Financial Strength Ratings & COMDEX Score of Insurance Companies
When evaluating a Disability Insurance Policy, it’s highly recommended that you work with an insurance carrier that has a good track record and a reputation for making smart business decisions. Researching a company’s “COMDEX” score is a good way to help you gauge their financial strength and reliability before making any purchasing decisions.
The COMDEX score is a composite score based on the average rankings of four major financial rating agencies–Fitch, Moody’s, A. M. Best and S&P. On a scale of 1 to 100, a COMDEX score will let you know where the company you’re considering ranks in financial strength and profitability among all other companies that have been rated. Just like a math test, the closer a carrier’s ranking is to 100 the better. Scoring in the 90’s is a very high rating, and it’s commonly recommended that you pick a carrier with a COMDEX score no lower than the mid-80’s.
Fortunately, there are no instances where a major insurance carrier has gone bankrupt leaving its policyholders without coverage. When you are working with a company that is considered to be financially weak, often they will sell their company to a larger insurance carrier at a discounted rate. If this happened, more than likely you would still have a valid insurance contract, but it would be taken over by the new insurance company and they would service your policy moving forward.
Purchasing a policy from a strongly rated, profitable,well-established insurance carrier versus a financially weak institution will lend you more confidence that your carrier will be servicing your policy for years to come in the event you need to file a disability claim. An experienced insurance agent can advise you as to carrier’s COMDEX score as well as other ratings to help you make an informed decision..
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