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Synopsis: As the perceived need for Voluntary Benefits has increased, consumers are looking for ways to protect their families. It is critical that they choose their insurance company carefully. Watch part 4, Checking Out Insurance Companies, from the series on Voluntary Benefits with benefit expert Tim Martin.
Content: There are a multitude of Voluntary Benefits insurance companies in the marketplace and more entering all the time. So how do you know which company to choose to protect your family? The following items can be used as a guideline.
Claims payment – Let’s face it, most consumers feel the most important thing to consider regarding any insurance company is how hard is it to file a claim and how quickly will it be paid. It is also critical that the claim be paid fairly. Many consumers also want their insurance agent to help them navigate through the claims process. In today’s age there is no reason to not do your research. But remember every insurance company in the world has someone that is upset with them. Are the reviews more positive than negative?
Rate stability - Most Voluntary Benefits insurance companies reserve the right to change their rates based on many factors, but they can’t single you out. They have to raise the rates for everyone who has the same policy that you do. A little research should reveal how often this happens.
Brand name – Surprisingly this is not a major factor. Do you care if you blow your nose with tissue or Kleenex? It does the same job. Just because you see their commercial incessantly doesn’t make them better. Conversely, just because you haven’t heard of them, doesn’t necessarily make them bad. Often smaller companies are able to offer more innovative features and benefits. They are better positioned to meet the ever-changing realities of the overall insurance marketplace.
Customer service – No one likes to be on terminal hold. A quick way to discover the company’s dedication to service is to call their hotline and see how long it takes you to get to a real person.
Financial stability – It is important that when you make a claim the insurance company is still in business. There are several rating services such as A.M. Best and Moody’s that consumers can use to make their decision.
As consumers realize the importance of Voluntary Benefits, they are often overwhelmed by the array of companies they have to choose from. With a little research this decision doesn’t have to be paralyzing. Just use the article cited below to help you make the best decision for your family.
Tim Martin is co-contributor to this press release. Reprinted with permission and first appearing on Success is Voluntary - Mastering the sale of voluntary benefits
