Finding the best life insurance company, really depends on what type of cover you are looking for now, what you may need in the future, and whether you can bundle your insurance together to save multiple policy fees.
Who is the best company?
Each insurance company has its’ specific strengths and at certain times their product ratings from independent insurance research houses may change from time to time because of product innovation or lack thereof, and product ratings will change from insurer to insurer.
One company may have the best Income Protection rated policy one year, and through product innovation another company may have a better rating the following year.
Some companies may enhance their products and some may take a little longer to do so, so unless you get your timing and analysis right, it’s almost impossible to find the best product or to determine who is the best life insurance company at any one time.
Look for retroactive benefits
When insurance companies upgrade and enhance a particular product, they are not always guaranteed to give to existing policyholders, who can be left with outdated insurance cover. However, Retroactive Benefits (a similar term may be used) in a nutshell, means that when an insurer releases a product enhancement, it is passed back to existing policyholders and that will help keep your cover up to date.
The best thing about have retroactive benefits is that do not have to move to another insurer because your cover gets so outdated, however, there are times when moving to another insurer is completely justified, but this should only be done using with a professional financial adviser who can assess what advantages and/or disadvantages there are, if you were to move insurers.
If you need to move insurers, your current health will need to be re-assessed by the new insurer, so if your health has deteriorated or you have new injuries or conditions, they may be excluded with your new insurer, or they may charge you an additional premium to cover any new medical conditions you may have.
How do you find the best insurance company?
The best thing you can do is find a good adviser who will find the best insurance company and cover for you. Your adviser should have access to a range of insurers. Advisers can pay good money to access independent research data, that you would not have access to, and this will help them with their recommendations.
A financial adviser will also provide you with a Statement of Advice document which will include an explanation as to why they recommend the insurer and benefits quoted to you.
You can find the best insurance company by finding a good adviser first. If you have any questions or need insurance advice, please contact us anytime.