If you are considering purchasing Term life insurance, one of the biggest factors will be what company will work the best for you. There is no one company that will be a perfect fit for everybody. The number one goal each consumer looks for is who offers the best life insurance with the lowest rates. After that, most people look for a company that is in excellent financial condition so they have the peace of mind that the company will be able to pay out if and when the need arises. This article will revolve around what companies would make a good choice and what are their strengths and possible weaknesses. After you read this article, you will have a good understanding on what life insurance companies will be the best choices for you to apply with. Do your homework now so you can make the best decision when you go to apply.
Here is some of the most important factors you need to consider before you choose your life insurance company.
Before you choose what life insurance company would be your best choice, you will need to understand some of the most important variables involved that will have a major impact on your rates when you begin comparing the best life insurance for your specific needs.
*Your Current Health History:
Your health history is one of the most important areas of concern when choosing the best company for your needs. The first item to remember is all life insurance companies underwrite their applications differently. If you have a medical concern such as Diabetes, high blood pressure, high cholesterol, obesity, a heart condition, mental illness, a history of Cancer and many other conditions, all this will have to be taken into careful consideration.
Medical conditions will have a huge impact on your premium and this will help determine what companies to consider and what companies not to consider. Choosing the best life insurance company will not break down to what life insurance carrier sounds good to have just based on their name and financial status. If you are looking for the lowest term life insurance quotes you must know what company will offer you the lowest rates after being pre-screened if pre-screening is even necessary to perform. If you are in good health and do not have a hazardous occupation or sport you will not need any pre-screening what so ever.
What kind of work you do will also have make a difference in what company will work best for you. Many people do not realize that their specific job can impact your final rates. If you have a hazardous occupation some of the companies will not be a good choice because of their statistics showing that they may have had a lot of death claims with people working in your industry. These occupations could be such jobs as airplane pilots, underwater diving workers, loggers, high tension electrical workers, farmers and ranchers, race car drivers, iron workers and many others.
Hazardous sports and hobbies such as drag racing, motorcycle racing, scuba diving, skydiving, boat racing, private airplane flying and many others can come into the picture. It is necessary to choose the company that is more high risk friendly to work with so you receive the lowest rates possible.
These are just some of the variables that must be taken into consideration when choosing the correct company for your specific needs and lifestyle.
If this is starting to look a little confusing that is because it is. This is where your agent comes into play.
Consulting with an experienced life insurance agent or broker is vital to finding the best Term life insurance rates and choosing the correct life insurance company. An experienced independent life insurance agent will normally have access to over 40 life insurance companies and the know how so this whole process becomes simple and easy for you. Shopping for life insurance can be confusing if you do not have much experience with it. Experienced agents and brokers can make the whole process very easy to understand especially if they specialize in life insurance.
The best part is there is no cost or obligation when you work with an agent or broker. In most cases, your agent working with past experience can point you in the right direction direct you to the best plan design and find a plan with the lowest premium. The number one goal that everyone has, is to find the lowest life insurance quotes possible. Even the agent does not want to pay any more than they have to for his or her own insurance.
Let’s dive in and go over some of your best choices in life insurance companies.
The one concept to remember is that this list of 10 companies is not based on who I think is the best company based on what number position they have on the list. All the companies on this list are excellent and I am confident you would be happy with any of them. Here we go if you’re ready.
Here are my Top Ten Life Insurance Company Choices for 2017!
Banner Life has been one of the most popular companies that agents recommend because of their very competitive premiums, their A+ rating from the A.M. Best reporting agency and just being very professional to work with. The company has been in business since 1948 and has over $425 billion dollars of life insurance in force. Banner offers an excellent line of plan designs which consists of Term life insurance and Universal Life which is a permanent plan design.
Their Term life plan designs will go all the way to age 95 where many other companies will draw the line at 65 years of age and as high as age 75. Banner Life is one of many insurance companies that have very competitive rates along with a strong financial foundation that many consumers never heard of before. When life insurance agents apply for life insurance, many agents will automatically turn to Banner Life to protect their own families. There underwriting turnaround time is also very good. You can find more information about Banner Life by reading our Banner Life review.
