Let's Talk Money: You've Worked Hard for It, Now Make It Work for You

by Monika Halan

The problem is deep and wide, which is why there are insurance ratings available to help you choose. But some ratings can be compromised due to conflicts of interest, so take that as a starting point, but use the material in this chapter to ask questions and do your own due diligence. As you look at the ratings online, the most important thing to know is that the cheapest policy is not necessarily a good plan. Agreed that a low premium is good and an important factor in your choice of a policy, but it is not the only factor. Look at the policy as a three-part decision. One, how does it perform on the metric of price. Two, how does it perform on the metric of benefits. Three, how does it perform on the metric of claims. You may have the cheapest policy with the best benefits, but if the company’s claims policy rejects a large number of claims, the policy is not of much use.