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  January 15, 2021

The Importance of Working with a Reputable Insurance Company

reputable insurance company

A Good Place to Start

An insurance contract is a contract in which the insurance company agrees to pay the insured, policy owner, or a designated beneficiary for a specified loss (such as property damage, illness, accident, or death) in exchange for payment of a premium. Specifically, people buy life insurance and agree to pay their premiums so that upon their death, their beneficiary may be able to collect the selected death benefit.

A highly-regulated modern industry

The three main areas of focus are the financial solvency of insurance companies, regulation and standardization of insurance policies and products, and the control of market conduct and the prevention of unfair trade practices.1

The National Association of Insurance Commissioners (NAIC) is a vehicle for state insurance regulators to coordinate their activities and share resources and serves as an advisory board for state insurance departments.1

Does that mean all insurance companies are the same?

Considering the heavy regulation, oversight, and standardization in the insurance industry, you might think one insurance company is the same as any other but there’s more to it than that.

When comparing insurers, take high industry ratings into consideration because they demonstrate the company is well-positioned to meet its financial obligations and stay in business. Making sure the insurance company rates well for customer service is also important, as this means they work hard to answer questions and meet your needs. Finally, you will want to work with a company that has a good track record for paying claims. These benefits can be a critical lifeline in the days and weeks after an injury, illness, or loss of a loved one. While these are the fundamental reasons why working with a reputable insurance company matters, there are other reasons to consider as well.

The fact is that today’s consumers have higher expectations of the companies they do business with than just getting the job done. Seventy-six percent report they expect companies to understand their needs and expectations, and say it’s easier than ever to take their business elsewhere to find an experience that meets those expectations.2

At American Income Life Insurance Company, we understand it’s not enough that we have been selling quality life and supplemental health insurance coverage since 1951. It’s not enough that we are a Globe Life (NYSE: GL) company with an A (Excellent) rating from A.M. Best Company for overall financial strength (as of 7/2020). It’s not enough that we serve working families throughout the United States, Canada, and New Zealand.

Of course, our customers care about the trust, reliability, convenience, consistency, and customer service upon which our reputation is based. But around the world, there’s a new conversation happening about what it means to live a good life and how businesses can help make better lifestyles possible.3 According to a survey by sustainability consultant firm Futerra, 88 percent of respondents said they want brands to help them make a difference.3

The author, Simon Sinek, wrote, “People don’t buy what you do; they buy why you do it.” At American Income Life, we get it. Our why is simple: protect working families. We’re not just talking about how our products can help grieving families avoid the financial devastation that may accompany the loss of a family’s income earner. We also help working families with features like our authorized strike and layoff waiver of premium to help them keep their insurance coverage in place. Who needs the loss of that safety net when you’re already down on your luck?

American Income Life also serves as a voice for working families in a time when it can sometimes seem as if “the little guys” are struggling to be heard. As a company, we’re on the front lines to help ensure workers are treated fairly. We support efforts to Get Out the Vote to help people get registered to vote and that those votes are counted. We support causes that are important to working families. We care about the things that are important to families and back those words with action and our financial support.

More than that, American Income Life believes in giving back to the communities where we live, work, and visit for meetings and conferences. No matter where we travel, we seek out local organizations to help with their efforts both financially and with hands-on volunteer projects when possible. Our agents ask for a donation of non-perishable food for local food banks whenever we’re in a customer’s home. From the charitable activities undertaken by our agency offices to our charitable endeavors at the corporate level, we strive to Make Tomorrow Better for those in need.

It’s important to do your homework when you are considering a purchase as important as life insurance to help protect your loved ones. To learn more about our why, visit https://www.ailife.com and give us the opportunity to exceed your expectations of an insurance company.

  1. NAIC, State Insurance Regulation (October 29, 2020)
  2. Salesforce, Customer Expectations Hit All-Time High (November 19, 2020)
  3. Futerra, The Good Life Goals for World-Changing Businesses (November 17, 2020)

Categories: insurance, life insurance, supplement health insurance

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