When you’re looking to get life insurance protection, there are hundreds and hundreds of companies that you’ll have to choose between. Because life insurance is such an important investment, it’s vital that you make the best decision for your loved ones. Every insurance company is different, which means that you could receive drastically different coverage and rates depending on which company that you choose. Instead of wasting your time calling dozens of companies, let us help connect you with the best plan available.
Everyone has heard a friend or relative tell them that Company A or Company B is one of the best life insurance companies on the market. The problem is being able to do your own research and understand why a life insurance company truly is a good company to work with.
At TermLife360.com we not only want to you get life insurance to protect your loved ones, but we want you to feel good about the company you choose. For this reason, we put together this list of the four best life insurance companies. (We tried to do five, but these four companies are in a league of their own)
Each company below will be listed with a little blurb about them. The companies are listed in alphabetical order and aren’t ranked. We believe these are the best life insurance companies on the market:
American General Life Insurance is owned by AIG and for certain ages and risks has some of the best term life insurance rates available on the market. They have an “A” rating with AMBest and are financially strong. We have no hesitation recommending them when they show up as the best rates available.
Banner Life has some of the most competitive term life insurance rates on the market. They have an AM Best “A+” rating and are financially strong. We do a lot of business with Banner and our clients have been very happy with their customer service (which is just one reason they are one of the top life insurance companies). Learn more about Banner Life Insurance HERE.
Prudential Life Insurance has very competitive rates for various health risks. They’re also very aggressive in their underwriting – sometimes they’re the only company willing to offer coverage when everyone else declines. The have an AM Best “A+” rating and are one of the biggest life insurance companies that exist. We love working with “The Rock” and consider them one of the best life insurance companies on the market.
Transamerica is always competitive on price when it comes to term life insurance. They are one of the only life insurance companies that go below $100,000 of coverage for term life. They’ve been around since the 1800′s and are one the most progressive life insurance companies on the market. They have an “A+” rating with AM Best – so again, they are very strong financially. If Transamerica ever came in as the best option, we would without a doubt recommend them.
There are several different factors that you need to consider to ensure that you’re getting the best type of plan for your needs. There are several different kinds of life insurance plans that you’ll need to compare, each of them has different advantages and disadvantages.
The most popular kind of life insurance is a term insurance plan. These are bought with a pre-determined length of effectiveness, and after that point, they will no longer be active. Because these plans are not permanent, they are going to be much more affordable. If you’re looking to get the cheapest insurance coverage, a term plan is going to be the best option.
Another option is to buy a whole life insurance plan. These plans are a permanent form of coverage, which means that as long as you pay the monthly premiums for the plan, you’ll have insurance coverage. These policies are an excellent option for anyone that doesn’t want to have to reapply for life insurance coverage in the future. Because these plans never expire, they are going to be more expensive than a term insurance plan.
If you’ve been declined for life insurance in the past, don’t assume that you won’t be able to get life insurance coverage. As you can guess from the name, no medical exam life insurance plans allow you to purchase coverage without being required to undergo the medical exam first. It’s important that everyone has the life insurance protection that their family will need, and your health shouldn’t prevent you from getting it. When you’re looking to get life insurance, there are several advantages and disadvantages that you should take note of to ensure that you’ve got the best plan to meet your needs.
The biggest advantage is that anyone can buy one of these plans, regardless of pre-existing conditions. These plans will give you the opportunity to protect your family through a life insurance plan, even if you’ve been declined in the past.
Another benefit of these policies is that you can be approved for life insurance protection much faster than with a traditional life insurance plan. With a no medical exam, you can be approved for life insurance in a matter of days versus the month that it could take with a traditional life insurance plan. If you want to be approved for life insurance as quickly as possible, then a no medical exam is going to be the best option available.
There are several pitfalls that you should be aware of, and the most notable one is that they are going to be more expensive than a traditional insurance plan. The purpose of the medical exam is to give the insurance company an idea of how much risk you are to insure, and the higher risk that you are, the more that they are going to charge you every month. Without the medical exam, the company is taking a much higher risk, which they are going to offset by raising your premiums.
Another disadvantage to these plans is that you’ll be limited on how much coverage you can buy through a no medical exam. Most insurance companies will allow you to purchase around $250,000 worth of insurance protection. For most companies, this isn’t enough life insurance for most families, which means that they could be left with extra expenses that they didn’t have enough money to pay for.
Before deciding which plan works best for you, it’s important that you calculate how much life insurance you need. Not having enough life insurance is one of the worst mistakes that you could ever make for your loved ones. There are several different factors that you should account for to ensure that they have enough protection.
The first number that you should crunch is any debts and other expenses that your family would be responsible for after your passing. The primary goal of your plan is to give your loved ones the money that they need to pay off your bills if something tragic were to happen to you. Be sure to add up your mortgage, car payments, student loans, and anything else.
The next number that you should look at is your annual income. The secondary goal of your plan is to replace your paycheck if something tragic were to happen to you. If you’re one of the main income earners in your home, then your family would suffer if you were to pass away. Your life insurance plan will give them the money that they need to replace your paycheck without sacrificing their standard of living.
We represent over 60 of the nations top life insurance companies and out of all of them, these are always the most competitive term life insurance companies on price as well as very strong financially. There are other low cost term life insurance companies out there, but the best term life insurance companies in our opinion, are the 4 listed above.
When you’re looking to get life insurance coverage, it’s vital that you get dozens of quotes before you decide which plan is going to work best for you. Instead of spending hours and hours on the phone with different agents, let one of independent insurance brokers do all of the hard work for you. It’s our mission to insurance that you’re connected with the best available plan.
If you would like quotes for any of the companies (who we believe to be the best life insurance companies on the market) , feel free to call us or fill out the form on the side of the page. We’ll provide you with all your life insurance options and recommend the best life insurance company based on your health situation.
Don’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen to you, your loved ones would be responsible for a mountain of debt and final expenses. Losing someone you love is never easy, but being left with massive debts is going to make the situation a thousand times worse. Having quality life insurance is the best way to ensure that your family will have the money that they need, regardless of what happens to you.