If you’re like many people shopping for life insurance, you’re bound and determined to make sure that you get the absolute best deal – the lowest rate available. Hey – I don’t blame you! Why pay more for something if you can find it elsewhere for cheaper?
Good intentions, but not so fast. We’ve all heard the phrase “you get what you pay for”, and with life insurance, it’s no different. To an unsuspecting buyer, you may think that all life insurance is equal. But in reality, it’s not. Here are 3 important things to look for when comparing policies:
1.) Financial Strength
What are the life insurance company’s assets, liabilities, and financial ratings? If you pass away, is the company financially stable enough to pay the claim to your family?
2.) Conversion Options
Let’s say you’re shopping for term life insurance. Some companies offer a conversion option where if you choose to switch your policy to a permanent plan of insurance later on, they won’t require any additional medical tests. You might pay an extra 1 or 2 dollars a month for this feature, but it could prove to be priceless down the road.
3.) Underwriting Guidelines
There are many insurance companies that proclaim they offer the lowest rates, but in reality, hardly anyone gets approved for those rates. I’ve dealt with some of these companies in the past, and it’s extremely frustrating to watch a client who is in good health with no medical history get approved at double the standard rate. You’re better off saving the hassle, and going with a company known for fair underwriters from the start.
So how do you find the perfect company? That’s where we step in. At Envida, we take the guesswork out of buying life insurance. We’ve done the homework for you. We continually price shop, evaluate policy benefits, and research insurance company financials. Based on our recommendations, we always feel confident that you’re getting the best value for life insurance. If you haven’t gotten a quote yet, what are you waiting for? It literally takes 30 seconds!
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