Obtaining a good life insurance policy is one of the most important financial moves you make. It ensures that your surviving family members are well taken care of financially. When shopping around for a policy, many people choose to get an online life insurance quote. While getting a quote online is convenient, efficient, and accurate, it is also missing information on a couple of key aspects you should consider before deciding on a specific company and plan to go with.1) The reputation of the insurance company and the amount of time they have been in business. There are several reasons why this is important but the biggest of them all is the longer they have been in business, and the better their reputation, the less the likelihood is of them going out of business or going bankrupt. The last thing you want to have happen is for the insurance company that you have been paying premiums to, month after month and year after year, to go out of business before your family collects the money they need.
2) How good is the company about honoring their payouts? Because there are so many variables to a given life insurance policy, there is also a lot of potential legal loopholes for an insurance company to use to get out of making a payment. It happens all the time. You don't want your family members to have to battle for their money in court or worse yet, lose a court case an collect nothing. What is the insurance company's payout history? Do they have a history of disputed payouts?[source]
2) How good is the company about honoring their payouts? Because there are so many variables to a given life insurance policy, there is also a lot of potential legal loopholes for an insurance company to use to get out of making a payment. It happens all the time. You don't want your family members to have to battle for their money in court or worse yet, lose a court case an collect nothing. What is the insurance company's payout history? Do they have a history of disputed payouts?[source]
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