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Life Insurance Company Ratings.
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Posted On :
May-02-2011
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Article Word Count :
425
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Inform recommends online insurance plans from a wide range of insurers. We select only value-for-money options, so you can avoid low grade plans that bring nasty surprises at claim time.
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When setting up a nz life insurance policy and comparing the different options, there are a number of considerations. For example cost is always important, as are the plan terms and conditions (as these can vary). Something else that is important to check is the financial strength rating of the life insurance company that you are considering.
In New Zealand, life insurance companies are not obligated to have a financial strength rating (this is not a requirement for life or health insurers), however many do choose to go through the assessment process and receive a rating. When life insurers do have a financial strength rating, it will usually be from one of two major independent ratings companies - Standard & Poor’s and AM Best.
Standard and Poor’s has been operating for over 150 years and operates in 23 countries. Standard and Poor’s offers a range of services and is well known as a provider of independent financial strength ratings for major organizations. In New Zealand, some of the insurers that have financial strength ratings from Standard and Poor’s are AIA, AMP, and AXA.
The other major ratings company used by New Zealand health insurance companies is AM Best. AM Best has been operating for over 100 years and has offices in the United States, United Kingdom, and Hong Kong. AM Best has an insurance industry focus and provides a wide range of services relating to the insurance industry (ratings, reports, etc).Life insurance companies in New Zealand that have AM Best ratings include Fidelity, Sovereign, and Tower.
Both ratings companies are highly regarded and the ratings that they provide are a very good indication of the claims paying strength of the insurer you are considering. If you are weighing up which life insurer to choose, make sure you check the independent rating of the insurer – this will help to make sure you have confidence in the long term stability of the insurer you are using.
People set up life insurance for a range of reasons. Often people will set up helth care insurance once they have children – providing a replacement income in the event of death is very common. Or a mortgage can prompt a need for life insurance – typically couples will protect each other if they share a debt.
Another reason that people set up cover is to provide for funeral costs. However while this is common, it is often not a particularly good use of life insurance. We’ll take a look at why.
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Article Source :
http://www.articleseen.com/Article_Life Insurance Company Ratings._60994.aspx
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Author Resource :
Inform gives you the best of online nz life insurance plans and health insurance quotes with the the confidence and security of personal, professional advice and service.
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Keywords :
health insurance, life insurance, health insurance quotes , nz life insurance,
Category :
Health and Fitness
:
Health and Fitness
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