The factors I always recommend my clients consider when trying to determine which life insurance company to pick are the company ratings and the premium.
How to Choose a Life Insurance Company
It is of utmost importance that the company you choose is a financially viable and stable organization.? A couple ways I use to measure this are by seeing how long a company has been in business.? You have some companies like Genworth Life Insurance or Ohio National, that have been in business over 100 years.? They?ve been through recessions and depressions and are still going strong.? That?s a good sign.
Also, be sure to ask your agent what ratings the insurance carrier has earned from a 3rd party financial rating company, such as A.M. Best.? You should aim for one that boasts an ?A? rating, such as A++, A+, A, or A-.
Insurance Company Reviews
You can do a google search for just about any company you want to do business with, or agency for that matter.? You might try googling something like what I wrote about recently, State Farm Life Insurance Review.
Life Insurance Quotes
Then, as I said, pricing must obviously be a consideration.? What?s really interesting here is that finding the best price for life insurance is not as simple as putting your date of birth and amount desired into a quote form, and then picking the company who comes up at the top of the list as having the lowest life insurance quotes.
Instead, you should really discuss your case with an agent before determining which company to apply to.? If you have any history of medical impairments such as diabetes, cancer, or heart issues, you will want to apply to the company who will approve you at their best rating classification.
Types of Life Insurance
Another factor affecting your life insurance quote will be the type of insurance you apply for.? We represent companies with the full spectrum of term and permanent products.? For a general explanation of your choices, please see our post about the types of life insurance, or for a more specific explanation on a particular type, you can go directly to the articles below.
10 Year Term Life Insurance
20 Year Term Life Insurance
30 Year Term Life Insurance
Universal Life Insurance
Whole Life Insurance
How Much Life Insurance Do I Need?
A general rule of thumb is at least 10X your income.? However, this answer has many variables.? If you have a lot of debt, such as a large mortgage or credit card debt, you may want to add the balances into your policy benefit.? If you have cash and investments that could be liquidating in the case of your passing, then be sure to take that into consideration as well.
If you?re buying life insurance for income replacement purposes, you may want a lot more than just 10X your earnings if you are in your 30?s or 40?s, since you still have at least 20 years more to work before you retire.? For help calculating how much you need based on your income and how many years you have left to work, please use our life insurance calculator.
Where to Start
As I explained above, every life insurance company has its sweet spot, where it may be more forgiving of a certain heath condition than others.? It?s really best to speak to a knowledgeable agent who can sort through all the options and recommend the best fit for you.
Call us for a free life insurance quote or for assistance choosing a life insurance company at 877-996-9383.? And if you found this article helpful, please ?Like? us on Facebook or ?Google Plus 1? us.? Thank you.
Source: http://termlifeinsurancemales.com/types-of-life-insurance/how-to-choose-life-insurance/
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