Aug
31
When it comes to life insurance shopping, you want more than a low rate; you also want the best value. This is true if you are looking for level term life insurance or permanent life. As part of getting the best value, you should ask some important questions.
As far as life insurance rates are concerned, now is a good time to be out shopping because they are at some of the lowest in years. And, you shouldn’t have trouble doing this when you have access to the Internet. In fact, one of the easiest ways to shop is through a life insurance quote comparison site. Most people find these sites convenient because they can get several different quotes and only need to complete a single request form.
Remember that when you get life insurance, you’re getting peace of mind that your family and loved ones will be financially taken care of in the event of your death. That’s why it’s important you have an agent who can provide reliable advice and a company that is financially sound. So when you find a quote that appeals to you, ask the company representative or agent these questions:
Are they licensed in your state? It’s generally considered important to deal only with companies and agents licensed to sell life insurance in your state. You can double-check their answer through your state’s department of insurance.
How financially stable is the company? There are several rating agencies out there — Weiss, Standard & Poor’s, AM Best — which rate life insurance companies on financial stability. You can often find the rating of the company you’re interested in on their Web sites.
What professional designations does the agent hold? In order to get special designations, insurance agents must complete thorough certification courses. Having these designations is a good sign that the agent you are working with is a professional, because it shows their commitment to their career. Typical designations for life agents include CLU (Chartered Life Underwriter) and ChFC (Chartered Financial Consultant).
Does the agent carry life insurance for themselves? Most agents would have a good reason not to be carrying some sort of life coverage.
Does the agent have criminal background, such as a felony or misdemeanor? You might as well ask this rather difficult question, even though a scam artist may very well lie to you.
You can check to see if the company or agent selling you the policy has had any complaints filed with the state insurance department. And finally, make sure to ask any question you have about your policy, coverages, exclusions, payments etc. before you sign and purchase.