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Reviewing The Disability Insurance Company

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Article 5 of 6 in How to Buy Disability Insurance

Before you finalize a disability policy, make sure you review the disability insurance company. Should you become disabled, the quality of your insurance company will become critically important. Review the ratings, check the company's claim payment history, and look up customer reviews online to ensure that you are going with a disability insurance company that can responsibly pay a claim should you need it to.

Why Disability Insurance Reviews are Important

A disability insurance review is an evaluation by insurance analysts that measures the financial strength of the company. Companies with high ratings on their disability insurance reviews are more likely to withstand difficult financial times and be able to pay benefits to policyholders as promised in its policies. If a company has a low rating, it is more likely to experience difficulties paying its promised benefits.

Keep in mind that disability contracts can require a disability insurance provider to make payments over many years. You want the assurance that your insurance provider will still be able to honor those commitments for the length of your disability, so it is best to deal with insurance companies that are financially strong.

Your goal is to ensure that you are purchasing a policy from a solid disability insurance company that will be around for years to come. This is why disability insurance reviews, measuring the financial strength of an insurance company, are important.

TIP: Most insurance companies are able to pay the promised benefits and meet all of their obligations, but the better disability insurance providers are able to withstand any economic conditions.

How to Check Ratings and Reviews of Disability Insurance Company

Checking the viability of your disability insurance company can be as easy as going to your computer. There are a number of things to look for in disability insurance reviews:

  1. Check to be sure that the company and the agent you have chosen are both licensed in your state. Do this by contacting your state’s insurance department. An online source for contact information for all states is the National Association of Insurance Commissioners or NAIC, an organization of insurance regulators from each state.

  2. Make sure you are going with a disability insurance agency that is reputable and financially strong. Several services rate the financial strength of companies. Rating information can be obtained from your agent, public libraries or on the web. Companies such as AM Best, Moody's Investor Service, Standard & Poor's, Duff & Phelps, and Weiss Research provide ratings of not only disability insurance companies, but other insurance carriers. Each service uses a different rating criterion. Therefore, read the ratings definitions for each.

TIP: Stick with companies that meet the service's criteria for being in the top categories--such as "excellent" or "very good" (or A+ to A). Also, be sure that any ratings you use have not been lowered since the publication date of the source.

Make sure you read any online reviews or customer feedback that is available for the disability insurance agency you have selected. The best disability insurance carriers will have a following of customers willing to post good stories!

Once you have selected a policy that is right for you and have found a disability insurance company that is solid and financially strong, you are ready to get a policy. To start shopping with a free disability insurance quote, click here to visit the Free Advice quote center today.

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