What Happens When An Insurance Company Goes Out Of Business?
Are you wondering what happens when an Insurance Company goes out of business? It's a good question. And, yes, it does happen.
First, you'll want to get your life insurance policy out and review it. There should be a phone number and address of the life insurance company stated on your policy.
You can call the life insurance company direct and ask who is handling the servicing of your life insurance policy.
Also, ask them the status of your policy – is it still "In Force", and is the policy premium paid up.
If the life insurance company contact information is not available on your policy then contact the Department of Insurance for your state and ask if they have the contact information for your life insurance company.
You can search on the internet for "Department of Insurance" in your state to find the contact information to call them.
You’ll also want to ask if your policy should be replaced. They may recommend that you get a new life insurance policy.
You may want to choose an insurer with competitive rates that offers the type of coverage you need, and has a strong financial strength rating of "A" (Excellent) or better from A.M. Best financial rating service.
Here is a list of the leading life insurance companies and their financial strength ratings from A.M. Best Company.
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