Okay, you’ve decided to purchase a life insurance policy. Now what? Bill Moller, host of the CLTV financial news show Your Money, suggested viewers“ don’t wait for somebody to try to sell you some company’s policy, you do a little research and pick the company yourself”. He went on to state that selecting a life insurance policy solely on price is also mistake. To assist viewers with this important decision, Moller interviewed two guests on the February 21, 2003 show
Professor J.B. Kurish, an economist who teaches finance at the University of Illinois – Chicago mentioned that the most important concern when purchasing an insurance policy is the financial health of the company and the best method to check on a company is to check it’s ratings with the five major rating agencies.
Patrick Doland, a fee only financial planner in Northbrook indicated that it was important to understand the scoring method used by each company. For instance, Doland indicated an “A+ rating from Weiss Research is their best rating, but at A M Best it is the second best rating. At Fitch Ratings and Standard and Poors, an A+ is their 5th highest rating.” Doland suggests that consumers limit any company being considered to one of the top three ratings quoted by the top five rating companies. In addition to the four firms listed above, Moody’s Investor Service also provides the service.
A Northbrook resident, Doland received a Bachelor of Arts degree from Upper Iowa University and an MBA from the Kellogg Graduate School of Management at Northwestern University. In addition to being a CFP™, certificant, he is also a Certified Cash Manager. Doland provides fee only services in areas including investment management, retirement planning, estate planning, risk management, income tax planning and education planning.
Doland is a member of the Financial Planning Association (FPA), the largest professional membership organization dedicated to supporting the financial planning process. Members provide objective advice and assist individuals in achieving their goals and objectives. The FPA encourages those seeking a financial planner to use a CFP® professional.
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