I recently appeared on Steve Savant’s Money, The Name of the Game. This is episode 4 of a 5 part series regarding Voluntary Benefits. Below are excerpts from the press release announcing this episode. You can listen to the audio as a podcast or watch the video that appears at the bottom of this page.
Not all Voluntary Benefits insurance companies are created equal. Your Voluntary Benefit policy is only as good as the company you bought it from.
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.
There is a multitude of Voluntary Benefits insurance companies in the marketplace with 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 is 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 on 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 AM Best and Moodys 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 this article to help you make the best decision for your family.