Ranking the Top 20 Life Insurance Companies
If you are the breadwinner in your family, you may have wondered how your family would survive in case you pass on. Thankfully, you can secure a life insurance policy which will meet your family’s financial needs. Assuming that you want the policy, your next concern becomes choosing a life insurance company since there are many life insurance companies. According to Acli, there are about 747 life insurance companies in the United States. To help you choose a life insurance company, we will identify some of the best life insurance companies you can consider in 2022. Tag along
This company offers three types of life insurance covers: whole life, term life, and universal life. Whole life guarantees protection for the rest of your life. Meanwhile, you earn some cash value that can be used to secure policy loans. This company, for instance, gives you dividends. Term life policies tend to be short. According to Nerd Wallet, you can get one for as low as five years and as high as 30 years. When the years elapse, you have to buy a policy afresh. However, Guardian lets you transition to a permanent policy. Lastly, universal life provides permanent protection, and you can earn additional cash value. This policy allows you to adjust your monthly payments.
19. National Life Group
This insurance firm allows you to purchase an insurance cover without a medical exam. If you are 50 years or younger and in good health, you can enjoy coverage of up to $3 million. The $3 million coverage applies to those aged between 51 and 60. However, if you attain the age of 65, the coverage will be $250,000, which is still decent for a person not needing to do a medical exam. An insurance policy offered by this company is variable universal. The variable universal policy lets you choose how your cash value will be invested.
MassMutual offers coverage for 5, 10, 15, 20, 25, or 30 years. Like Guardian, it lets you transition to a permanent policy. You can either convert all or a portion of the coverage to the permanent one. This is one thing that sets this company apart from others since most insurance firms tend to limit the policy you can convert to. The firm’s coverage ranges from $100,000 to $10 million.
17. New York Life
Few people make it to 90 years old. As a result, several insurance firms do not offer coverage for that age. That means if you happen to be 90, you would be stranded for the most part. Fortunately, this insurance firm offers a life insurance policy called “Protection Up to Age 90,” which offers coverage until you turn 90. Another life insurance policy the firm offers is Variable Universal life insurance (VUL). It provides permanent protection with a fixed death benefit and flexible premiums. VUL allows you to invest your cash value in sub-accounts that gain or lose value depending on the fund’s performance. Essentially, the subaccounts act like mutual funds.
16. Globe Life
Some life insurance companies delay giving their clients a cover, which is frustrating. They usually take between 2 days and 8 weeks to give you the cover. However, this company issues the policy as soon as you complete your application. Typically, the delays stem from including medical exams as a requirement. The reason the company is able to give you the coverage the same day is due to the lack of medical exams.
The firm offers a life insurance product called Advantage Max. It does not require medical exams and is available to people aged 20 to 55. It takes about 2 days to get this policy. In terms of cash value accumulation, the company exposes you to a list of more than 80 subaccounts, which include asset allocation and index. The minimum face amount and the maximum face amount are $100,000 and $2,000,000, respectively. This insurance is flexible when it comes to the method of paying your premiums. You can now pay them via Apple Pay, which means you do not need to carry a credit card.
Transamerica offers living benefits on some policies at no upfront cost. Such policies include living benefit riders for critical, terminal, and chronic illnesses. The policies allow you to access a portion of the death benefit early as soon as you are diagnosed with a qualifying illness. The company’s website is user-friendly. So if you are buying a policy for the first time, you will not have much trouble applying for one. Also, the website allows you to compare certain policies against others. By knowing the differences between policies, you will be able to choose your preferred one.
This company’s terminal illness rider is attractive. It provides the person with 40% of the death benefit or $250,000 in case you are still living with a terminal illness. If you have a waiver of premium rider on the policy, you will receive the lesser of $400,000 or 70% of the death benefit. One of the policies offered by this company is TermNow. It has a death benefit ranging from $15,000 to $300,000. Since the payout is limited, Primerica allows you to undergo a simplified underwriting process that does not require a medical exam. Instead, you allow the company to run background checks through DMV and the Medical Information Bureau. If there are no issues, your policy will be processed immediately.
12. Penn Mutual
Penn Mutual offers generous term conversion options. If you have a Guaranteed Term Policy, you can convert it to any of the firm’s whole life products. This is a remarkable feature if you consider the fact that some companies limit the number of portfolios for term conversion. Also, you can convert the death benefit to permanent coverage during the term period selected, e.g., up to 20 years or when you turn 70. Penn Mutual provides a policy called Survivorship Whole Life, which covers two people, e.g., spouses or business partners. When one of the two people dies, the transfers go to the surviving person. It features a 10-year payment plan, which means you can spread out premium payments until the age of 100 of the surviving insured. Additionally, you get a guaranteed death benefit to age 121 of the surviving insured.
