Applying for life insurance can entail a lot of variables – both on the part of the applicant, as well as the part of the insurance carrier.
Certainly, the insurance company will want to review as much information as possible regarding the applicant for coverage so that they can ensure that they are not taking on too much risk in terms of having to pay out a potential – and costly – claim.
But as someone who is applying for the future financial protection of their loved ones, it will be essential as an applicant for coverage to also do some research on the company that you choose to underwrite your life insurance policy, too.
This is because you will want to make sure that the insurer is strong and stable financially, and that it also has a good reputation for paying out its policy holder claims. Otherwise, you could essentially be leaving those you care about in an uncertain financial situation if the unthinkable should occur.
One life insurance company that is well known for having a good reputation in the life insurance industry – and that also provides a wide array of insurance coverage products for its policy holders – is Matrix Direct.
This company, however, does not supply the actual insurance coverage itself, but rather it provides many options by providing access to numerous highly rated life insurance carriers.
History of Matrix Direct Life Insurance Company
Although Matrix Direct has not actually been involved in the life insurance industry for a long period of time, the company provides an innovative way for its customers to become educated about life insurance – as well as for finding the right product for them and their specific coverage needs.
This is because Matrix Direct offers life insurance through a number of different life insurance carriers – and because of that, there are many different options that customers can choose from to meet their various needs.
Matrix Direct came into the insurance industry in 1995. Its reason for inception was due in large part to the demand by consumers for a better and a more simple way of obtaining term life insurance coverage. Because of this need,
Matrix Direct created a way to provide high quality term life coverage in a highly affordable manner – and, since that time just over 20 years ago, the company has served in excess of 7.5 million customers.
Throughout the years, the company has placed more than $146 billion in just term life insurance coverage alone – which essentially makes it one of the most recognized names in the life insurance industry today.
This term life insurance coverage is provided via numerous highly rated term life insurance carriers. Consumers who visit the website of Matrix Direct are initially educated with in-depth information about life insurance in general, as well as what may best fit in with their specific life insurance protection needs.
By having very personalized information available to them, it is much easier for a potential customer to narrow down just exactly the type and the amount of term – or other type of – life insurance coverage that will fit in with their life insurance goals and requirements.
Yet, while there is a great deal of information available directly on the Matrix Direct company’s website, there are also customer service reps available via phone and email who can answer any additional questions or concerns that a potential or an existing policy holder may have.
In addition, licensed life insurance agents are also available via Matrix Direct. These agents will work directly with customers in order to listen to their coverage needs, and then they will closely match a life insurance product – or products – to best fit the protection that is required.
Review of Matrix Direct
Matrix Direct represents a number of highly rated life insurance carriers. Just some of these companies include the following:
- American General Life Insurance Company
- Gerber Life Insurance Company
- Fidelity Life Association
- Globe Life and Accident Insurance Company
- Prudential Life Insurance Companies
- Transamerica Life Insurance Companies
- VOYA Financial
- Legal and General of America
- Americo Life Insurance Company
- Mutual of Omaha Insurance Company
- SBLI (The Savings Bank Life Insurance Company of Massachusetts)
Matrix Direct, like Primerica life insurnace, has ensured that each of the life insurance carriers that it represents is highly rated by the insurance company rating agencies.
This helps the company to be more assured that its own customers are getting high quality life insurance coverage from strong and stable insurance companies that will be there if and when the time comes for filing a claim.
All of the insurance carriers that are represented by Matrix Direct are rated between A+ and A- by the rating agencies – meaning that they have earned one of the top three possible ratings.
Because of this, consumers can be assured that these carriers are known for being financially stable, as well as being very well respected for paying out their policy holder claims when that time has come.
Life Insurance Products Offered By Matrix Direct Life Insurance Company
Matrix Direct provides access to a variety of different types of life insurance coverage. These include the following:
Term Life Insurance
Term life insurance is known for being the most basic type of coverage that is available. This is because with term life, the policy holder gets pure death benefit protection, with no cash value build up.
Because of that, term life insurance can typically be extremely affordable – especially if the applicant is younger and in good health.
However, it is important to keep in mind that term life insurance policies will be purchased for a certain length of time, and then they will typically expire. For example, many term policies are purchased for 5 years, 10 years, 20 years, or even for 30 years, after which the coverage will end.
At that point, the insured will need to obtain coverage again if he or she wishes to remain covered. The new insurance, however, will be based on the individual’s then-current age and health – unless the policy allows them to convert the policy over to a permanent form of insurance without having to prove their insurability.
Whole Life Insurance
Whole life is a type of permanent life insurance product. This means that the insured will have death benefit protection, along with a cash value build up.
This cash balance grows on a tax-deferred basis, which means that the policy holder won’t have to pay taxes on the gains until the time they are withdrawn.
With a whole life insurance policy, the death benefit, as well as the premium amount, are typically guaranteed and locked in. Therefore, the insured can generally count on always having coverage – unless they stop paying their premium – in which case, the insurance company can cancel the policy.
Return of Premium Term Life Insurance
With a return of premium term life insurance policy, the insured is able to purchase a policy whereby if he or she survives the entire length of the plan, then they will be eligible for a return of the premiums that they have paid in – essentially deeming the insurance coverage free.
(There is typically an additional charge for the return of premium option as versus simply purchasing a regular amount of comparable term life insurance).
Universal Life Insurance
Another form of permanent life insurance coverage is universal life. This type of coverage will also provide both death benefit protection and a cash value component within the policy.
However, these types of policies are considered to be more flexible than whole life. This is because the policy holder is allowed to decide – within certain parameters – how much of their premium deposit will go towards the cash value, and how much will go towards the death benefit.
Accidental Death Life Insurance
Accidental death coverage will provide an additional payment to a policy beneficiary if the insured dies as the result of a covered accident. This type of coverage will oftentimes actually be provided as a rider to an existing life insurance policy.
No Medical Exam Life Insurance Coverage
No medical exam life insurance is a type of coverage that can be purchased without the applicant having to undergo a medical examination as a part of the underwriting process.
These policies are oftentimes an option for someone who may have an adverse health issue, as the individual may have an easier time qualifying for the coverage.
It is important to note, however, that the premium that is charged on no medical exam coverage is typically higher than that of a comparable “medically” underwritten policy. However, in some cases, the no medical exam plan may be an individual’s only way of obtaining the life insurance coverage that they need.
Other Insurance Coverage Options
Matrix Direct offers other insurance coverage options. For example, some of the carriers that are represented by Matrix Direct provide disability insurance. With this type of insurance, a person can obtain a monthly income if they are unable to work due to a covered illness or injury.
How Much Does the Coverage from Matrix Direct Cost?
There are a number of different things that can make up the total cost of one’s life insurance policy.
Because Matrix Direct works with so many different life insurance carriers, the actual products, features, and benefits – as well as the premium rates – can vary substantially. The actual cost can also be dependent on the age and the gender of the applicant, as well as their health condition.
Because the premiums between carriers can differ substantially – even with all other factors being equal – it can oftentimes make sense to compare several different company’s quotes in order to determine which may offer a better price.
This is because it can make quite a difference in what you pay overall, especially if you end up keeping the policy for many years.
Getting the Best Premium Quotes on Coverage from Matrix Direct Life Insurance Company
When seeking the best premium quotes on coverage that is offered by carriers that are represented via Matrix Direct, you could go through this particular company. You could also go through an independent company or agency that can help you work on a more personal basis.
This is especially the case if you have a specialized situation or a higher risk case situation where you may have a health issue and need to speak with someone who can walk you through the process. If this is the case, we can easily assist you.