For those of us that sweat the details when it comes to buying term life insurance online, this is what you should know about the rating of the life insurance company you chose to cover you and your loved ones.

Assumption Life has been around since 1903….. that’s a long time. If you can do math in your head, that’s 117 years old. You really want your life insurance company to outlive you. dropdead term life insurance is Assumption Life’s friendly face to get the best online term life insurance in Ontario.

Two important points to keep in mind when thinking about life insurance company finances:

First, life insurance companies are highly regulated, and bankruptcies are rare. If an insurance company can’t meet its obligations, the insurance commissioner in the province where the company is headquartered will initiate a process called rehabilitation. If the company can’t be rehabilitated, it will be declared insolvent and liquidated. Then, the regulators will continue to provide coverage and pay benefits to policyholders. Or the company will be bought by a different insurance company and the policies and benefits will continue to be paid.

Second, know that you can get a sense of their financial stability before you buy coverage based on ratings from third-party agencies to avoid this situation.

Why life insurance company ratings matter

Life insurance companies receive ratings from independent agencies based on their assessments of the insurer’s financial strength and claims-paying ability. The higher the rating, the higher the rating agency’s assessment that the insurer will be around to pay out the policy to your beneficiaries.

Third-party ratings agencies are evaluating life insurance carriers on the nuts and bolts of their financial strength. Using varying degrees of analytical rigor, ratings agencies evaluate how well-funded an insurance carrier is, how much risk it carries, and its operating performance.

Ratings represent the opinion of the rating agency of the financial strength and ability to meet the contractual obligations of the company being rated, based on the rating agency’s independent analysis.

How to check on your insurer’s financial stability

There are several rating agencies out there – not to mention independent customer review sites – but four of them are most frequently touted to represent the quality of life insurance companies.

Each of the four – A.M. Best, Fitch, Moody’s and Standard & Poor’s – has its own standards and grading scale for rating insurance companies.

A life insurance company will list its ratings from these agencies on the company website. dropdead life insurance offers the best online term life insurance from Assumption Life, one of the country’s oldest and most reliable life insurers. Here is Assumptions financial stability rating:

A.M. Best: A (Superior; top category of 15) I never got an A once in school, but I hear it’s the best!!

How to find the coverage that is right for you

You can never be too selective when your family’s financial security is at stake. Put your insurer through the paces to help access the likelihood it will be there when you need it most. Reviewing financial stability ratings for each insurer is a good place to start when you’re researching term life insurance.

Once you’ve identified the top life insurance companies, dropdead and Assumption Life, it’s time to get covered. No time like now to buy the best online term life insurance available in Ontario. With dropdead you’ll probably be pleasantly surprised at how cheap term life insurance coverage can be.

Don’t wait till it’s too late. dropdead term life insurance is the best and cheapest life insurance solution you could wish for. Get an Online Quote Today.