This insurance company has a policy called Burial Insurance. The policy covers applicants between 50 and 80 years old for coverage between $5,000 and $25,000. It has a two-year graded death benefit period. If you die within the period, your beneficiaries will receive 110% of the total premiums you paid instead of the full death benefit. One of the riders offered by AIG is Child Benefit. In case your child dies, you will receive some small death benefit. If the child becomes an adult, they can decide whether or not to convert the coverage to a permanent policy.
When applying for a Prudential policy, you may skip the medical exam provided you are 60 years or younger. Also, you must apply for coverage ranging from $100,000 to $3 million. If you only need coverage for a few years, you can opt for the firm’s PruTerm One policy. This policy can be renewed annually. Its minimum coverage amounts are $50,000 for ages 18 to 75 and $250,000 for ages 76 to 85. The maximum amount you can purchase is $10 million. Premiums stay level for one year and increase each time you renew the policy.
9. Lincoln Financial
The firm provides a policy called universal life (UL) insurance. UL is a permanent life insurance policy that offers a death benefit no matter when you die. The benefit will apply if the policy is still in effect. The cover allows you to adjust the monthly premiums and even the death benefit. Furthermore, it has a cash value component that grows depending on the current interest rates. A unique product this company offers is Lincoln AssetEdge VUL. The product allows you to maximize potential with your cash value. You will have to decide from 75 investment options.
8. Midland National
This insurance company has a ride that allows you to purchase additional permanent life insurance at certain ages without a medical exam. However, you must be utmost 39 years old. Another rider from the firm is the chronic illness rider. To qualify for the firm’s rider, a doctor must certify that you cannot perform at least two activities of daily living for at least 90 days without assistance or have a severe cognitive impairment. The maximum amount of money you can collect is 24% of the policy’s face value or $480,000.
7. Protective Life
The firm’s Custom Choice policy is not designed to provide permanent coverage. Instead, its structure is similar to a term policy. You can exchange it for a permanent policy during the second through 20th policy years, and you will pay a low premium for a term up to 30 years. Also, you can exchange it for permanent coverage, which is available to applicants aged 18-75 years.
One thing to admire about this firm is its no-lapse guarantee UL product. This product guarantees that your coverage will not lapse as long as you pay the specified no-lapse premium. Sometimes you may realize your cash value is not going as fast as you would want. As a result, you may be forced to increase the premium. Fortunately, the premium you pay for this product will still support the policy despite the slow gains of the cash value.
5. Northwestern Mutual
- This company offers level premium term and annually renewable life insurance policies as follows:
- Level Term 10- offers coverage for up to 20 years. It is level for the first 10 years, and if you choose to continue for the remaining 10 years, the premiums will increase
- Level Term 20- premiums are level and last for 20 years
- Term 10- it lasts for 10 years, and the premiums increase every time you renew
- Term 80- this policy allows you to renew until you are 80. The premiums increase yearly
4. State Farm
The insurance company allows you to choose a policy on which you pay premiums until you are 100 years old. If this policy does not appeal to you, you can decide between Limited Pay Whole Life and Single Premium Whole Life. Limited Pay Whole Life allows you to pay level premiums for 10, 15, or 20 years. Once the policy is paid up, your coverage continues for life, and you will pay nothing more. On the other hand, Single Premium Whole Life is paid once. It is open to people up to 80 years, and its coverage starts at $15,000.
3. John Hancock
This company has a wellness program called Vitality. It gives members access to perks like discounts on fitness trackers or their premiums. You can opt between 2 versions of this program, Vitality GO and Vitality PLUS. If you want access to most benefits, consider getting the latter.
MetLife offers a policy that doesn’t expire called Group Universal Life Insurance, provided you pay the minimum premiums. Its premiums are lower than whole life insurance and features a tax-deferred cash value. The company offers portable insurance coverage, so you can take it everywhere.
1. Pacific Life
Pacific Life offers two types of UL insurances: Versa-Flex Venture VUL and PL Promise GUL. The former is available to applicants up to 90 years old. You can protect this policy from lapsing for 4-20 years. As for the latter, it includes a lifetime no-lapse guarantee rider at no additional cost. It protects your death benefit in case interest rates do not do well.
Have you identified which insurance company you would want to work with? Each insurance company offers several benefits to the policyholder, so it is upon you to decide on the criteria for choosing your preferred company. The most important thing to remember when selecting a company is to choose one within your budget. Some companies charge high premiums, while others do not.