Florida Senior Life Insurance Co
Reader’s Question:
Does the reputation of a senior life insurance company really matter?
Katie
Tampa FL
The short answer? Yes the reputation of a senior life insurance co matters a lot. This is a major factor in choosing which company you would invest your money on. While a small company may require you only a small amount in premiums, there is less guarantee that you will be able to enjoy full benefits when the need arises. Price should only be one factor in choosing an insurance company.
Another factor to consider is the number of products offered. If the company you are planning on has only a few products, then your choices on the type of insurance to get become very limited. A good insurance company should be able to give you a variety of products to choose from.
Claim management is another thing that you should look into. In this case, ask around. Visit forums on the web. Learn how long it takes the company to settle claims. It is also sound to go to a claims database and see if their are customers who complain due to inaction or bad treatment.
Knowing about their sales force is also a factor in choosing a senior life insurance co. If the company only allows in-house agents, then you could be getting biased information. This is because the agent you are dealing with has no choice but to represent the company. By having an independent brokerage, an insurance company ensures that its sales force will do its best to serve your interest.
Believe it or not, the company’s business cycle is also part of the consideration. Is the company planning to start a ew business? If so, it could affect how much premium you are going to pay. If the company is at its optimum stage, then you could qualify for insurance at theirs even if your application for insurance has been denied by others.
As you can see, there are a lot of factors to consider in choosng a good insurance company. Just to repeat what I’ve said earier, always make sure that the senior life insurance co has a very good reputation.