How to select a Term Life Insurance company

While the cost of term life insurance is a critical factor in choosing a term life policy, the term life insurance company you choose is equally important. With nearly two thousand companies offering term life insurance in the United States, choosing a term life insurance company can be difficult. Consider these issues:

Ability to pay claims - - Consumers want to know whether term life insurance companies can meet their obligations. Fortunately, independent rating companies evaluate the financial strength and stability of term life insurance companies, assigning a letter grade such as A+, A, A-, B+ or AAA, AA, A, etc. Higher ratings indicate less financial risk.

Medical categories - - Most term life insurance applications are evaluated by the life insurance company's risk underwriters, who determine whether an applicant's health is Preferred, Standard, sub-Standard, or uninsurable. This categorization has a direct impact on (1) applicant ability to get term life insurance and (2) the cost of your term life insurance policy. This subjective process can differ dramatically from company to company. Consumers can submit multiple applications, but that takes time and may require repeated medical examinations. Your application could be denied because companies know when you submit applications to other companies and they become concerned about you accumulating insurance for unsatisfactory reasons. If you suspect the term life insurance company may have concerns about your health it is recommended tha you work with an insurance agent who can advise you on the best approach.

Service Issues - - like other businesses, insurance companies can be easy or difficult to deal with. Are their representatives knowledgeable about term life insurance and are they easy to contact? Is their website useful? How long does the term life insurance application process take? Are the term life insurance premium payment plans reasonable? Is it easy to make policy changes? How timely is the insurance company in paying term life insurance claims?

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