What the Worst Life Insurance Companies All Have in Common

While it takes an expert to fully comprehend all the detailed clauses in life insurance policies, it’s useful to have a general understanding of what separates the best companies from the worst. For something so critical to you and your family, it’s important to make the best decision possible.

After all, there are lots of choices when it comes to life insurance companies. In addition to identifying the best alternative and how much coverage, how do you determine which companies are the best and which are the worst life insurance companies for your unique situation?

If you find it overwhelming, you’re not alone. Choosing the right life insurance company is challenging. There are several types of life insurance policies to choose from, and several hundred companies offering them. However, not all life insurance companies are created equal. Some factors to consider when choosing the best agency include:

  • Financial stability
  • Products offered
  • Cost of coverage
  • Good customer service and communication
  • Company ownership

While knowing what to look for in a good life insurance company is helpful, what makes a life insurance company bad?

The whole truth

It’s important to note that insurance agents typically aren’t intentionally lying or trying to mislead their customers. These agents are often knowledgeable and genuinely try to match clients with policies that suit their needs. Confusion usually arises from the complex jargon and intricate policy details that are second nature to industry professionals, but a foreign language to the average person. The unfortunate result is that customers may not be equipped to make the best decisions regarding their policy.

So what are some factors that lead to the worst insurance companies’ rankings?

  • Poor financials put pressure on the decisions they make
  • A culture where it’s easier for a policy to lapse and more difficult to reinstate when it does.
  • More emphasis on profit, and less concern about “what’s good for the client”
  • Incomplete disclosure of issues that negatively impact policy outcomes

Is it time for a change?

If you’re unsure about a life insurance policy, it can be difficult to tell if it was purchased from one of the worst life insurance companies. So do yourself a favor and get your policy reviewed in a way that helps you really understand what you’re paying for with your premiums.

The best step is to have your policy looked at by a licensed insurance analyst. At Stratus Financial Partners we provide our customers with an independent policy review service. The reality is that without a good checkup, many life insurance policies simply won’t be able to pay families and/or businesses what they anticipate.

At Stratus, we know how to find and fix all the problems. As The Policy Analyzers® if a policy is healthy we’ll affirm that. If it’s not, we’ll help identify the issues and provide the best possible solutions.

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