Factors to Help You Pick the Right Life Insurance Company

New York Life Insurance states that life has vast financial obligations that can have distressing repercussions on your family when you are gone. Luckily, you can protect them by buying a life insurance policy. Explore various life insurance companies on the market and settle for the best. You must have realized there are so many out there. Picking one out of the many choices can be daunting and overwhelming. Follow the following basic tips to find an insurance company that fits your needs and budget.

Financial Wellness

There are various reasons for purchasing a life insurance policy, but the greatest is to protect your loved ones financially no matter what. The insurance company that you pick should be in good financial status. You can use AM Best to rate companies’ financial strengths.

Products Offered

Life insurance companies offer term life and permanent life insurance. With term life insurance, the death benefits are paid when the policyholder dies within a chosen time like 10, 20, or 30 years. The value of the death benefit is constant across the entire time that your policy is active. On the other hand, in a whole or permanent life insurance policy, a part of your annual premiums is put in an account and it grows at a fixed interest rate.

You can compare both types here. Though many insurers provide both types, some specialize in one. Be careful when you find a company that specializes in all kinds of insurance. Most people buy term life insurance because it is relatively cheaper and more straightforward. You can check out various insurance companies to see the type of life insurance coverage they provide.

Customer Satisfaction

Some insurance companies in the USA are as old as 100 years. For example, Newyorklifeinsurance was founded in 1845. This means that they have broad experience in insurance matters and know what it takes to meet customer expectations. However, the age of a company isn’t relative to customer satisfaction. Check surveys and studies conducted by entities like Better Business Bureau. They normally gauge customer satisfaction based on the claims filed, policy cancellations, and the timeline for policy holder’s compensation. Further, you can ask for real customer testimonials and an NPS, Net Promoter Score to see how happy clients are with them.


Don’t always go for the cheapest. Get a policy that meets your needs and values. Choose a company with fair and competitive rates that don’t sacrifice service. You need a company that your loved ones can rely on years down the line.

Who is the owner?

Don’t take this for granted. Big companies and corporations answer to their shareholders. Also, decisions, prices, and products are designed by people who own the company’s stock. This means that customers don’t come first. Choose a company owned by policyholders who make decisions to benefit clients and not to make investors happy.

Picking a life insurance company today may not be the easiest thing today. There are a plethora of insurers all over. If you are having trouble choosing an insurance company, the above tips could help you.