There are close to two thousand life insurance companies in the U.S., making choosing the right one quite a challenge. You are probably not sure what factors to consider when weighing your decision. Two of the most important things to consider are whether or not the company you are researching is licensed by your state, and finding a company that is willing to customize your coverage.
Everyone has a unique set of circumstances that can affect their coverage eligibility, so it is essential that you choose an insurance company that will customize your plan. For example, some insurance carriers will offer an occasional cigar smoker a non-smoker rate, while others will consider that same client to be a smoker and will quote the client a higher price. At LifeQuote, we do everything we can to get you the most comprehensive and affordable coverage possible.
Another important factor to consider is that many life insurance companies are bundled into groups, and therefore do not directly compete with one another. For these companies, it becomes more important to meet the regulatory requirements of each state, enabling them to offer life insurance through several different distribution channels. In addition, an insurance group may not have an individual company licensed in every state, so it is necessary to choose a life insurance company within your state. This is the only way you will be able to rely on your state’s insurance department for assistance should a problem with your policy arise. Furthermore, should the company you have chosen become insolvent, your state’s insurance guaranty can only help you if your policy is held by an insurance company that is licensed by the state. Contact your state’s insurance department to find out whether or not the insurance company you are considering is licensed by the state.
Always be sure to take the time to do your research. With LifeQuote, you can learn more about the insurance carriers we represent by reviewing their financial ratings on A.M. Best, one of the top insurance rating services in the country. If you have any questions about LifeQuote’s unique processes, feel free to contact our offices or start a chat to connect with one of our knowledgeable representatives immediately. You can also send us an email or call our licensed agents at 1-800-521-7873.
Read more about choosing the right insurance company.