The following is a list of things to keep in mind when comparing different insurance policies:
- Higher price does not necessarily mean higher quality, so it pays to carefully shop with many insurers to compare benefits, prices and financial ratings. Many agents only disclose the insurer’s ratings with one rating agency. We use the insurer’s COMDEX rating, which is a composite rating of all major financial rating agencies.
- Policy guarantees are more important than projections; that is what we focus upon.
- Policy features such as guaranteed conversion options can be extremely valuable; some companies have more valuable conversion options. We analyze and explain them to you in simple terms.
- The length of coverage must be carefully matched to your needs. Many people own policies that will run out sooner than anticipated.
- Contract terms are the heart of the policy; for example, in a disability policy, the definition of permanent vs. residual or partial disability may each be different and could result in no benefit payment being made.