Prudential needs no introduction because they are simply a household word. Prudential has been proving excellent life insurance products for over 135 years and counting. Prudential is always one of the very best choices for people with serious medical conditions. Their managed assets total over $1 Trillion dollars if you can believe that. This is one of the largest companies in the world and in very good financial condition with an A.M. Best rating of A+ which is no surprise at all. For more information on this excellent company please read our Prudential Review.
The Genworth Financial life insurance company may not be as well-known as Prudential but the company dates back to the 1870s and has over $110 billion dollars in assets making them an excellent choice for life insurance. Genworth Financial offers a full line of Term life insurance plus Whole Life and Universal Life insurance plan designs. Genworth sells life insurance products in over 30 countries all over the world.
AIG American General:
This life insurance giant has been in business since 1918 and operates in well over 100 countries. AIG offers an excellent line of Term, Universal and Whole life policies. The most popular Term life insurance policies run in five year ranges from 10 years up to 30 years which would be the maximum term length available. AIG American General offers the lowest rates and the best avenue for military personnel who want to buy life insurance and are active members in the U.S Army, Marine Corps, Navy, Air Force and the Coast Guard.
One of the reason they can do this is because of their size and finances where they are able to take a higher risk than some of the others life insurance companies. Their rating from the A.M. Best reporting agency ranges from A to A+.
The Voya life insurance company has been formerly known as the ING Insurance Company. This company has over $520 billion dollars in assets managed by their executive staff. They currently have over 15 million clients in the United States and other parts of the world. Voya offers Term life insurance, Universal Life and a complete line of Annuities. Voya maintains an A rating by the A. M. Best reporting agency. You could never go wrong with purchasing your life insurance from Voya.
Transamerica has been a major player in the life insurance industry for over 112 years and always maintains an A.M. Best financial rating of A+. Transamerica is one of the leading companies that offer the new hybrid policies that have extensive benefits for “living benefits” with benefits for chronic, critical and terminal illnesses.
One of Transamerica’s exceptional benefits is allowing someone age 58 to be able to still purchase a 30-year Term life insurance policy where most companies draw the line at age 50. See our Transamerica life insurance review for more information on this highly-rated company.
Lincoln Financial has been a highly rated life insurer for more than 100 years. One of their most popular plan designs is their Term life insurance with No Medical Exam required and very fast underwriting. They have very competitive Term life rates that make them a real winner in the industry. They also offer life insurance with a “Long Term Care” option. Lincoln Financial offers a full line of Annuities and Universal Life insurance products also. They are in very good financial condition and maintain an A.M. Best reporting agency A+ rating making it a very good choice for life insurance. The No Medical Exam Term life insurance product is always the big deal breaker that people really appreciate. Take a moment to read our Lincoln Financial comprehensive review to get more information on this very popular and benefit rich life insurance company.
MetLife is another household word in the life insurance industry just like Prudential. They have been a pioneer in the business for over 150 years now. They maintain an A+ rating with A.M. Best and offer a comprehensive line of life insurance products such as Term Life, Universal Life, Whole Life and Simplified Issue life insurance that does not require a medical exam.
To this day I still see people with old Whole Life plans that were purchase back in the 1920, and 30s with the old face amounts of $1,000 to $10,000. The old Whole Life plans back then had a very high interest rate that would allow the face amount to grow to an incredible degree. It is hard to imagine such low face amounts when usually the minimum most companies offer now is $100,000. MetLife would be a great choice for life insurance a certainly a company that would be there when you need it. MetLife formally known in the past a Metropolitan Life has built an empire in the life insurance industry.
Mutual of Omaha:
The first thing I think of when I think of Mutual of Omaha is the famous television show Wild Kingdom will the host Marlon Perkins. Mutual of Omaha sponsored this program back in the 1960s and I was glued to the TV when it was on. Mutual of Omaha dates back to the year 1909 in the State of Nebraska. Their first president Harry S. Weller was driving the company into legendary success until he retired in 1932.
