Switching Life Insurance Carriers: What You Should Remember
Readers Question:
I want to switch life insurers here in Florida; I think Im paying way too much with my current one! How can I make a smooth transition? Any tips to help me get a better provider the second-time around?
Igby
Brandon, FL
Good question. You should definitely see this as an opportunity to find a more affordable Florida life insurance policy; with rates at their lowest in years and competition between insurers getting fiercer, one can even say that now is the best time to switch to a more affordable insurance carrier. Here are some tips to help you out:
Make Sure To Do Your Homework
With the help of the many independent rating agencies, consumer welfare groups and even the better business bureau, one can easily find out how insurers conduct their business. Moodys, J.D Powers, and A.M Best are just some examples of reliable rating agencies that can give you a good picture of how good a certain company is.
Compare Rates
Now more than ever is the time to shop around for the lowest rates! And with the many online car insurance portals available on the Web, doing this has become a lot faster and easier. This website has a free life insurance quote tool that can help you get and compare the latest rates instantly, getting the best insurer for your money.
Check The Fine Print
Just because youve been offered a cheaper rate does not necessarily mean your new policy will have the same coverage and the same features. Assumptions will get you in trouble. So avoid a big headache and make sure to understand the new policy youre buying, before you buy it.
Stick To The Same Type Of Policy
The two types of life insurance that may make you pay unnecessarily expensive rates: No-Exam life insurance and Group life insurance. Unless youre terminally ill, do avoid a No-Exam Policy at it has higher rates in exchange for skipping the medical test. High-risk members are also a liability with group coverage, pushing rates up for everyone else.
Loading ...