Affordable Life Insurance Protection for Your Family
If you are considering buying a term life insurance policy you
should also consider the Term Life
Insurance Companies Ratings before you choose an insurer.
Why? Because, the rating of the life insurance company you choose is important to you and your family’s future.
What is a Financial Rating of an Insurance Company?
The Financial Rating is an indicator the insurer’s financial strength and ability to pay claims. The better the financial rating, the better the chance your insurer will be able to pay your beneficiary the life insurance claim (death benefit of your policy) if you should die.
Who Rates the Financial Strength of Insurance Companies?
There are several financial rating agencies that review and analyze insurance companies. These firms include A.M. Best, Moody’s and Standard & Poor’s.
Each rating agency has its own rating system for analyzing the financial strength of an insurance company. Each firms individual rating system is explained on their web site.
What is considered A Good Financial Rating for a Life Insurer?
Usually, a life insurance company with a financial strength rating of "A" or better is considered to be safe, secure and able to meet its financial obligations and pay its claims.
Where can I find Life Insurance Company Ratings?
When you compare life insurance rates online, the quotes will usually show the financial rating of each insurance company quoted. Or, you could go to the A.M. Best web site at www.ambest.com to look up the rating of the insurer.
Another option might be to contact the Department of Insurance in your state and ask about a life insurance company’s financial rating.
Or, you could look up the insurance company web site online – they should state their financial rating on their web site or you could call or e-mail them to find out.
Remember, it’s good to find affordable life insurance coverage that fits your budget. But, be careful to examine the financial rating of your life insurance company, too.
Many life insurers become insolvent, unable to meet their financial obligations each year. That means they are not able to pay their claims.
So it’s important to make sure you buy your life insurance policy through a safe, financially secure insurance company.
Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote
Highly Recommended – Haven Life Insurance Agency
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.