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Losing a loved one can take a huge emotional toll and financial stress. With a life insurance policy, you can take care of your family the right way. The best life insurance policy is one that helps to create financial stability for your loved ones in the event of terminal illness and death. Signing up for life insurance allows you to designate beneficiaries to get monetary support after you pass away. There are many life insurance options available offering different coverages. Here is a list of the top 10 best life insurance companies.
Top 10 Best Life Insurance Companies for 2023
- Northwestern Mutual – Best for customer experience
- Guardian – Best for applicants with a history of HIV
- Haven Life – Best for term life insurance policy
- MassMutual – Best for no medical exams
- AARP – Best for mutual insurance
- Prudential – Best whole life
- State Farm – Best instant issue
- Transamerica – Best value
- INew York Life – Best term policies
- USAA – Best for military
Features Of Best Life Insurance Companies – Northwestern Mutual
Here are a few to consider:
- The largest life insurer in the US
- Respectable customer service
- Online access to a financial planner and advisor
- Different life policies laddered together
10 Best Life Insurance Companies For 2023
Northwest Mutual offers policies that incorporate a laddering strategy. A portion of the coverage you buy is term life insurance, while the rest is whole or universal insurance variety. It allows you to have both short and long-term insurance needs. The company is our pick for the best overall due to a combination of exceptional customer service and financial stability. It’s among the highly rated insurance in the latest J.D Power 2021 customer satisfaction report, with few customer complaints.
This is a mutual insurance company meaning its owned by policyholders. It provides unique coverage options for HIV-positive applicants, such as survivorship insurance. The term insurance offers policies in terms of 10 to 30 years. You can get an estimated quote for the insurance on their website. The company also offers other life policies to help people living with HIV. However, it has limited riders available for its policies.
The company provides up to $3 million of coverage for adults younger than 60 years old. It provides diverse and wide-ranging coverage, including term policies without a medical test. Its term policies come with free perks to policyholders, such as a subscription to a fitness app, legally valid digital will, and an online wallet to store important documents digitally. Despite a limited product range, customer satisfaction is high.
This is one of the largest life insurers in the country, offering a wide range of products. You can apply for variable universal life insurance coverage, a type of permanent policy with flexible premiums and investment opportunities. It is also a mutual company meaning it pays out dividends to qualifying members, and policyholders own part of the shares. Online quotes are available, though its insurance offerings don’t allow withdrawals from the policies cash value.
This company is a great choice if you prefer skipping the medical exam to qualify for its insurance policies. Its policies are available to group members over 50 years old. The best thing about this company is that you don’t have to take a medical exam to qualify for coverage. However, acceptance of some policies may be based on information about your health.
This is one of the largest term life insurance companies offering a broad slate of term and universal insurance policies. It was the first life insurance company to offer coverage to people with HIV. You can get customizable options for special situations such as BenefitAccess, which enables it to accelerate your policy’s death benefit if you’re diagnosed with a terminal illness. You can also apply for an instant online quote. The website is full of greater resources and is easy to navigate.
This company has a long history since its foundation in 1922. The nation’s largest private passenger auto insurer offers a wide variety of other insurance and financial products. You can purchase term, whole, and universal coverage. It has high ratings for financial strength. If you want a well-known brand name with a generous selection of products and affordable life insurance, it might be ideal for you. You can apply online and get term life coverage without any hoops to jump through.
Transamerica offers two types of life insurance policies. You also get other products such as standalone accidental death benefit and final expense life insurance policies. Its online resources make it easier for first-time shopping as you can compare certain policies against each other. The company has superior pricing stability and financial strength, meaning you can receive compensation on time. Beyond insurance products, you can get other resources such as dental and long-term care.
New York Life
New York Life has been in the insurance business since the concept was developed. It offers a large array of products including term, whole, universal, and variable universal policies. The company also provides conversion privileges that enable policyholders to convert to policies that offer cash value. This company appeals to a younger demographic with some policies that can be issued at age 15. It is a one-stop-shop for planning your family’s financial future.
USAA is only available for military members and their families. Its term insurance covers active military members doing what are you including acts of terrorism. You can use the policies to supplement government-provided servicemembers’ group life insurance issued to eligible military personnel. USSA’s customer satisfaction ratings are among the best in the industry.
How to Choose the Best Life Insurance Companies
You can find the best life insurance company by weighing customer service data and the insurance’s financial strength. Look at customer satisfaction scores to identify the company with the most dependable death benefit. Also, consider the company’s financial strength because you want a company that guarantees life insurance payout claims many years down the road. Decide the kind of policy you want, whether a permanent life insurance policy or term. Another factor in determining the cost of coverage is comparing life insurance quotes since the price varies among most life insurance companies.
Who Needs Permanent Life Insurance?
Life insurance is an important source of financial protection for parents and anyone with financial dependence. Parents with young children or special needs dependents need the insurance as a financial backstop. Also, spouses who provide most of the income, older adults without savings, or individuals with private student loans will need life insurance coverage.
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Types of Life Insurance Policies
- Term life insurance coverage lasts for a predetermined period and then expires. It can be 10, 15, or 20 years of coverage.
- Whole life insurance covers the insured for the duration of their life as long as they pay the premiums. The policies include a guaranteed cash value component with fixed monthly premium payments.
- Universal life policy is similar to whole life. The insurance coverage protects the policyholder for their life as long as they pay the premiums. It also includes a cash value element, though it’s not guaranteed as it fluctuates with the market.
Frequently Asked Questions (FAQs)
The best choice depends on your specific goals. Term insurance is the best fit if you’re looking for insurance protection for only a certain number of years to cover a financial concern.
Life insurance covers all types of death, whether from illness, injury, or old age. Suicide is also covered after the first two years of purchasing the policy.
You can purchase more than one life insurance policy. However, some insurance companies like Mutual of Omaha can deny coverage if they deem an applicant overinsured.
Consider the insurance within a larger financial context. A basic starting point is to determine whether your financial obligations and future expenses don’t obstruct any liquid it has.
You can get the insurance through an insurance agent or online. Decide on the type of life insurance you want, look for quotes, compare different offers, then submit your documentation to obtain your insurance policy.
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- Smith, M.L. (1982). The Life Insurance Policy as an Options Package. The Journal of Risk and Insurance, [online] 49(4), pp.583–601. Available at: https://www.jstor.org/stable/252760 [Accessed 20 Jan. 2022].