If you are in search of top life insurance companies, you are in the right place!
The best life insurance companies are those who will take the time to understand your needs and work with you to find a policy that fits. We’ll help you make sense of the jargon, so go ahead and ask us anything!
Blog post-intro paragraph: It’s never too late to think about what happens if we die. Who would take care of our family? How would they pay for their expenses? Do they have enough savings? These questions can seem daunting but it’s important that we talk about them because no one wants to leave their loved ones without a safety net.
Table of contents
Top 10 Life Insurance Companies
Are any of us really equipped for adult responsibilities? LOL, Well, on your list of priorities inquiring about life insurance should be in the top 3 things to do today! At the very least!
Unsure where to start? The plan is a simple thing. First, you can start with a simple google search. Look up some carriers, get acquainted with what they have to offer. Second, write down some questions. Third, contact a trustworthy, seasoned independent agent to help guide you through the process. But, we will get into that a little later!
Now, choosing which of the best insurance companies in the United States to go with is one of the most important financial decisions of your life. Therefore, it’s extremely important to do a solid amount of research before choosing.
Do many clients ask who has the best life insurance policy? You will find that we mention this tagline often ~ every carrier will look at you differently. Life insurance is based on Age, Health, Lifestyle, Family health history, etc.
Your PinnacleQuote independent agent is seasoned, has many years of experience and will know exactly where to steer you to. And if you are denied one carrier based on let’s say, medical… He/she will know the next carrier to guide you to.
I mean, it’d be crazy not to compare the best life insurance companies before deciding, right? Below, we’ll list the top 10 carriers, quite possibly some of the largest life insurance companies — may it help you narrow your search.
- Protective Life
- Principal Life
- Assurity Life
- Lincoln Financial
- John Hancock
- Fidelity Life
- Banner Life
Other Life Insurance Company’s To Consider
- Jackson National Life Insurance Company Review
- Gerber Life Insurance Company Review ~ more below regarding Gerber Life College Plan
- Prudential Life Insurance Company Review
Insurance Coverage by Mutual Companies
What You Need To Know
There are so many great companies available with tons of information online. It can get overwhelming. A brief look at them. Such as Northwest Mutual and Liberty Mutual. They provide insurance coverage. Two fantastic well-known companies here in the U.S. and also in other countries as well. They are both a financial institution service.
As a mutual company. Policyholders hold contracts for insurance. These are considered shareholders within the companies.
How does this work? Companies pay dividends to the shareholders. Usually, in cash. Paid per share of stock. This is a form of expressing thanks for their continued support. And as always presented without warranty!
No matter the company you choose, they all strive to keep its information accurate and up to date. Danny Ray, Owner and Agent of PinnacleQuote are well versed in every company. His knowledge is immense and he will show you the amount of dedication and passion he gives to his family-owned business daily!
What Factors Should I Consider Before Choosing an Insurance Company
For Instance, there is no definite ‘right answer’ when it comes to companies. In fact, different companies will work better for different people. It depends on several things, including health, budget, premiums, customer service, policies, etc. Finding the best insurance company for you can be complicated.
Do Companies Vary by Category?
Absolutely. Below, we’ll recommend a company according to the category. Remember, it’s far more difficult for ‘high risk’ people to find the right life insurance plan, so if you fall into this category, this may be of great use to you.
- Seniors ~ For seniors looking for life insurance, we recommend Mutual of Omaha. They’ve been around since the beginning of the 20th century, and their policies suit the elderly extremely well. They take anyone between the ages of 45-85 with there guaranteed issue policy. No physical required! So the life insurance over 75 can get coverage.
- Overweight ~ For anyone overweight looking for a solid plan, we recommend Prudential Life. Their policies are top-notch, and they are more lenient about what weight they consider high risk. There are many types of policies to consider.
No Medical Exam Life Insurance
For those not keen on getting a physical before applying for no exam life insurance policy is nice, we recommend American National Ins. Company (ANICO). They offer plenty of policies that don’t require a physical.
