Considering switching life insurance companies? Consider these tips before you make your final decision. Financial strength, Policy options, customer complaint ratio, and product diversification all factor into your decision. Principal consistently maintains competitive rates across all age groups. Its rates are well below industry averages, and they’re one of the few companies with a lower premium for every age group. Read on to learn more about this insurance company. We’ve also provided a comparison chart for you to compare premiums.
Financial strength rating
AM Best has affirmed the A+ Financial Strength Rating for Principal Life Insurance Company. AM Best rates the insurance company on its balance sheet, operating performance, business profile, and enterprise risk management as strong. It rates the company’s long-term issuer credit ratings as A+, which indicates strong ability to meet its ongoing obligations to policyholders. Principal also enjoys an excellent rating from Fitch, which rates it Aaa.
The company has consistently maintained an A+ financial strength rating, and its complaint index is very low (only six in 2019). This low complaint index makes Principal one of the best life insurance companies in the U.S. Principal has an “A+” rating with the Better Business Bureau. It has great customer service, has above-average customer satisfaction, and offers extensive educational content about life insurance. Its customer service representatives strive to resolve complaints quickly.
Principal Life Insurance Company offers many different policy options. Term life and universal life policies can be purchased by anyone from ages zero to 85. Universal life policies offer the ability to adjust the face amount of your policy at any time during its term, which can be convenient if your circumstances change. Another great feature of Universal life policies is that you can accumulate cash value in the policy. This cash value can then be used when you need it most.
Although some consumers find their policy options limiting, the company consistently outperforms its competitors in consumer satisfaction, financial stability, and complaints. While the company has a relatively small policy selection compared to other insurers, the rates are still competitive. Additionally, many consumers have been able to get approved for an insurance policy within a few days using their application, thanks to the company’s advanced underwriting. The insurer doesn’t require medical exams or lab tests, which means that consumers with poor health may be able to qualify for a policy quickly.
Health Insurance Help Straight From The Experts
Just like any other important purchase, dealing with health insurance may seem complex and daunting, but that need not be the case when you follow the tips provided here. Don’t waste any more time wondering what insurance to buy. Check out the powerful and practical information in the article below.
Health insurance may not completely cover the cost of birth control or well-woman visits with your physician. An alternative to a regular gynecologist is Planned Parenthood, which offers exams, counseling and birth control on a sliding scale, meaning the amount you are charged is based on your ability to pay. County health clinics may also offer these services.
Sign up for a flexible spending account. If you are paying for your own health insurance costs, consider the move to an HSA. An HSA is a Health Savings Account that you can contribute towards, tax free, and then withdraw the money, also tax free, for any medical costs you face.
Consider a low-cost plan if your job is not stable. Government health insurance policies will offer you the same coverage should you lose your job, but you have to cover the entire cost of the premium yourself. In tough times, make sure you can afford to pay your policy should you need to leave your workplace.
Look to catastrophic coverage instead of comprehensive coverage if you are looking for cost savings on your insurance. Comprehensive coverage will give you prescriptions and doctors visits, but catastrophic will cover more expensive medical bills from hospital stays or emergency room visits.
Preemptive care is perhaps your best bet if you hope to save money on your health insurance policy in the long term. If you think you’re coming down with any serious illness, it’s better to go get checked out beforehand than to wait until it happens. A lot of illnesses out there can be treated in their early stages a lot more effectively.
If you are unsure about what you are reading in the health insurance policy that you are considering, do not hesitate to have someone else read over it. You do not want to be surprised down the road when you learn that something is not going to be covered and you are going to have to pay for it out of pocket.
When searching for the best health insurance plan for your specific needs, consider using the services of an independent insurance broker. A good broker will understand the fine points of a wide range of insurance policies and can help with the legwork needed to shop around for the best rates. In addition, a good broker is likely to know of a much broader swath of plans and providers then you will find on your own. Just make sure any broker you consider is credentialed with the National Association of Insurance Commissioners (NAIC).
Some states offer lower cost health insurance options if you meet certain income requirements. They are worth checking out if you’re on a budget. These plans can be especially helpful for independent contractors who need to insure their family. Contact your local insurance agent, or even your local Social Services office, to find out more.
Even if you have health insurance, don’t be afraid to negotiate with your doctor for your out of pocket costs. Some policies carry a high co-pay, especially for hospital stays and surgeries. Many doctors will reduce your total cost for these things if you ask in their office.
Make sure you know how much you’re paying into your employer-supplied health insurance. If you end up losing your job and enrolling in COBRA you’ll probably end up paying the full premium you pay now, so knowing how much you’re already paying will prepare you for the worst when the time comes.
Look for a policy that has limitations to your out of pocket expenses, in the event of a catastrophic illness or injury. Catastrophic illnesses are the most costly and your out of pocket expenses can add up quickly. If your policy places a limit on your out of pocket expenses, it can have a positive effect on your financial situation.
As you can see from the powerful tips included in this article, the health insurance maze is not as complex or as daunting, as many people believe. It’s time to stop wondering what to do and start using this advice to deal with the important purchase of good health insurance.