When you are in the process of shopping for life insurance, it is important to choose a company that is reputable and has a good history. There are many different life insurance companies out there, so how do you know which one is right for you? Here are some tips by Bill Schantz on how to choose a life insurance company that will best suit your needs.
Selecting the Right Life Insurance Company per Bill Schantz
Check the Company’s Financial Solvency
According to Bill Schantz, before you purchase a policy from any life insurance company, you should check to see if the company is financially solvent. You can do this by checking their ratings with rating agencies such as Standard & Poor’s, A.M. Best, or Moody’s. These agencies rate insurance companies on their financial stability, so you can get an idea of how likely the company is to be able to pay out on claims.
However, not all companies will be rated by these agencies. You can also check if the life insurance company is regulated by the state in which it operates. Each state has an insurance department that regulates life insurance companies and makes sure they are financially solvent.
Ask for Your Financial Professional’s Reasonings
When you are shopping for life insurance, it is a good idea to ask your financial professional why they are recommending a particular company. They should be able to give you some good reasons based on their research. You can also ask other professionals, such as your accountant or attorney, for their opinion on which life insurance company they would recommend.
A financial professional worth their salt will have done their homework on the life insurance companies they recommend and will be able to give you a good reason why you should purchase a policy from them. They would be aware of what your unique circumstances are and should be able to find a life insurance policy that best meets your needs.
Make Sure You Understand All the Terms and Conditions of Their Policies
Bill Schantz believes that when you are looking at life insurance policies, it is important to make sure that you understand all the terms and conditions. Each life insurance policy is different, so you need to be sure that you know what you are getting into before you purchase a policy.
If there are any terms or conditions that you do not understand, be sure to ask your financial professional or the life insurance company for clarification. You should never purchase a life insurance policy without fully understanding all the terms and conditions first.
Get Quotes from Multiple Companies
Once you have narrowed down your choices to a few companies, it is time to start getting quotes. You can do this by visiting the websites of each company or by calling them directly. When you are getting quotes, be sure to get quotes for the same type of policy and for the same coverage amount. This will allow you to compare apples to apples and make sure you are getting the best deal possible.
These are just a few factors to keep in mind by Bill Schantz when you are choosing a life insurance company. By following these tips, you can be sure that you are choosing a reputable company that will best suit your needs.