Meanwhile, with AIG, people from 50-80 years old are guaranteed acceptance and approval
Special Risk Life Insurance
- Cancer Survivors – For life insurance for cancer patients and survivors, we recommend Prudential. They are known for taking on high-risk individuals that other life insurance companies deny. Their rates for cancer survivors are also low in comparison.
- Tobacco Users – For those looking for life insurance for smokers, we recommend Banner Life. This is a well-rounded company that is particularly forgiving to tobacco users. They offer low-rate life insurance for smokers.
- Diabetics – For those needing life insurance with diabetes, American General is an excellent option. They are known for offering life insurance to high-risk individuals, specifically those with type 2 diabetes. In some cases, diabetic patients take a maintenance cocktail of blood pressure and cholesterol medication. Keeps the blood levels within the normal range.
What is a 65 Life Insurance Policy?
You normally pay premiums until death. Except with a limited pay policy. You are paid up in 10, 20 years or until age 65. This is considered a whole life policy. Which also includes a Whole Life, Universal Life, a Variable Life, and even an endowment policy.
How Do I Find Safe Carrier?
There are a few things you’ll need to research. Right off the bat, you’ll want to find out if your state has what’s known as an ‘insurance guaranty fund’. This fund assures that the state would pay for your policy in the event that the carrier itself goes down the tubes.
Next, you can check out A.M. Best — it’s a highly popular company that can help you determine the financial status of a relevant company. To do this, they use what is known as the A.M. Best insurance rating scale.
This scale accurately ranks companies on their reliability. It’s a great resource for anyone deciding on a company. The best life insurance carriers in the industry always rank A/A+.
Moody’s is a different rating agency that works a little bit differently. They keep track of the companies credit history, and they use this information to rate how stable they believe each insurance company to be.
Which Life Insurance Policy is Best?
Let’s discuss this!
There are several options. For starters, you will want to make sure you have enough coverage. This includes term life insurance, whole life insurance, universal life insurance, indexed universal life insurance, variable universal life insurance, and no exam life insurance. Which one you choose comes down to preference and circumstance. We’ll highlight these options below
What is Term Life Insurance?
A term life insurance policy is purchased and only lasts a designated amount of time (i.e. 10 years). It’s the most popular option and is cheaper than other types of policies. However, you must buy a new plan once the date expires, and it’s not the best long-term investment.
What is Whole Life Insurance?
Meanwhile, whole life insurance policies cover you for your entire life. Also known as permanent life insurance. While it is more expensive than a term life insurance policy, the return is greater since the money that is put in accumulates interest over the years. Another benefit is that you don’t need to set up another life insurance plan in the future.
What is Universal Life Coverage?
Nonetheless, make your pick between variable, guaranteed, and indexed universal life! Below, we’ll briefly describe the differences between the three.
Variable universal life gives you the highest potential money growth, but the least amount of flexibility. Indexed universal life gives the most potential investment options.
Finally, guaranteed universal life gives the least expensive premiums, with the least upside in terms of investments.
What is No Exam Life Insurance?
No exam means you can get a policy without having to get a physical exam. These plans are quicker but cost more money. Of course, policies vary drastically. It’s important to get multiple quotes for diabetic life insurance, for example, in order to sort out the best options.
Best Life Companies 2024
I compared rates with competitors. Check this out!
So first of all, I am not bashing any company. That is not my style. However, with that said, I personally made a couple of calls to get comparison rates with competitors. See Below.
- State Farm
Face amount $250,000 for a healthy 50-year-old male:
- 10 years, $72.16
- 20 years, $104.28
- 30 years, $201.74
- 10 years, $35.90
- 20 years, $58.95
- 30 years not available after 45 years of age with State Farm
Both equally wonderful companies. But here’s the thing, they are fantastic for your home and auto insurance. Car insurance companies are wonderful for car insurance.
They offer everything you need right down to liability coverage. Bundles are not always savings! The reason being, life insurance is just an add on product. In some cases, they may sell it as a bundle.
