#2 of 12 in the Life Insurance “Checklist For The Real World” series.
Selecting a life insurance brokerage isn't one of the hardest parts of obtaining a life insurance policy, but it is something that you should not neglect investigating. After all, you will be giving them hard earned money each and every month for many years to come…you want them to be around when your family needs them.
- How many companies are they quoting from? …more is better
- It is recommend you choose from a company that has at least 20+ carriers and that all the life insurance carriers are “A” rated with access to the company financials on the web site. For example: if you find a web site with a great quote, you want to be able to click somewhere to find out what that companies financial situation is, as rated by “A.M. Best Company” (a financial rating company; they rate thousands of institutions like banks and such).
- Check the brokerages disciplinary history with the state insurance department you live in. Hopefully they have none:
(see list here with links to your state insurance department).
- How long have they been in business? Longer is usually better.
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