Wheeling , IL (PressExposure) November 30, 2009 -- When it comes to buying life insurance, there are several things to consider before choosing the right life insurance company. AccuQuote, a leader in providing life insurance quotes to people across the United States, offers tips to help consumers choose the right company for their specific needs.
"It's important to be educated about a life insurance company before you make a financial commitment to buy a life insurance policy from it," says Byron Udell, founder and CEO of AccuQuote. "Understanding the ins and outs of your potential life insurance company will ease the decision making process and provide you with a positive life insurance buying experience."
Udell offers these tips for choosing the right life insurance company:
- Research the company's reputation - Through consumer research, find out what other consumers are saying about the company, such as experiencing friendly service and satisfactory performance. And, use a third party rating service, like A.M. Best, to check the company's financial strength and claims paying ability. "This will help you take comfort in knowing that the company will be around to you're your claim if something unexpected were to happen to you."
- Understand what life insurance products are available - There are two types of life insurance, term life insurance and permanent life insurance. Before making a financial commitment to a company, know what types of life insurance products it offers and what options are available. "If you know what type of life insurance you want to purchase, it will be easy to eliminate a company that does not offer what you are looking for or is not willing to accommodate your specific needs," says Udell.
- Determine what is affordable - Life insurance companies will offer different rates based on the type and amount of life insurance one chooses to purchase. Keep in mind however, that the lowest rate does not always guarantee the best coverage. "By knowing what you can afford, you can ease the decision making process by eliminating any company that is out of your price range. If you are not sure how much life insurance you should purchase or how much you can afford, use a life insurance needs calculator that can help you determine how much life insurance is enough."
- Shop for life insurance using the internet - The internet is a great way to compare cheap life insurance quotes from dozens of top-rated companies in a matter of minutes. "Using a multi-carrier broker, like AccuQuote, will allow you to feel confident that you found the life insurance product that best suits your individual needs," says Udell.
"By practicing these tips, choosing the right life insurance company will be an easy financial decision to make," says Udell.