Why does the financial strength rating of an insurance company from a third-party rating agency matter when shopping for life insurance?

Third-party rating agencies are groups who rate the performance of other companies within a specific industry based on specific factors and criteria. These ratings are widely used by industry veterans to make comparisons of companies within the same operating industry. The top five financial strength rating agencies include: A.M. Best, Fitch, Moody’s, Standard and Poor’s, and Weiss. A strong financial strength rating ensures the death benefit will be paid out and timely and also ensures quality customer service.

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