Make Sure to Check These Off Your List
1. Make sure they have an “A” rating per A.M. Best Rating service
- Go to www.AMBest.com
- Click on the blue rectangular box on the left side of the home page that says “consumer”
- On the next screen, in the top, middle blank, type in the name of the company you want to look up
- Click the green “find” button
- Then you will see the company name
- Click on the company name and it will give you their financial grade, financial outlook and the states they do business in
2. Make sure that there is NO WAITING PERIOD attached to the policy
You will know it’s a waiting period policy if it says one of these three thing;
- Guaranteed to issue
- No health questions
- Can’t be denied
3. Make sure they CANNOT RAISE THE RATES after the policy is issued
4. Make sure they have a low COMPLAINT RATIO
- Go to www.NAIC.org
- Click on the consumer resource section
- Type in the name of the company
- Select “closed complaint”
- Look at the “closed complaint ratios” *A company ratio of less than 1 means they have less than the average number of complaints. Greater than 1 means more than the average number of complaints.
