"Is it worth getting quotes from 10, 20 or more insurance companies?"

As of August 11, 2003, 58 Canadian-based insurance companies were rated by Standard & Poor's for their financial strength. Out of 58 companies,

• Only 1 held a rating of AAA
• Only 2 held a rating of AA+
• Only 6 held a rating of AA

It is in our opinion that these are the companies you should be considering, primarily because they hold the highest ratings. At this point, it becomes less apparent why you would want to obtain quotes from 10 or more insurance companies. To illustrate; if you are planning to vacation at a 4 or 5 star resort, why would you bother obtaining quotes for resorts with lower ratings?

 

Always demand a to see a recent printed report showing the ratings of the company whose product is being recommended.

 

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I'm buying term insurance. Why should it matter what company I choose?

 

What are ratings?

 

Why are ratings of extreme importance?

 

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