Purchasing insurance and finding a plan that fits your needs is one of biggest investments you can make during your lifetime. It’s a sad fact that no one is exempt from Murphy’s Law-anything that can go wrong, will go wrong. Life has many twists and turns. You will probably be able to pay for some of these setbacks out of-pocket. But bigger emergencies could completely drain your nest egg or cause you to file for bankruptcy. Everyone needs a good insurance plan to cushion their fall in these instances.
Not having a plan in place puts you at a huge risk. The most important thing to remember when considering a plan is that insurance is meant to place the financial burden of a disaster, such as a home destroyed during inclement weather or a life-threatening illness, on the company. Buying the right plan at the right price and time is important, since coverage can be pricey.
Below is a list of things to consider when choosing coverage that fits you best. They will also help you narrow down your options as you discover which qualities are the most important to you.
Price Comparison: Obviously, you want the best plan for the best price. Many companies will give quotes so that you can shop around. Try to get quotes on similar policies from at least three sources.
Claims Payment: It’s important to find out your company’s claims payment process so you won’t be left standing in the cold when you need help.
Financial Strength: How strong is the company financially? What will happen if they go into liquidation? Do your research and find out the answer to these questions. You may also ask who backs your company. Most will be backed by your state’s insurance guaranty association
Customer Service Ratings: No one wants to do business with a company that has terrible customer service, especially when they are in a bad position or dealing with stressful topics. Find out how satisfied their customers are. It may even help to ask around.
You can find help with choosing a plan by seeking an insurance agent, or going directly through the company. Buying from the company may save you money in the long run, but it’s important to consider that certain types of coverage, such as long-term care or disability, may require the guidance of a professional who has extensive knowledge of the industry.