When you’re in the market to get coverage for funeral expenses, there are a few choices to make. Each provider is different from others in some ways. Some would cost you more, while others have a high acceptance rate. But what are the primary metrics you should be looking for?

Gary P. Cubeta of Insurance for Final Expense will help choose between AARP final expense insurance and other carriers’ similar policies.

This article explains the basis for comparing final expense insurance providers and finding the right provider to deal with.

Check the Financial Stability

The first thing you should do is carry out some research on the final expense insurance market. Look for the companies that are offering insurance policies. There will be national companies like AARP, Colonial Penn, and local companies that operate within a state or city.

You can get started with a simple Google search. Most of the information will be available online.

Among all the other things, you should look for the financial stability of the company. If the company is financially healthy, it can fulfill the claims efficiently and quickly. An unstable company, on the other hand, will find it harder.

The overall liquidity ratio is the metric to look for when determining an insurance company’s financial health. You can calculate the ratio yourself or get the information from an agent.

Compare History and Reputation

When researching about the companies, it’s worth learning about their history and reputation. These will help you check the reliability of a company.

Ideally, the older a company is, the more reliable it will be. Newer companies can offer competitive pricing but are on the unreliable side.

Similarly, you should check for reputation by going through the reviews. One simple Google search will provide you with hundreds of review results. These are mostly posted by real people who have availed services of the company.

You’ll find a mix of positive and negative reviews. But if the positive reviews outnumber the negative ones, it implies the company is reputed.

Type of Policies on Offer

When comparing companies, it’s essential to look at the final expense policies each one of them offers.

Most companies offer both Guaranteed Issue and Simplified Issue insurance plans. If a company is offering both, then you have the flexibility to choose from.

Another type of final expense policies can be categorized into the following:

• Level death benefit

This type of policy offers the same payout regardless of if the person passes away soon after taking up the policy.

• Graded death benefit

Graded death benefit policies offer a reduced amount if your death occurs soon after you purchase the policy. The policy matures only after two to three years.

• Guaranteed acceptance

Guaranteed policies do not pay the death benefit for the first two to three years. So your family members would have to wait for that period.

You should pick a policy and company that you prefer.

Compare Quotes

It would help if you got quotes from each company. You’ll receive these from the agents and brokers you’re dealing with. They will offer you a quote after you’ve submitted the application form.

Not all companies will offer the exact quotation. You should compare the quotes and pick the cheapest one, preferably the one that is within your price range. Because of this reason, it’s essential to estimate the face value amount – in other words, the cost of your funeral.

Compare Terms and Conditions

It would help if you didn’t judge a policy by looking solely at a price. Read the terms and conditions page before making the final call.

Insurance companies often have a long list of terms and conditions that you need to comply with. And they won’t disclose all of it either. You need to sit with your agent and get the details in brief. Once you sign and become a customer, you essentially agree to whatever is written in the T&C section.

Check for Offers (Bonus Basis)

From time to time, insurance companies run offers to attract clients. It might be no processing fee or reduced premium charges. You need to check for the offers available and select a company accordingly.

But it shouldn’t be prioritized over other factors mentioned above. Treat it like icing on the cake.

By working with an independent agent like Gary P. Cubeta of Insurance for Final Expense, you can decide whether to buy AARP final expense insurance policy or Colonial Penn. With proper communication, they will guide you to the suitable carrier to deal with