I received word today that one of the health insurance carriers in Georgia has failed. The company – Imerica – offered very low rates and comprehensive coverage, but it had very weak financials. It is expected that Imerica will be liquidated within the next 30 days.
As an independent agent, I received several offers to represent Imerica, but I decided not to do it. I only purchase insurance from “top-tier” carriers and that is what I advise my clients to do as well. A company must have strong financial ratings, not only from AM Best, but from other independent rating agencies.
It is always best to carefully consider a company’s financial strength when purchasing an insurance product — whether it is life, health, long-term care or disability insurance. Always ask about an insurance company’s financial strength, history and outlook.
Greg Sanders — Peachtree Insurance Advisors — 678-236-1600 — www.insuranceadv.com
