Life Insurance Company Rating

Why Should You Know Your Life Insurance Company Rating?

It’s very important to you and your family that you know and understand your life insurance company rating for several reasons:

  • 30 Insurance Companies became Insolvent (unable to pay their financial obligations) in 2000.

  • 30 or more Insurance Companies Expected to become Insolvent in 2001 (per Business Insurance: June 19, 2002).

    (Insurance Journal, June 20, 2002, "A.M. Best Reports P/C Insolvencies Trends Continued in 2001.")

  • Your Insurance Company may be unable to meet its financial obligations, meaning you may or may not receive full payment for your claim and you may not receive that amount for some time perhaps years after you make the initial claim.

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How can you avoid choosing a Life Insurance Company that may be unable to pay your claim(s) to your beneficiaries?

  • Review your life insurance company’s financial rating and make the right choice of insurers.

The following Independent Rating Firms that provide life insurance company financial ratings which indicate the financial stability of the insurance companies – meaning the financial strength and ability to pay their claims:

  • A.M. Best
  • Moody's Investor Service
  • Weiss Research

You’ll check the Insurance Company Financial Rating when you get your quotes – they’re usually given with the quotes online. But is that enough to guarantee the security of your life insurance policy? No, you need to be aware of your Life insurance company financial rating on an ongoing basis.

Life insurance company rating firms, such as A.M. Best, provide you with current financial ratings for the entire insurance industry. They do comprehensive financial analysis of the financial strength of insurance companies.

Individual Departments of Insurance in the state of domicile of an insurer (the state they are incorporated in) may perform a Financial Review and/or Audit of an insurance company on a regular basis. This may be once every 2-5 years.

You pay for your Insurance in hopes that your insurance company will be financially able to pay your claims to your beneficiaries.

You probably review the status of your investments on a regular basis. Did you know many people carry more Life Insurance than the total amount of invested assets they own?

If you carry more Life Insurance than the amount of investments you have THEN WHY WOULDN'T you check on the Financial Stability of your Insurer on a regular basis?

It only makes good sense to be aware of how financially secure your life insurance company is – Your family and loved ones are depending on it.

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