Is it worth the extra cost to choose MassMutual over Principal or Lincoln?
I’m thinking about increasing our life insurance coverage. Currently, both my wife and I have $1 million policies with Lincoln and Principal for 20 years.
Our broker suggested we switch to MassMutual, but their quotes are considerably higher than those from Principal and Lincoln. MassMutual is rated A++, while the other two are rated A+.
Given that we’re both healthy and have the best possible ratings, is it worth paying the higher premium for MassMutual?
All the companies mentioned here are capable of paying claims. The practical difference between an A+ and A++ rating is negligible for the average consumer.
Remember, Standard and Poor’s gave AIG high ratings before the subprime mortgage crisis in the late 2000s, so these rating agencies aren’t infallible.
I always choose the top-rated insurance carrier. It’s not worth risking my family’s security just to save a few dollars. Do you think that risk is worth it?
I deleted my comment after reading this, follow this guy’s advice . If you’re interested in seeing the financial reports for these three companies, just DM me and I can get them ready for you.
But anyways, the risk of a death claim not being paid because of bankruptcy? There are protections in place for that, and the difference in financial stability between an A++ and an A+ rating is minimal.