Let me be very clear, you CANNOT bundle life insurance. So in essence, these agents will make it sound like you can. End result is you are NOT saving anything! The average cost for a policy with these companies is 30% – 100% higher than the best rates in the industry.
In addition, the underwriting is very strict. In fact, clients get declined based on treatment for cholesterol and blood pressure. So if you do not want to pay a significant increase in premiums, then do not waste your time with these companies.
Above all, if you currently have policies with these companies, call us for a policy review and we will save you at a minimal of 25%! We have an over 90% replacement ratio with these policies.
Best Term Life Insurance Rates
How much is that daily latte?
So you love your latte’s right? That is awesome. I do too! The average latte in 2018, costs about $6 bucks. I am probably underestimating this a bit. Especially depending on where you go to purchase your latte.
At $6.00 a day for 30 days, you are looking at $180 a month! An eye-opener for sure. So here is a little fact. A 35-year-old could purchase a policy for $22.14 monthly, today, with AIG. Or with Protective for $22.50 a month. Or even with Mutual of Omaha for $22.36 a month!
My point? For just under $25.00 a month you could have a life insurance policy in place. Quite honestly, it is silly and irresponsible not to. The average burial is $9,000 dollars here in Florida. Does your family have that to cover your funeral? What about after the funeral? How do they survive financially? Your paycheck dies with you.
Remember, life insurance is NOT for YOU. It is who you leave behind. We put life insurance in place for your family to continue to survive financially in your absence. Without missing a beat.
Gerber Life College Plan
Many clients ask us about the Gerber Life College Plan you see advertised everywhere. I will give you some insight into what it is and why it may not be for everyone.
The Gerber College plan is a type of term life insurance policy that creates coverage for a limited time. When you purchase this type of policy or what they call an “endowment” you get to make the decision on how much value and how long you will wait to collect it.
Your monthly premium is determined by length of term and value of the policy. This acts like a forced savings account. No matter if the economy crashes you will still get a payout. However, at the end of the term, you will have to pay taxes on it. You can also cash the policy before your term is up. You will get the value up to that point.
Now, if the owner of the policy dies, the family will get the payout then. So it is a college saving and also like life insurance. Although the type of plan sounds inviting, remember it is not tax-deductible. You will be able to withdraw funds for college. However, those expenses are not tax -free.
We recommend if you are looking to plan for college for your little ones, ask your independent agent at PinnacleQuote to help you make a great choice that will be budget-friendly and the right fit for your family.
Gerber Life college plan representatives will have a ton of information about this service. Their phone number is (844) 667-9549.
Gerber Life Grow-Up Plan
Gerber Life also offers a Grow Up Plan Option. This provides financial protection while building cash value. Mutual of Omaha also offers a great children’s life insurance policy that builds cash value.
What types of policies do these top companies offer?
They offer a range of products, including term, whole, universal, and variable life insurance.
How are these companies rated for financial strength?
These top companies typically have high financial strength ratings, indicating strong ability to meet their financial obligations, including claims payments.
Do top life insurance companies cater to people with pre-existing conditions?
Yes, many of these companies offer policies for individuals with pre-existing conditions, though terms and premiums may vary.
Can policyholders customize policies with these top companies?
Most of these companies provide various riders and options for policy customization to meet individual needs and circumstances.
How do customer service ratings affect a company’s ranking?
Customer service is crucial as it reflects the company’s responsiveness, claim handling efficiency, and overall customer satisfaction, impacting the policyholder’s experience.
Life is short, and without a plan to protect your family in the event of an emergency you may be putting them at unnecessary risk. The best way to reduce this risk is by speaking with one of our qualified advisors today about life insurance for yourself or someone else’s loved ones.
We’ve heard it all before—life gets busy quickly and sometimes we put ourselves last on the list of priorities! But what if something happened tomorrow? If you have any questions, don’t hesitate to reach out.
Our team members are always here to help you find answers that work for YOU and YOUR FAMILY’S needs. Get started now by filling out the form below or give us a call anytime at (855) 380-3300