For seniors who are considering a purchase of Final Expense Insurance or Burial Insurance, selecting the most appropriate insurance company can be a challenge. Typically, the same questions come to mind for every person looking to sign on the dotted line.
- Am I getting the best rate?
- Is the company financially stable?
- Does the company have a good reputation?
- Does the company pay claims quickly?
All of these are important, popular, and realistic questions would come to anyone’s mind because of the nature of the relationship. Entering into an insurance contract is very important, and each question should be resolved before rather than after your policy is issued and your premium is paid.
Am I Getting the Best Rate?
The answer to this question is more about your independent agent’s ability to shop all major carriers on your behalf. When you are considering Final Expense Insurance or Burial Insurance, you are better served by using a reputable and experienced independent agent. Most independent agents represent all of the major players in the insurance industry, and you can verify this when you make the first contact. In fact, if this is a major concern, you can easily visit your state’s department of insurance website and check out your agent in only a few minutes.
Currently, there are about 750 life insurance companies in the U.S., but only about 10 percent of those offer Final Expense Insurance and Burial Insurance, so your independent agent should represent the majority of those carriers or at least the top twenty in terms of rates, available products, service, and positive claim paying experience.
When you do business with an independent agent, especially an agent who specializes in senior products, you can have all your shopping done with one call.
Is the Company Financially Stable?
You certainly want to be assured that insurance company recommended is prepared to pay your claim when the worst thing happens. It makes perfect sense to make certain that the insurer is financially stable before you commit to a purchase.
Fortunately, consumers have access to a well-known rating service called A. M. Best, and your online search will provide the financial data about any company you are considering. The A. M. Best web portal may require you to register, but there is no charge to access their data. In fact, there are many other consumer resource tools available on their website. To access this valuable tool, click here. Also, most reputable independent agents will be happy to provide you with a list of the carriers they represent with each company’s Best rating listed next to the company name.
Does the Company Have a Good Reputation?
While most reputable independent agents refuse to represent carriers with a soiled reputation, you can confirm this by conducting a quick and easy internet search. There are many sites available that post legitimate complaints against insurers. You can also visit the website of your state’s Department of Insurance and look for consumer complaints, what they are about and whether they have been resolved.
Another resource for checking the reputation of an insurance carrier is the Better Business Bureau (BBB). The BBB typically list complaints by type and also includes information if the complaint is resolved.
Please note, however, that not all complaints on the internet are legitimate. Many times a disgruntled terminated employee will file bogus complaints against their former employer in an attempt to make them look bad in the marketplace. Agents know whether an insurer is servicing their customers fairly because, in almost every case, the customer will complain to their agent first.
Does the Company Pay Claims Quickly?
When it comes time for your insurer to pay a death benefit on your Final Expense Insurance or Burial Insurance, you certainly want to be assured that the benefit is paid quickly and appropriately so the beneficiary can take care of your final wishes. Funeral service expenses need to be handled in a matter of days, not weeks, and you have every right to be concerned.
The better agents take the necessary steps to track claim payments for their clients. If they represent a carrier that is not getting claim checks out in a reasonable amount of time, they are typically the first to know. It is logical that a reputable independent agent would cut off an insurance company whose claims service is causing telephone calls from upset beneficiaries, surviving loved ones, and funeral directors.
The majority of complaints about insurance is claims related, so once again, take a few minutes to complete a search about the company you are considering before you complete the transaction with your agent.
The most efficient manner to have all of your insurance questions answered honestly and with authority, is to select an independent agent that is knowledgeable and reputable. This action alone will be your most important decision when considering purchasing Final Expense Insurance or Burial Insurance or any other type of life insurance.
How Much Life Insurance Should I Buy?
Believe it or not, this is one of the first questions that most seniors ask when they are considering life insurance. How much you buy is typically based on the purpose for your insurance.
If your intentions are just to cover the expenses of your funeral and burial, then you can easily determine that amount by checking the pricing at a local funeral home or by visiting a website like Parting.com to determine funeral and burial costs in your area of the country.
Rely on Your Independent Agent
Agents that specialize in final expense insurance for seniors will be happy to answer all your questions and will walk you through the shopping and application process. These agents are paid by the insurance carrier so as their customer, you should take advantage of their skill and experience when it comes to final expense insurance for seniors.