial collapse and
sophisticated (and deadly, it turns out)
financial instruments such as CDO
(Collateral Debt Obligations), it's nice
to know that term life insurance is an
old and tried product. The life
insurance companies have a pretty good
understanding of the product and that's
good. It's much simpler than other
policies such as whole,
universal, or variable. These
options usually have some contact or
foundation in the stock markets and are
subject to volatility and risk
associated with equities. So term
life insurance is a solid and well-known
product to the the life companies.
Let's look further at how they differ.
kinds of life
insurance carriers which we
discussed more in detail in a separate
article. This really doesn't
matter to you as the policy holder.
What matters to you is the life
insurance rate and the trust in the
companies' ability to pay out benefits
if needed over a long period of time.
The insurance rate is probably the most
important since you need to be able to
afford it over a the long run. The
good news is that you can quickly find
insurance rates instantly
through our quoting engine. That
same quote will provide the company
ratings across the three major rating
agencies on the same page. You can
find further detail on the make-up of
the company, length in business, etc
from our our life company pages.
that the rate and life company rating is
in clear view, let's look at some other
factors that will drive your choice of
company. An important but often
overlooked item is that of ease of use.
How quickly does the life company
respond back once the application is in
process. How involved is the
application to complete.
Also, how pragmatic or reasonable is the
insurance company in regards to health
classes, eligibility, and amounts of
coverage. If you apply based on a
certain term life rate and the carrier
comes back with a higher rate based on
health class, that's not a very good
person's situation will be different and
a given life company may be a better fit
assuming the rate that they offer is
competitive. We can help you match
your needs with the right company based
on our experience with life companies.
We expect the companies to make the move
towards online application (if anything,
to save money in an already tight
margined market) over the next 3-5
years. That's also an indication
that a life insurance company is
progressive and easy to deal with.
It shows their intention to make the
process quicker, easier, and more
stream-lined...all welcomed changes.
this time (and things change), assuming
apples and apples (rates, company
rating, etc) we are seeing Genworth and
Banner emerge as strong options.
Fortunately, the gap between the best
and worst of the life insurance
companies that we quote is very narrow.
Otherwise, we wouldn't include them.