Admitting that you need to purchase life insurance is the first step in making this happen. However, there are still steps to take before you get exactly what you are looking for.
How are you going to research the many companies that are willing to sell you a policy? While there is nothing wrong with calling agents on the phone and meeting with them in person, this may not give you all the knowledge you need to make an informed decision. After all, most agents are skilled at telling you what you want to hear and steering you towards buying a policy from them.
Fortunately, you can dig deep online for a wealth of information. Here are 5 places to start.
1. Your State’s Insurance Department
This should be one of the first places you search because it is where you will find an abundance of high quality, targeted information.
When visiting your state’s insurance department website, search around to see if there is a place for complaints. Does a particular insurance company have more complaints or a higher complaint ratio than others? If so, it is safe to say that you want to avoid them.
2. Standard & Poor’s Ratings
Standard & Poor’s is well known for assessing the financial strength of a variety of companies, including those in the insurance industry. Did you know that there are reports and information concerning more than 3,000 insurance companies throughout the world? No matter which company you are researching, it is safe to say that this entity will be able to provide you with solid advice.
3. A.M. Best Ratings
Although relying on the information from Standard & Poor’s is a good place to start, you may want to dig a bit deeper. In this case, check another financing rating system such as the one from A.M. Best. This will help you better understand the financial strength of a given insurance company.
Tip: We offer personalized results for both S&P and A.M. Best for auto right here on our insurance company ratings page. Again, these are for auto but the financial stability should carry across for companies that offer both life and auto lines.
4. State Attorney General Website
Along with your state’s insurance department, you can find additional details on your state’s attorney general website.
Most often, you will only find the “bad” things on this type of website. The Attorney General in your state may feel compelled to include any action that has been taken against an insurance company, showing that they are doing their job while protecting the people.
5. Consumer Review Sites
There are many insurance review sites that are powered by the consumer. You don’t want to believe everything you read, however, there is a lot of good advice out there. If a company is consistently receiving poor reviews from other consumers you may want to second guess whether or not they are right for you.
Tip: Don’t be afraid to join in on the conversation, if possible, to ask questions of those who are complaining.
Use the internet to your advantage when it comes time to investigate life insurance companies. By relying on the five resources above, you will find yourself obtaining plenty of high quality knowledge and advice.