The company maintains an A+ rating with A.M. Best. They offer a complete line of excellent life insurance products from Term life insurance to age 80 in 10, 15, 20 and 30-year term periods. Mutual of Omaha offers Whole life insurance with a plan design for adults and a separate plan design just for children. They also offer a complete line of Universal Life policies with availability all the way to age 80. This well know company will always be a good choice to consider of high quality life insurance products recommended by thousands of insurance agents all across the United States.
Protective Life has always been a heavyweight in the life insurance industry. Protective opened their doors in 1907 and now has over $427 Billion dollars’ worth of life insurance in force. They offer some of the most competitive premiums on a complete line of Term life insurance and Universal Life. They are a good choice for people with medical conditions due to their liberal underwriting.
In 1997 they acquired another competitive company West Coast Life from San Francisco which today works under the parent company name Protective Life from the state of Alabama. This powerhouse of a life insurance company would definitely be a company to consider for excellent life insurance products.
Here is how a life insurance companies’ financial strength is calculated.
Financial strength ratings are mainly based on a life insurance companies’ ability to pay claims and their overall financial strength. The most popular financial rating agencies are A.M. Best, Standard & Poor’s, and Fitch Ratings. All three of these agencies use a different number system but if you want to play it safe and not get confused, use the most popular rating agency which is A.M. Best. They have a nice simple rating system. I would recommend purchasing your life insurance from a company with an A rating or higher. Check out our Protective Life review.
Let’s take a look at what basic forms of life insurance are available to you.
Term Life Insurance:
A Term life insurance policy is a temporary form of life insurance that will terminate when the policy reaches its term period. These term periods for example could be 5,10, 15, 20, 25 and 30 year increments. For example, if you purchase a 20-year term policy, the policy will stay active for 20 years and your premiums will not go up for the entire term period. After the 20-year period, you have the option to keep paying on the policy.
The only problem is the rates will increase to the extremes and not be financially affordable in most cases. You will also have the option to convert your policy into a permanent life policy called Universal Life. This can also be an expensive option. The best option would be to convert the policy into a Universal Life plan design before the end of the term period so you would be looking at a lower age and a more affordable premium.
Always give careful consideration to the term period before you apply so you don’t outlive your policy and have no insurance when you still need it. You will be better off having a longer term period instead of one that is too short.
Universal Life insurance is a product that is normally a policy that you can have in force for the rest of your life and eliminate the possibility of your life insurance terminating by a specific point in time. You can also purchase a Term life policy to cover you for the most financially volatile time in your life and then a Universal Life policy to pick up where the Term policy left off after it expires.
Universal Life will cost more than Term so it can really work well to have both policies running parallel to each other. This way you have life insurance for life and you can save money at the same time. Just keep in mind that Term is temporary and Universal Life is permanent coverage.
Whole life insurance is a permanent plan design that builds up a cash value through interest building up on the premiums you pay. Whole Life is fast becoming an obsolete plan design because of its expensive price tag. Whole Life policies can still work for children and babies. When you purchase a Whole Life for a baby or child can work out fine because the premiums are very low because of the young age factor. As the youngster gets older the premium always stays the same and this can work out very well. Purchasing Whole Life for an adult is usually too expensive and a Universal Life plan would be a great way to go for permanent life insurance when compared to the Whole Life design.
Here is the best way to purchase your life insurance and pay the lowest premiums.
Purchasing your life insurance from a captive agent for example from State Farm, Allstate, Farmers, Country Companies and others will not allow you to get the best policy for less. These captive agents will only have one company to show you and that in itself will never pan out. The captive agents not only represent one company but their premiums are always much higher.
If you purchase your life insurance from an independent life insurance agent, you will have the best opportunity to get the best company for your needs and the lowest rates on top of that. We represent over 40 trusted companies and we specialize in life insurance. Independent agents shop the market thoroughly to see what company will offer you the lowest rates. This is crucial if you have medical conditions that have to be considered. A simple medical pre-screen can determine what life insurance company will be your best choice.
Here are some of our other blog posts that you may enjoy reading:
Life Insurance with Diabetes
Life insurance Procrastination
Life Insurance with High Cholesterol
How Smoking Affects Your Rates
What you Need to Know Before Applying
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