4 Tips to Choosing the Right Life Insurance
Reader’s Question:
I’m looking at hiring a life insurance broker to help me get a good life insurer, but I’d rather avoid the cost of that if I can. Can I pick-out good life insurance providers on my own?
Franz
Irvington, NJ
These days life insurance brokers, although still a reliable way to get a good life policy, is no longer that much of a necessity. In fact, with the help of the Internet and a bit of know-how, you are just as capable of finding the best life insurance providers, good rates, and the right life insurance policy all on your own. Here’s how:
1. Life Insurance Portals – Websites that offer free life insurance rate quote checks (like this one) are an excellent way to start your search for the best life insurance providers (price-wise). It also saves you a lot of time since you can get the information you need in just a few minutes. And since you’re getting quotes coming from dozens of life insurer’s, you have a bigger chance of finding the insurer with the most affordable prices.
2. Independent Raters – Companies like A.M. Best, Moodys, and J.D. Powers have made a name for themselves by providing reliable and valuable information rating the performance of many different companies. This is an excellent way to see which insurers have the best track record when it comes to customer service, billing, claims handling, etc.
3. Get the Right Kind of Policy - There are two types of life insurance policies, whole life (lifetime coverage) and term life (temporary life insurance). Find out which policy fits your needs better.
4. Negotiate – You might be surprised to learn this but life insurance providers can give you lower rates if you haggle for them. This is especially effective if you are relatively young, in excellent health and is a non-smoker.
Tags: life insurance providers
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