The true difficult part of shopping for insurance comes in recognizing you'll be buying something you can't see and, hopefully, will never use. It's an odd situation, to be sure, but unless you're financially prepared for everything (and few of us truly are) then you do have quite a few options when it comes to hunting for the right insurance for you.
Guarantee that you will be able to locate it when the time
comes. Consider registering the company name with a database where your loved
ones can always go to find it.
If you like your life simple, straightforward and
uncluttered you can buy a low-maintenance insurance policy directly from a
insurance company, agent or website – term life insurance and auto insurance
are two that come to mind right away. Convenient and with a wide variety of
products to choose from, these types of policies can have somewhat lower
premiums due to reduced transaction fees. Purchasing insurance online has its
own benefits, not the least of which is that it's easy to compare insurance
prices and quotes and do it at your own leisure, without any hassling sales
pressure. If you have more complex needs or are seeking advice, an independent
or exclusive insurance agent or broker can guide you through the steps. An
independent agent typically represents more than one company while exclusive
brokers do business through only one company.
As convenient as it is, it's just as important for you to
choose the right insurance company. Lower premiums and convenience don't mean
much if your insurance provider goes out of business. A number of consumer
advocate companies, such as Standard & Poor's and Moody's, rate insurers
with both a letter grade and with full financial 'health' reports. Insurance
companies can also provide their own ratings. It isn't necessary that the
company you choose have the highest rating for your needs, but you should avoid
the ones with the lowest ratings, those on 'credit watch', and ones with a high
proportion of negative comments or feedback. Don't discount word-of-mouth as
you find the companies with the best customer service records, but it may be
impossible or impractical to expect to get a clear idea of a company just from
asking other people. Check company websites and talk to customer service reps,
asking about the services they offer. You can also check up on a company by
talking with your state department of insurance to find if any complaints have
been filed against the provider. Obviously, fewer or no complaints should
foretell a quality insurance company.
No matter the type of insurance you're after, the actual
purchasing process is basically the same. You'll get a tentative quote by
talking to the provider, or one of their agents, via phone or the internet.
You'll fill out an application and possibly answer a battery of questions. If
you're buying health or life insurance you'll also take a medical exam to find
out how much the premiums will be for the coverage you need. Once you've
submitted your application, the underwriting process starts, with an insurance
underwriter verifying the information you've supplied and possibly getting more
helpful information from other sources such as the Department of Motor
Vehicles, hospital and doctor records, credit agencies and the Medical
Information Bureau. The underwriter then uses this information to decide
whether or not to approve your application, issue your policy with an extra
premium or decline you coverage.
“TO BE THE BEST IN SERVING OUR MEMBERS BY PROVIDING PEACE OF MIND THAT THEIR BENEFICIARIES RECEIVE THEIR INHERITANCE”
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