Term life insurance - which is a good company?
by admin ~ October 9th, 2008 . Filed under: Insurance .
Curious George asked:
I have home and car insurance with Allstate for many years. Now, I am looking for term life insurance. I know exactly how much term life insurance I need. Do you know which one is better and cheaper company? I did some research and it looks like Prudential, Allstate, New York Life and State Farm are good companies. One of the criteria I have is that company should be there and should provide good service to my beneficiary if I die during insurance period.
I have home and car insurance with Allstate for many years. Now, I am looking for term life insurance. I know exactly how much term life insurance I need. Do you know which one is better and cheaper company? I did some research and it looks like Prudential, Allstate, New York Life and State Farm are good companies. One of the criteria I have is that company should be there and should provide good service to my beneficiary if I die during insurance period.
Does insurance agent (how good or bad) matter? Or once I decide to a company, then can I go to any agent or should I look for something specific in selecting the agent?
Barry
October 12th, 2008 at 2:50 pm
Well the agent is nice, but the strength of the company is the main thing. All of the ones you named are solid companies. Hopefully you will outlive the agent or at least they will be retired before you need their help. Make sure your wife knows where the policy is. There is no problem with these companies in getting the claim, she will call them tell them what happened, send the death certificate and they will either hand deliver the check or send it to her.
October 15th, 2008 at 7:11 am
Every company has strong points and weak points. One might be great for non-smokers, but not competive for smokers. One might be great for term life insurance, but if you decide you want convert it to whole life later, they might not be competitive.
You’re best bet is to go to a broker who deals with both whole life and term from multiple companies and get advice from them. Thier advice is typically free (since they only get paid if you buy from them) so you get all the info from them. Their experience will save you a TON of time researching on your own and you’ll likely end up with the same conclusion anyway.
October 15th, 2008 at 12:14 pm
Here is an excellent site for Term Quotes that we utilize all the time and this firm really does differentiate themselves by the personal service they provide.
October 16th, 2008 at 7:53 pm
I have term insurance through Primerica. They did a free financial needs analysis for me and figure out how much life insurance I really need base on my life style and spending habits. They also help me setup my retirement account and find mutual funds that meets my objectives. In case I die, they going to help my beneficiary manage the large death claim. I’m guessing they going to show my beneficiary how to get steady flow of monthly income as long as possible from the death claim. If I outlive the term, I should have enough or more than enough money that I can live on. I would rather live in retirement with lots of money and when I die during retirement, the rest of my savings goes to my family.
I don’t know if the other companies you listed will do that. If you die during the term, would they help the beneficiary manage the money or they just going to deliver the check and leave? Or they going to make sure your finances are in order?
October 19th, 2008 at 12:56 pm
Life insurance is actually very flexible. Since I live in Hawaii I’m not familiar with the New York regulations, so I suggest you call a nearby insurance agent. They should be able to assist you.