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

Apr 8, 2019

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

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    SParker, Apr 10, 2019
    #12
  3. Lloyds of Lubbock
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    Lloyds of Lubbock Super Genius

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    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.
     
  4. Lloyds of Lubbock
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    Lloyds of Lubbock Super Genius

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

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  5. rickieb65
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    rickieb65 New Member

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    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.
     
  6. shooter
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    shooter Guru

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    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.
     
    shooter, Apr 13, 2019
    #16
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