Life insurance value means more than just a low price. This is true if you are looking for level term life insurance or permanent life. The following are a few important questions to ask to help you land that good value.
As far as life insurance rates are concerned, now is a good time to be out shopping because they are at some of the lowest in years. Modern technology has made getting quotes rather easy these days. In fact, one of the easiest ways to shop is through a insurance quote comparisons site. These sites allow you to complete one form to receive several quotes back.
Remember that when you get life insurance, you’re getting peace of mind that your family and loved ones will be financially taken care of in the event of your death. That’s why you want to buy from a reputable agent and stable company. Here are some things to ask once you have found the quote you like
Is the agent or company licensed in the state you live in? It’s generally considered important to deal only with companies and agents licensed to sell life insurance in your state. One way to verify this is by checking with the department of insurance for your state.
Is the company financially sound? There are several rating agencies out there — Weiss, Standard & Poor’s, AM Best — which rate companies for life insurance on financial stability. The rating agencies typically allow you to look up company ratings on their Web sites.
What are the certifications or designations that the agent carries? There are certain designations that insurance agents can get after going through certification courses. Professional designations are a good indication that an agent is committed to their reputation. Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) are two common designations for life agents.
Does the agent carry life insurance for themselves? Most agents would have a good reason not to be carrying some sort of life coverage.
Has the agent been convicted of a felony or misdemeanor? You might as well ask this rather difficult question, even though a scam artist may very well lie to you.
You can contact the insurance department for your state to see if there have been any complaints about the agent or company you are interested in buying your life insurance policy from. And lastly, don’t be afraid to question the agent or company about policy exclusions, payment terms coverages etc. before you actually commit to buying.