Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: Which life insurance company is the best? I don't know if I can say that, because remember, they all have different fortes. Some are great underwriting companies, some are great death benefit; cheap premium companies. Some companies are really good about supplemental income; their cash values are really good and they have a good track record of accumulating wealth.
You want to look at 'what is the reason? What is the area?' Each area has their own forte. Some people want highly-rated carriers, so you're going to look at the big financial strength of a carrier or the carrier's claims-
paying ability. Any of those areas are separate areas of discussion and that's why it's difficult to ever say, "Here's one, or here's the best." If I'm looking for price tag, underwriting, cash value accumulation, or just cheap premium just to pay my premium off to cover my liability, it depends upon what category you're in so I can be able to say, "Is that the best company?"
There are rating agencies that make it their whole purpose to show you which life insurance companies are best. They look at different variables, rate the company on those variables, then give the company an overall rating.
The four main rating agencies that people turn to are AM Best, Standard & Poor's, Fitch, and Moody's. When you go to the About Us section of any life insurance company's website, they will usually show you their ratings, and give an explanation of what that rating means.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best life insurance company is the one that will insure you. The best policy is the policy that is in force on your life when you die. At that moment no one will care how much was paid in premiums, what the ratings, and financial rankings are. The important thing is that they will pay the claim. Your state insurance commissioner has a very similar view. The best life insurance company pays its claims. Fortunately that is probably the vast majority of the companies admitted to do business in your state.
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You want to look at 'what is the reason? What is the area?' Each area has their own forte. Some people want highly-rated carriers, so you're going to look at the big financial strength of a carrier or the carrier's claims-
paying ability. Any of those areas are separate areas of discussion and that's why it's difficult to ever say, "Here's one, or here's the best." If I'm looking for price tag, underwriting, cash value accumulation, or just cheap premium just to pay my premium off to cover my liability, it depends upon what category you're in so I can be able to say, "Is that the best company?"
The four main rating agencies that people turn to are AM Best, Standard & Poor's, Fitch, and Moody's. When you go to the About Us section of any life insurance company's website, they will usually show you their ratings, and give an explanation of what that rating means.