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Some insurance companies may have clever commercials, but do they give you the kind of protection your family needs? When it comes to protecting what’s important, sometimes cute just won’t cut it.
If you’ve done your research, you already know that the cost of life insurance premiums can vary widely from company to company—often for the same amount of coverage. Why? If coverage appears to be the same, are there good reasons to pay more? The answer starts with an understanding of how insurers determine your premium payments.
Premiums are determined by each company’s underwriters, who look at several factors including your age, your current health, and family medical history to formulate their risk. The methodologies each company uses are similar, but can vary, thus affecting the amount a company is willing to cover you for and, ultimately, the price you are going to pay for that coverage. The simple truth is, usually the younger and healthier you are, the lower your premiums will be. But that’s just part of the story.
You don’t walk into a fast food restaurant expecting the same kind of service or quality you’d get at a 5-star restaurant. On the flip side, you don’t go to a 5-star restaurant looking for an extra-value meal. The same thing holds true when selecting a life insurance company. While it may seem strange to consider value-added features when thinking about something as seemingly generic as life insurance, they’re exactly why some companies can and do charge more and people are willing to pay more. The level of service, the company’s financial strength, flexibility of products, and other attributes may increase the price, but ultimately increase the value of your policy and make it a smart purchase.
Here are 5 things to consider when selecting an insurance company:
New York Life has been a mutual company for more than 170 years, delivering on its promises to policyholders through wars, economic downturns, and all types of strife — exactly when our policyholders needed us most. Earning top grades from all four ratings agencies, New York Life offers a wide portfolio of products that can help you plan and protect your financial future. Our agents are among the most knowledgeable in the business, receiving career-long training that keeps them abreast of the latest in industry developments, empowering them to ensure you are getting the right protection as your needs change.
No matter which company’s policy you decide on, make sure you fully understand what you are purchasing and meet with a financial advisor — whether it be an agent or someone else you trust — to ensure that it meets your needs, fits in your overall plans, and gives you the protection you expect it will.