Life Insurance: Where Are The Guarantees?

I think, opening the policy of accumulative life insurance, everyone will ask a question: “What guarantees the insurance company can give to me? Will fulfill the liabilities?”

It is a quite clear and lawful question. Answering it, let’s consider an example. Let’s suppose you decided to rent a car. You ask a question to seller, whether the car is all-wheel drive, whether it is in good order, how much gasoline in its tank, etc. Based on answers, you decide if it is possible to drive this car.

In the same way we also check an insurance company. There is a number of peculiar features of reliable insurer.

Namely:

- financial history of the company,

- availability of supporting documents proving the legality of their work,

- stability in the financial market, place in the rating of reliability of the company,

- where risks are reassured,

- statistics of insurance payments,

- trust of other participants of the market, personal experience of acquaintances and friends.

Therefore, we recommend check thoroughly each item. Also, a high asset cost which exceeds required insurance reserves of the company, will always be the evidence of financial stability and reliability of the company.

It will be also important to know if that data, which you have obtained, are reliable.

To prove you this fact, the insurance company undergoes every year testing (audit) of financial accounting and reliability of the shown information by independent experts.

It is also important to choose correctly the insurance agent. After all, it is much better to have a consultant who will prompt how to fill in documents correctly for payment, how to deal with this or that current situation. You should choose the reliable person who steadily and for a long time works at the insurance market with the company at which you are planning to be insured.

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