I deeply respect Matrix Direct.
I’d even go so far as to recommend them, in some cases…
The exception would be if you’ve ever had a health issue, currently use any form of tobacco, are overweight, or are involved in any activity that could be considered risky, such as travels or occupation.
Learn How Matrix Direct Sells Life Insurance
Life insurance agencies are not all the same.
Some companies are very conservative in how they rate prospective clients, especially those with health issues. Health problems are abundant out there, and some companies will penalize you for health issues such as if you’re taking blood pressure medication, while others won’t.
Some companies will treat you as a smoker if you chew tobacco while others won’t. So yes, there is a big difference between some companies over other companies.
Matrix Direct Insurance Services is one agency who can help you sort through your medical issues and recommend the best carrier for you… most of the time.
An Overview of the Company
I think this is a pretty decent company that has a lot of good things going for it. I know you might be a bit skeptical, but hear me out and you’ll agree that this is a company that deserves your consideration.
Matrix Direct Life Insurance is a relative newcomer in the insurance industry, but even though they’ve recently been formed this company has built up a solid reputation and has been well received by their clients.
The key to their success is that it represents 4 very well established and reputable companies, which are American General Life Insurance, Transamerica, Prudential, and ING. The company was formed in 1995 and is based in San Diego.
Matrix Direct Life Insurance Rating
Many people are under the impression that since all insurance companies tend to be somewhat conservative, they are all seen as financially sound. Although insurance companies largely have a good traffic record in how they invest their money and have knowledgeable people working for them, sometimes they make mistakes or get hit with big losses. In this respect they are really like any other company in other industries.
Before you choose an insurance company, it really is important that you ensure they are financially sound. Insurance companies get financially rated like any other company. Some of the outfits that perform these rating include rating companies such as Moody’s, A.M. Best and Standard and Poor’s, but there are others as well.
How does Matrix Direct rate? Since Matrix Direct represents companies, the company itself does not have a rating with the rating companies, but the companies it does represent do have a rating. These companies, as rated I by A.M. Best, break down as follows:
- American General Life Insurance – A
- Transamerica – A+
- Prudential – A
- ING – A
This means that all these companies are financially healthy and are very stable companies.
Why Matrix Direct is Not a Scam!
One of the biggest things that Matrix Life Insurance has going for it is its reputation in providing excellent quality customer service. This company is listed with the better Business Bureau and they are rated as A+ which is about as good as you can get and speaks well about the customer services provided.
They also have a link on their site which allows customers to rate their service which is a very novel innovation.
So far Matrix Direct customers have reviewed and given the company a rating of 4.7 stars out of 5 stars. The company asks their customers to rate them based on 1. Agent Knowledge 2. Ease of doing business, and 3. Customer Service. Additionally the 4 top reasons why Matrix Direct clients like their service include 1. Affordability 2. No sales pressure 3. Informative 4. Quick Approval.
Their site is also user friendly and they have some easy-to-use platforms.
These include easy to use on-line application forms, digital medical exams, and quick e-policy delivery. The company also has a feature which allows for the use of voice signatures for some selected policies. All these features do a lot to enhance customer service.
What I Dislike about Matrix Direct
My only criticism in my Matrix Direct review is that it is somewhat restrictive because it represents only 4 companies.
What this means is that it limits a client’s options in finding more affordable rates especially where some health related issues are concerned. There are several hundred life insurance companies out there. Some are more progressive when it comes to rating a person who has a treatable medical condition.
Example: 45 Year Old Male is 6’0, 220 lbs. Needs $500,000 for 20 Years
Best Quote from Matrix: $763 per year with ING/Reliastar
The “True” Best Quote Available: $661 per year with Genworth
Conclusion: Matrix’s quote is 13% higher because they don’t sell Genworth policies.
The explanation for the above savings an agent like me could provide is that Genworth, a company who most independent agents offer, is by far the most lenient carrier on earth for people who are “big boned”. At 6’0, 220 lbs, our sample applicant can only qualify for the 2nd or 3rd best health ratings at ING, Transamerica, American General, or Prudential, the insurance companies used by Matrix Direct.
But at Genworth he qualifies for their best rating as you see in the chart to the right.
However, I have not heard complaints about their customer service as I wrote about in my Select Quote review.
So, if you have a medical condition you don’t really have access to all best life insurance coverage options, and you most certainly don’t have the ability to find a company that will give you the best rates.
The best way to find the best life insurance company and to get the best rates is to use the services of an independent insurance agent such as myself as I can research and find you more affordable alternatives with reputable companies. Feel free to call us to review your quote or for a second opinion at 877-443-9467.*Written by Chris Huntley. Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.