The Money Template

Personal Finance by Example

  • Investing
  • Saving
  • Retirement
  • Debt
  • Insurance
  • Career
  • Privacy Policy
  • Advertise

What Makes a Good Life Insurance Company?

January 27, 2019 by admin Leave a Comment

Insurance Post-it Note Shows Financial Security And CoverageIt’s easy to get into the habit of assuming that all large insurance companies are the same. In many ways, they are similar because they have huge portfolios and they come with the stability needed to give you peace of mind.

The large insurance companies do have differences between them, though. Take Colonial Penn Life Insurance and Transamerica as two examples. They both have different terms within their policies and different reputations.

 

Time in Operation

Particularly in an industry like life insurance, the length of time an insurance company has been in operation is a huge factor. Newer insurance companies, even if they are large, may not have the experience to instill confidence in you. For example, with an AARP life insurance program they may not have paid out much money yet. The time in operation can differ between large life insurance companies, and this is a big issue for customers who are taking out a policy.

 

Where they Operate?

Not all companies operate in the same areas of the world. Some large insurance companies provide coverage internationally. Other companies operate purely on a domestic basis. There are even insurance companies that only operate in a select few states. This is why you need to check where the insurance company provides coverage for before attempting to take out an insurance policy.

 

Support for Your Policy

There are a lot of insurance companies that have yet to enter the smartphone revolution. On the other hand, other large companies have. They allow you to see your policy at a glance and make changes from your smartphone on the go. As you can see, many companies differ in the way that they operate. They provide support for your policy in different ways.

 

The Policies Themselves

Now you need to take into account how different the policies are. While you will notice many similarities between the larger companies, the way they bundle them and the package deals they provide are what makes them stand out. But you have to look beyond the superficial in order to see the differences.

 

Do they Pay?

There’s little point in having an insurance policy if it refuses to pay out when you actually need it. Some large insurance companies already have a bad reputation for not delivering on their promises. They come up with some clause that supposedly prevents the policy holder from claiming. While from a legal standpoint they have done the right thing, it’s hardly in the spirit of customer service. You can find out which insurance companies have a habit of doing this by simply looking at the customer reviews. And this is your main tool for picking out an insurance company that works for you.

 

Last Word

The large insurance companies do come with a number of differences, but you have to go out of your way to find them. By looking closely at each policy on offer, you can see the differences and make an informed decision on which policy is best for you.

Which insurance policy will you take out today?

 

Featured image courtesy of FreeDigitalPhotos.net

Related posts:

No related posts.

Filed Under: Insurance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More Posts

  • Is Life Insurance a Smart Investment?

  • When It Might Be Time for a Debt Management Plan

  • Easy Ways To Save Money On a Monthly Basis

  • Why ETFs are Better Than Mutual Funds

    Why ETFs are Better Than Mutual Funds

  • How to Balance Your Budget in 5 Easy Steps

  • How Much Do I Need to Retire at 55 and Never Worry About Money Again?

  • How to Understand Stocks and Use Them to Make Money

  • What Features Should You Consider When Buying Auto Insurance?

    What Features Should You Consider When Buying Auto Insurance?

  • How to Maximize Your Entertainment Per Dollar Value

  • How to Save Money Effectively While at University

Archives

The Money Template is for entertainment only. Consult a true financial professional before making any financial decisions.

Affiliate Disclaimer: Please be aware that if you click on some of the links within our content, at no additional expense to you we may be compensated due to our affiliate or promotional relationship with that advertiser (Google Adsense and Amazon Associates are examples of such relationships).

© Copyright 2014-2019 TheMoneyTemplate.com · All Rights Reserved · Powered by WordPress