Typically, policyholders have a very long relationship with their life insurers. As such, it makes sense to take your time researching each universal life insurance company before selecting a policy. A good company will have a solid financial future, excellent customer service, and a rich selection of coverage options. Failing to consider any of these criteria might lead to dissatisfaction with your policy down the road. Read on to learn how to compare universal life insurance companies to choose the best overall policy.
A life insurance policy is of no use to you if you cannot count on the carrier who issued it to pay out your cash value and death benefit in full when you pass away. Consequently, you must consider the financial stability of the company that underwrites your universal life policy when choosing coverage. All major universal life insurance companies receive a grade from financial ratings agencies. This grade reflects the company's current level of financial performance and stability in terms of investments, indebtedness, and other critical factors. You can quickly find this information online, either on the site of financial ratings companies like Moodys or Standard and Poors or on the site of the universal life insurance company you're considering.
If you have questions or concerns about your universal life policy, you should be able to easily contact your life insurer and get the support you need. When you compare universal life insurance companies, think about the things you have read and heard about each carrier, if any. For instance, your family members may swear by a particular life insurer or you may have read about a certain carrier receiving a customer satisfaction award. Also assess how you are treated when initially dealing with the universal life insurance company. Is the company attentive and responsive to you and your concerns?
Even if you are sure universal life is the best type of coverage for you, a many different subtypes of universal life exist. The universal life insurance company you select should have a large selection of coverage with different investment opportunities and other options to accommodate your needs. Avoid universal life insurance companies that try to push a generic policy on you without considering your individual financial goals.