How do you decide which insurer is best for you?
There are several factors you'll want to consider, including:
- Pricing - Does the insurer offer competitive rates?
- Financial Strength Rating - Is the insurer highly-rated by AM Best?
- How Long in Business - When was the insurer founded?
- How Large is the Insurer - What are the insurer's total assets?
- Reputation of the Insurer - Does the insurance company pay its claims on time?
But deciding if an insurance company is reliable, which means will be around to pay the claim on your life insurance policy may be as simple as reviewing the AM Best financial strength rating of the insurance company.
AM Best Company is an independent financial rating service which reviews the financial statements of insurance companies and issues a financial rating based on the insurer's financial stability - their ability to meet their financial obligations and pay their claims.
The higher the AM Best rating, the more financially secure the insurance company.
You may want to select a life insurance carrier with a rating of at least "A" (Excellent) from AM Best.
Here's is a list of highly rated life insurance companies for your review.