Life Insurance - Whole, Term, Universal / Comments Off on Colonial Penn Life Insurance Makes Acquiring a Policy a Lot Easier
Life Insurance - Whole, Term, Universal / Comments Off on What to Expect from Reading Life Insurance Companies Ratings
Dwelling on the ratings of life insurance companies is not something you really want to do. It is most definitely helpful that several resources list credible ratings for the top life insurance companies. When you read a detailed rating, you can feel confident that you are on the right track towards selecting the very best company available to provide for your family in a worst case scenario.
Just be aware of the fact that the rating is really just a guide. In a sense, it is similar to a movie review as it provides opinions on the quality of the company backed up by facts and statistics. That is to say, the rating will employ a detailed examination of what the life insurance company will offer so you gain an idea as to what it offers.
This, however, will not be enough to make a full decision as to which company to select. Life insurance companies ratings are a nice general guide, but if you want to make a determination about which company to work with, you will want to sign on with a company that offers you the very best policy available.
One way to be sure you are acquiring a truly outstanding policy would be to request quotes from the various different companies serving your state. A careful review of the information sent in the quotes can give you far greater insight into what you would be receiving than a general quote would.
If any questions arise when reviewing the quotes, you can call the customer service department of the insurance company and ask for clarification. This is strongly advised since contacting the company directly will surely reveal all the information you require to know if a policy is for you.
Sure, a rating on an insurance company is helpful but it has its limitations.
Life Insurance - Whole, Term, Universal / Comments Off on Life Insurance Companies and How to Ensure Payment
Message boards, blogs and forums offer great information on a host of different topics, but these online venues are also known for promoting some truly misguided and false notions. Case in point, there may be a number of horror stories presented about life insurance companies refusing to make their agreed upon payments to those that eventually try to collect.
While it is certainly true that such instances have happened in a nation as large as the United States over a period of decades, the fact remains such instances are very rare. Also, when an insurance provider opts not to make a payment, there is usually more to the story than merely an evil company not wanting to honor its obligations.
The truth here is that life insurance companies are contractually obligated to make payments. All agreements made between the provider and the beneficiary will come in the form of an actual contract. The contract reflects a binding agreement between the two parties and both parties must hold up their end of the agreement. So, if you are paying your premiums, then there should not be a problem.
Now, if you are not paying the premiums and concerns arise as to whether or not your life insurance policy was valid, then the life insurance companies might not have to pay because the contract has been defaulted upon. Let us make this point as clear as possible: failure to make the necessary premium payments on a policy can lead the policy to being in default. If the policy is in default, then, for all intents and purposes, it no longer exists.
Does that mean if your payment on the premium is due on the 1st of the month and you send it on the 2nd of the month, you will automatically be in default? No, this is not the case at all as there will be a grace period involved. This grace period may vary, but it is commonly 30 days. Also, the insurance provider will likely issue a late notice when a premium has been missed. There will be those instances where people do forget to send in their payments and just need a little reminder. The life insurance companies are not impossible to work with when you are short on funds. If you know your payment is going to be late, then you should immediately call the customer service line and let them know of the situation. What you should never do is not contact the provider and fall into arrears. Doing so could lead to the cancellation of your policy. In the grim event you pass away while this is occurring, your family could be left in a really bad situation.
So, do not let your payments on your policy fall behind. Too many people are relying on you to make regular payments since these payments are designed to ensure their well being in the aftermath of your unfortunate passing.