Life insurance companies are important players in the economy as they provide security to policyholders and their beneficiaries. It is difficult to overstate the importance of selecting a good life insurance company. A bad one could mean financial ruin for you and your family. Bill Schantz will now mention some important qualities to look for when selecting a life insurance company.
How to Select a Good Life Insurance Company per Bill Schantz
Be Financially Stable
According to Bill Schantz, the financial stability of an insurance company is very important. You want to ensure that the company you’re working with will be around for a long time and can pay out your death benefit when you die. There are a few ways to research the financial stability of an insurance company. You can look at their ratings from independent rating agencies like Standard & Poor’s or A.M. Best, or you can check their claims-paying ability rating from the NAIC (National Association of Insurance Commissioners).
Have a Good Reputation
A life insurance company should have a good reputation in the industry. You can find out about a company’s reputation by talking to other insurance agents or financial planners, reading online reviews, or contacting the Better Business Bureau.
Be Easy to Work With
Bill Schantz believes that you should be able to easily get in touch with a representative from the life insurance company if you have questions or need assistance. The company should also have a user-friendly website where you can access your policy information and make changes as needed. Moreover, the claims process should be straightforward and easy to understand.
Should Be Licensed by the State
Each state has an insurance department that regulates the industry. The company should be registered with the department and have a current license. You can typically find this information on the state insurance department’s website.
Offer a Variety of Products
A good life insurance company will offer a variety of life insurance products so that you can choose the one that best meets your needs. Some of the most common types of life insurance are term life insurance, whole life insurance, and universal life insurance.
Have Competitive Prices
You want to make sure that you’re getting a good deal on your life insurance policy, so it’s important to compare prices from different companies. You can use an online life insurance calculator to get quotes from multiple companies.
Have Good Customer Service
If you have a problem with your life insurance policy, you want to be able to easily get in touch with a customer service representative who can help you resolve the issue. The best way to find out about a company’s customer service is to talk to someone who has actually used its services.
These are a few qualities that Bill Schantz has mentioned for you to consider when choosing a life insurance company. It’s important to do your research so that you can find a company that will meet your needs and provide you with peace of mind.