What company offers good life insurance?

What kind of questions do i need to ask them, what to look for, etc. I'm looking to purchase 500k (ea.) for me and my wife.

First of all: Congradulations on making a decision that too many people "never get around" to making.

Questions to ask regarding the company:

What are their ratings with all the rating companies: AM Best, Moody's, Standard and Poor, and Fitch. The ratings are just like back in school... the more A's and A+'s the better the companies financial strength.

Ask the agent to produce the company financials to their policy holders or stockholders (depending on if you want to go with a stock company or mutual company, there are BIG differences between the two).

Ask the agent how often they are in contact with the underwriters and the company throughout the process and afterwords... it wont help you if the agent doesn't find out that you missed a payment for three or six months.

Ask the agent how they get paid... it will either be by commission or by flat fee... possibly a mix of the two. Don't worry if they get paid by commission only, this actually gives them more insentive to give you the correct advice for your situation, as they want you to be happy with their services and hopefully you will be willing to help them grow their business by introducing them to the people you care most about. Of course they need to earn the opportunity for you to this for them... so pay attention, are they asking you questions about your situation, where you want to be financially in the next 5, 10, 30 years from now? Are they actually paying attention to you, or are they just nodding their head and going into their "sales speach"?

Getting a good agent is just as important as getting a good company to back the insurance. You want to make sure that this agent is going to be around when ever you need them. Ask them if they have succession plan for their practice. Later if you decide to business with this agent, and their succession plan is of importance to you, ask to meet the other agent in line so that incase anything happens to your agent, you already have name and a face to go with.

As far as what company offer good life insurance, there are many, many good companies out there, I personally go with New York Life. They have been around over 162 years, they have the supperior ratings from all the ratings companies and they create the standards for everyone else.

Your auto and home owners compnay probably offers life insurance as well. plus they might give you an additional discount with adding this new line of business

The main question is: What has changed in your life to make you believe that you need the insurance?

Do you have kids? Then yes insurance is a good idea.
Do either one or both of you work?
Do you have enough money saved, at this time, that either one of you could live in the same lifestyle, after the passing of the other, that you are used to now? The answer yes tosecond and no to third- insurance is a good idea.

The above are personal questions to ask yourselves.

To be sure, you should do business with a well rated company. Be sure that they have enough in the way of assets to cover a large number of funerals and still be economically viable. Make sure the agent has YOUR needs first and foremost in his/her mind, and not the Company's. Be sure the agent completes a survey of your financial position right now, asking where you want to go and then helps you put a plan in place to get there.

By doing this survey, you will answer several questions:
1) Do you want all debt paid off?
2) Do you want both incomes replaced, one income replaced and for how long?
3) Do you want your mortgage paid? Kinda hand in hand with 1.
4) Do you want your children's education paid?
5) Do you want funeral paid for- cost approx. 6k-7k?

Now as to the policy: Do you get cash value or term?

Cash value is guaranteed at time of acceptance til 95 or 100. The premiums are split in two different ways- cost of insurnace (with whole life being level term and all the rest being annually renewable term. Meaning each year your cost of insurance goes up.) and savings. Whether it is whole life, universal or variable universal, they all work about the same. They have five funny rules, in case of U and VUL they may have five or just a few. It depends on the policies.
The five rules are:
1) No cash value in first couple years, maybe more. See Guaranteed Schedule of Savings.
2) When it does earn money, it will be at a rate of 1-4% per year. U and VUL proponents will say they will earn more but you have to look at the cost of the company running the programs. Usually, these earn about this average.
3) You can take YOUR money out but you have to pay the Company interest on it at a 6-8% rate.
4) However, the company does not have to pay you YOUR money for up to six months.
5) Your survivors will pick between death benefit/face value OR cash value, whichever will be greater (face value). The company will KEEP your savings. Unless you pay higher premiums to allow your survivors to receive both. Either way, win-win for the company not you.

About your agent, with cash value policies your agent receives commissions for several years. A term policy pays commission the first year ONLY! The agent has to go get another client the following year to make up the lost commission.

Term is pure insurance- if you pay your premiums every month and die in the term agreed to (say 10 years) the company will pay your survivors, if not you have to decide to pay again. It is a gamble- you win if you do not die and your survivors win if you do. Get the longest term possible, making sure it is level term- doesn't go up for length of term, have ONE policy for entire household using riders for spouse and kids- kids both present and future, this way you do not pay both Company and agent any more than you have to in policy fees.

Then, check on a whole life policy cost for same coverage. Find out what the premium is. The difference between the two, invest in a mutual fund- yourself. In the long run, you will have more money than if you used insurance. You should NEVER combine insurance with investments. Take a look at #5 above. In their policy, they keep your savings, but in buy term and invest the difference, your survivors will receive BOTH face value AND investment.

Buy term and invest the difference; one policy for the household w/ spouse rider and child rider that covers present and future children; longest possible term; and because of investing yourself, 25-30 years down the road, you will have NO need for insurance, your investments will have provided you with enough to cover expenses.

Most A++ rated companies offer good life insurance. But sometime an agent also make a difference. Kindly ask the following question before signing up. This guide wil provide you with some general idea on how life insurance works.

Questions that can help you
1. claim procedure?
2. exclusions (things that are not covered)?
3. panel hospitals ( if applicable)?
4. premium and how it is being calculated? How to save more?
5. What are the pre-existing conditions excluded and for how long?
6. Payment mode?
7. Backup support in the event the agent no longer in service?

please try this <a href="http://www.anrdoezrs.net/click-174... target="_top">help!</a>
<img src="http://www.lduhtrp.net/image-174819...

ANY company that's A rated is good. It's all about the type of policy you want (which meets your needs best) and pricing.

A local, independent agent can help you.

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