NY - if an insurance company goes under....

[toolbelt]

Insurance company failures are rare enough for most people not to have to worry about them.

If there is any concern about a particular company, one can find out it's financial rating from the A. M. Best website.

AM Best Company

Learn more about A. M. Best at:

AM Best - Wikipedia

The only thing is, Best compiles data after the fact and a lot can change year over year, so its not totally a panacea.

 

[SParker]

If you have access to Vital Signs you can run a report,

Thanks All for the feedback, much appreciated.

Lloyds, is this what you are referring to when you mentioned Vital Signs?
Insurance Software Solution | Insurance Software Development -Ebix

A platform that allows me to run my own whole life policy quotes across different carriers? Or this is to compare ratings only?

 

[Lloyds of Lubbock]

It compares ratings and financials.
I get in through a different portal but I believe it is the same thing.
When I need an illustration comparison, I have to run all of them separately.

 

[Lloyds of Lubbock]

I think you are only getting one page of the 4 page report.

 

[rickieb65]

Life companies are regulated state by state so be careful When you buy or sell real problem is illustrations are often MUCH to aggressive on assumed future claims makes illustration look better when purchased but will probably run out before the projected date.

 

[shooter]

One issue that gets over looked when a company gets taken over
by regulators.
You may not lose your cash value.
But, you could not have total access to it for a time period
during the sale of the company or if it is taken over by another
carrier.
This happened to people when Executive Life went under.
People weren't able to get to there cash in Life, or Annuities contracts
for some time.

I would say the company rating matters a lot.
But, even if a company is rated A+ by Best, is not a guarantee that it is
financially sound.
Executive Life was at one time and so was Mutual Benefit I believe.
Just my 2 cents worth.