Business & Finance

Top 10 Best Life Insurance Companies

Life insurance is one of the most important financial products that you can own to protect your family.  Deciding on the right life insurance provider is serious business, and not a decision to be taken lightly. There’re countless advertisements on TV, Radio Stations, and emails.  But how do you know what company is best for you? In this article, we’ll guide you thru 10 of the best life insurance companies.

1 Banner Life

Banner Life Insurance is a quite popular company for people in good to great health. Their life insurance rates are very competitive for those in preferred health. Individuals may even qualify for no medical exam coverage up to $1,000,000.  Approvals take less than five days. Banner life is currently offering term life insurance products and universal life policies.

2 Prudential

Prudential is one of the more well-known life insurance carriers out on the market.  In addition to being financially solvent, they have some unique underwriting niches. For people who smoke cigars, pipes, or even chew tobacco, Prudential will offer NON-Tobacco rates.  Very attractive for the tobacco using crown. Also, Prudential is very liberal with their height and weight guidelines. For people who are overweight, Prudential may be the best possible option for life insurance coverage, as their rates may be 25% lower than other insurance companies.

3 Foresters Financial

Foresters Financial may be one of the largest companies you ever heard of.  Their policies can only be purchased thru licensed agents. Foresters offer a complete line up of products.  Whole life insurance, term life insurance, and universal life policies are available thru them. They also offer several no medical exam life insurance options for their various products.  Foresters separate itself from its competitors by having living benefit riders on most of the policies.  These terminal, chronic, and critical illness riders come at no extra cost to the policyholder.

4 Mass Mutual

Mass Mutual is mainly known for its very competitive whole life insurance policy.  For those individuals who need a whole life policy, Mass Mutual may be the best fit. They offer competitive underwriting, and most importantly competitive pricing.  Mass Mutual’s dividends are among the highest paid annually, paid to the policy holder’s policy.  A person can person a whole life insurance policy as low as $25,000, or as high as $5,000,000 or more.

5 John Hancock

John Hancock is another well-known life insurance provider.  Up until a couple of years ago, the company began to put its focus on millennials.  Meaning John Hancock is the first life insurance carrier to reward people who are active, and who will share data from Fitbit types of devices, they’ll reward you with discounted life insurance rates.  These discounts add up over the lifetime of the policy. In addition to this, John Hancock is very completive for life insurance for diabetics. Their underwriting is very lenient for the diabetes community, compared to other life insurance providers.  

6 Lincoln Heritage

 Lincoln Heritage is an insurance company that mainly provides burial insurance policies to people between ages 50 to 80.  A burial insurance policy is a smaller amount of whole life insurance, that is purchased to help families pay for funerals and final expenses. This is a niche market that has served them well.  Their products are fairly easy to medically qualify for, even if a person has health issues. One proprietary feature that Lincoln Heritage offers policyholders is their Funeral Consumer Guardian Society.  This is offered at no additional costs and helps families of the policyholder save money on funeral costs.

7 American National Insurance Company

American National Insurance Company, or ANICO, offers individuals several types of life insurance options.  ANICO currently has one of the most attractive Guaranteed Universal Life insurance policies out on the market place. They offer a Guaranteed Cash-Out Rider.  This rider allows the policyholder to receive a full refund on your premiums paid on the 15th, 20th, and 25th policy year anniversary.  Allowing this flexibility is attractive to some people as it provides options at a future date to surrender the policy and receive back their premiums.  ANICO will also allow terminal, chronic, and critical illness riders.

8 Pacific Life

Pacific Life Insurance company is one of the largest life insurance companies in the United States.  They offer term life insurance, universal life insurance, variable life, and whole life insurance policies to consumers.  One of Pacific Life’s most attractive options is a life insurance policy, with a long-term care benefit. Essentially, the policy is doubling as life insurance and long-term care insurance.  If needing to use the policy for long term care, the death benefit is reduced. Or if a person dies before using the policy for long term care, then the full death benefit is paid to the beneficiary.

9 North American

North American Life Insurance Company offers all types of life insurance policies.  But the one product that they stand out with is their Indexed Universal Life insurance policies. The Builder Plus IUL product allows for a higher participation rate when using the S&P index.  This product also offers a guaranteed interest bonus of 1%, beginning in the policy’s 11th year.  People who prefer an Indexed Universal policy, may just want to consider one from North American.

10 Protective Life

Protective Life Insurance Company makes this list due to one primary reason.  This reason is their unique Income Protection Option rider; they provide to policyholders. Now, this rider isn’t for everyone, but for some, it could be quite attractive.  Let’s look at this rider. Unlike a traditional life insurance policy, where the full death benefit is paid at the time of death, only part of the death benefit is paid out at time of death.  Then, over a set amount of time (10 years, 15 years or 20 years) the beneficiary receives a fixed amount per month. The remaining death benefit is paid out like an annuity, to the beneficiary.  By agreeing to a payout like this, the insurance company will lower your premiums for the policy.

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