- The Best Life Insurance Quote – And How To Recognize It
- March 23, 2017
Rates Aren’t the Whole Story In Finding the Best Life Insurance Quote – And How To Recognize It
When You Do
The bottom line when it comes to insurance is not simply the rate. Rates from most insurers are incredibly competitive when all of the factors are included. After all, what good is a low rate if the company that you’re paying a low rate fails to pay you when you file a claim?
In that scenario, those lower rates start to look very expensive. To make sure that you get paid when a claim is filed, here are some quick tips to help you select the best insurance company along with the best rate.
Check For Any Company History of Complaints
Once you have your quote in hand, you’re going to have more than one company to choose from. With the database access and cloud app capabilities of today’s internet, you can now search complaint records for just about any company in the world. This is particularly true with insurance companies. Consumers are worried, and rightly so, about the possibility of fraud on the part of the insured and the insurer. A search for complaints on a national claims databases just makes good sense.
Keep in mind that all companies have had complaints at one time or another. Make sure that when you’re doing these background checks you take into account the number of policies that the companies have issued.
For example, if a company has 100 complaints – but has issued over a million policies – then it’s clear the company will be quite a bit more reputable than a company that has 25 complaints but has only issued 13,000 policies.
A great reference for checking these complaint ratios is your state insurance department.
If the company has a low amount of complaints it’s because they’re very likely to pay on any filed claims and offer you the level of service you deserve for your money.
The latest figures reveal that there are more than 8,700 life insurance companies doing business in the United States, and that fact alone dramatically increases your chances of finding a life insurance policy at an affordable rate. While every insurance company follows different methodologies when it comes to their underwriting processes, it’s a competitive field.
Here are some quick tips:
- Be realistic when it comes to your current medical condition
- Shopping around for a policy takes time, but don’t limit your search to one or two life insurers
- Simple changes in your lifestyle can make all the difference in how much you pay for your policy
- Only consider insurers with a top-flight reputation for customer service
- Ask your pals on social media who they use for their insurance needs
We hope these top insurance resources can help you get started and feel much more comfortable in analyzing your quote.
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