Looking for a life insurance company that will offer services to your employees? When selecting a company, you need to look not only at rates and coverage but also at the individual company's rating. The rating gives a clear indication of the financial viability of the company, letting you know whether the company can stand behind the policies it writes.

Independent analysis companies that rate insurance companies include A.M. Best Company, Standard & Poor's, Moody's, Weiss Ratings, and Fitch. The uniform rating system can help potential buyers easily compare one life insurance company to another.

Consider this other information:

1. Most insurance companies offer group term life insurance instead of whole life insurance, usually until age 65, for policyholders.

2. Let employees know that enrollment in group life insurance depends on continuing to work for the company. Also, a life insurance company of Virginia also may waive a medical exam for group insurance.

3. Are you going to be supplying part or all of the premium for your employees? When comparing life insurance rates, make sure you're comparing similar policies with the same benefits.

Action Steps
The best contacts and resources to help you get it done

Access Virginia life insurance ratings information

Does the life insurance company you are considering make the grade? What's the financial outlook? All that and more can be determined from company ratings. A, B, C, D, or F ratings and positive, negative, or neutral outlooks can help you whittle down choices and arrive at a final decision.

I recommend: Purchase ratings reports from A.M. Best Company. Check out Standard & Poor's ratings for life insurance companies.

Read reviews of life insurance companies

Don't put all your stock in an online company review, as you're never quite sure who is writing the review and whether he or she may be prejudiced. But go ahead and read it, nonetheless, as part of your decision-making process. You may find something interesting that may affect your final decision.

I recommend: Gain access to more than 100 reviews of Virginia life insurance companies from FreeAdvice. Find articles, guides, news, and life insurance company reviews at FiLife.com.

Get helpful advice and ratings on Virginia life insurance

Check out blogs by those who work in the insurance field. Many credible blogs offer helpful, unbiased advice and don't push any certain product or company.

I recommend: Find ways to save money on life insurance options via Insurelane. Check out LifeInsure.com for ideas, tips, and news about life insurance.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Advise employees that they have 10 days to review policies on life insurance, and Virginia law allows them to return the policy and receive a refund on the premium paid if they decide against keeping the policy.

There are many different kinds of Virginia life insurance including term, whole, universal and annuities. Decide which is best for your business needs.

If you are attempting to protect your business in case of death of a key employee or board member, term insurance is usually the best option. Whole and universal life policies for your employees afford them with the peace of mind that their families will be protected should the unthinkable happens. The premium on these policies does not increase, making it easier to maintain them. Annuities are not life insurance. Their aim is providing an income during retirement years. Usually they end with the person's death, unless there is a provision for a beneficiary.

Life of Virginia insurance company details plans for each of these events.

1. Choose life insurance companies that offer term life insurance policies.

2. Select whole life insurance for added benefits.

3. Find out how annuities create piece of mind in retirement.

Action Steps
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Choose term life of Virginia for your business needs

Most life insurance companies offer term life insurance. They differ in the terms of the policy itself such as number of years it lasts and payment amount. Term life insurance is a good option if the event you are covering will only last for a period, for example take a term life policy for 20 years term until you pay off your mortgage.

I recommend: New York Life offers a new family protection term life policy with innovative features such as ability to increase the face value and conversion privileges. This means that when the term ends, you can convert to whole life without having to prove insurability.

Advise life insurance company of Virginia of your whole life needs

Life insurance company of Virginia whole life policies offer cash value and a premium payment that never increases. If you do need money for college education or a new home, you can borrow against the whole life policy.

I recommend: SBLI whole life insurance policies provide guaranteed cash value, the freedom of knowing you never have to renew or convert your policy, and peace of mind knowing someone will be there to help with burial costs when that event happens.

Let life of Virginia insurance company annuities give you retirement income

Life of Virginia insurance company annuities are contracts between an individual and the insurance company. The person pays the insurance company a single amount or a series of payments and the insurance company pays the person an income to start at a predetermined age, usually when he retires. The annuity interest is tax deferred until the person begins to draw.

I recommend: Most Choice explains and answers all annuity questions and provides a quote based on your individual information. Fill out the form and receive your annuity quote.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Make sure the term life insurance policy you take out is convertible in the event you become uninsurable. You can then convert your term life policy to permanent insurance without proof of insurability.