by Stefi Senior » Sun Apr 19, 2009 04:47 pm
How do I check out a final expense life insurance company to make sure it is legitimate? In one case, the website only has a logo, phone number and "under construction" sign, so I assume they want you to call them. I am 53 years old, and beginning to plan for my funeral and final expenses.
Posted: Mon Apr 20, 2009 03:33 am Post Subject:
hi Stefi Senior,
legitimacy of any company can be easily identified with a single website of insurance commissionaire of your state.Just visit the official website of insurance commissionaire website in your state and go through the authorized companies list.
Here i do not know in which state you are living so i won't probably give you the link. :wink:
Posted: Mon Apr 20, 2009 07:28 am Post Subject:
Along with the advice given by Amit, you may also check with the A.M. Best and Standard and Poor. These companies rate the insurance company stability upon their financial strength.
BBB is another organisation that would give an idea to you about the reputation of the company amongst the consumers. It registers consumer complaints against the companies.
Posted: Wed Apr 22, 2009 01:04 am Post Subject:
At your age (and depending on your health), you may do better to look at some other type of life insurance policy rather than a Final Expense policy. You may find that the cost for a Final Expense policy tends to be more expensive than a life policy which can actually be more flexible to suit your needs.
You can also ask an agent for references, and a good one should be able to provide you with several that wouldn't mind giving a testimonial. If you have any specific questions, feel free to ask!
Posted: Wed Apr 22, 2009 01:03 pm Post Subject:
Hi,
At your age (and depending on your health), you may do better to look at some other type of life insurance policy rather than a Final Expense policy.
The final expense policy would cover for the funeral and final expenses. If you're considering the premiums to be higher, then you should also count upon the funeral expenses which are too costly these days. Have you come across any policy that covers her for such expenses at a low cost?
Roddick
Posted: Thu Apr 23, 2009 02:37 pm Post Subject:
Hey anonumous12..
How do I come to know regarding the financial stability of an insurance company? Do the rating companies consider factors like claims settlement rate?
Circus_Jones
Posted: Fri Apr 24, 2009 10:07 am Post Subject:
Hi Chris,
At your age (and depending on your health), you may do better to look at some other type of life insurance policy rather than a Final Expense policy.
What in your opinion is the right age to apply for Final expense? I guess it has other benefits than just covering for the funeral expenses. Apart from the cost factor is there any other problem that we'd face if we apply for it in our early 50s? Steven
Posted: Sat Apr 25, 2009 01:40 pm Post Subject:
What in your opinion is the right age to apply for Final expense?
I hope it's better to try it when you're in your 60s. Once I've covered more than a third of my life I'd need to think of my final expenses.Posted: Sat Apr 25, 2009 11:58 pm Post Subject:
Hey anonumous12..
How do I come to know regarding the financial stability of an insurance company? Do the rating companies consider factors like claims settlement rate?
Circus_Jones
A decent agent can easily get the ratings from all insurers from all of the rating companies. Claims settlement rate does not come into play. Not paying legitimate death claims is simply not an issue within the industry.
Posted: Mon Apr 27, 2009 05:53 am Post Subject:
Settling the legitimate insurance claim is the primary reason why the insurance company is in business.If that objective is not fulfilled by any of the insurance company then surely customers will give their 'handshake' to the insurance company and thus the culmination of it will be in drop in business.
So there should not be any doubt in person's mind while dealing with the big insurance companies.Because their claim settlment rate can be tracked. :arrow:
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