7 Best Life Insurance – Life insurance is an important part of most people’s financial plans. This insurance protects your loved ones financially if you pass away unexpectedly. It gives peace of mind and helps leave behind a financial agency. With a life insurance policy, you can be in charge of your legacy, knowing that your family will have the finances to handle any outstanding financial obligations.
There are lots of choices for life insurance that can be an amazing fit for your budget and financial goals. To help you decide which life insurance company is best for you, I will provide a list of the best insurance companies for you to choose from.
7 Best Life Insurance
In this segment, I will provide a list of the 7 best life insurance companies that provide the best coverage to suit your needs.
Northwestern Mutual is among the best insurance companies in the industry, and in 2023, they won an award for Best Universal Life Insurance Company. This is all thanks to its highly-rated customer satisfaction, high financial strength rating, and also available financial planning service. Northwestern Mutual sells coverage through its agents, and this can be a good fit for people who want face-to-face interactions over a digital purchase process.
Northwestern Mutual earns an A++ financial strength rating from AM Best, and it demonstrates a strong history of being able to pay its claims. This insurance company provides a wide range of term, universal, and whole-life insurance policies. Universal Life Insurance is flexible, so you will be able to contact your agent more often. Northwestern Mutual is also ranked as the best because of its accessibility, which includes an online portal, mobile app, local agents, and a 24/7 customer service phone line that receives premium payments.
State Farm is one of the best insurance companies thanks to its accessibility tools and top-notch customer service. It also gets the highest satisfaction score from J.D. Power. It has a 24/7 customer helpline, an online portal, a mobile app, and 19,000 exclusive local agents across the United States. This insurance company also has a history of financial stability. It provides a wide range of term life insurance options, along with whole, universal, and variable universal options.
Prudential is the third-biggest life insurer in the United States based on market share rankings. It provides plentiful rider options, live agent support, and easy-to-use online tools. Prudential has nine more universal life insurance riders than other insurance companies. It provides a wide range of term life and universal life insurance policies, which gives customers a greater level of flexibility than others. The only downside of this insurance company is that it doesn’t provide whole life insurance and has no medical-exam policy options.
Nationwide provides a user-friendly mobile app, a network of independent agents across the country, and a streamlined online portal. This insurance company is the best choice for customer satisfaction. The multi-line insurer provides seven riders for universal life. It has also received an A+ financial strength rating from AM Best, which makes it one of the best life insurance companies in the marketplace.
Guardian Life Insurance Company of America is ranked as one of the best due to its financial strength and customer satisfaction. This insurance company also has fewer than baseline policyholder complaints, and it provides several non-medical exam policy options. Guardian offers easy policy management via its network of over 3,000 financial representatives across the nation and online account management. It provides several coverage options based on your life goals, needs, and budget.
One of the 7 best life insurance company is MassMutual. MassMutual provides more whole-life riders than any other insurance company. This insurance company is owned by its policyholders, which enables select policyholders to earn dividends when the company performs well. MassMutual provides an online application process for its term-life policies. Coverage tales effect instantly as soon as the application is approved, and the applicants must finish medical exams for all universal and term life policies.
Mutual of Omaha
Mutual of Omaha is also among the best life insurers in the country, and the company is ranked above average in J.D. Power’s customer satisfaction. This insurance company provides no-medical-exam life insurance options. And its digital feature can make managing your life insurance policy a lot easier. It also provides a robust digital app, local insurance, an online portal, and a 24/7 phone line for receiving your payment.
How Does It Work?
The life insurance policyholder pays the premium for life insurance coverage. If the insured dies while the insurance policy is still active, then the beneficiaries listed in the policy will get the death benefit payout tax-free. Furthermore, life insurance beneficiaries can make use of the death benefit in any way they choose.
What Does Life Insurance Cover?
Life insurance covers the financial risk that is associated with the death of the policyholder. Based on the type of policy, the life insurance payout typically offers a death benefit for payment towards final medical and funeral bills. It can also be used as an income replacement for the family of the policyholder. Life insurance also covers deaths from falls, diseases, car accidents, and COVID.
How Much Does Life Insurance Cost?
The average cost of a life insurance policy is determined by your age, gender, how much coverage you are buying, and health information. Although small, guaranteed-issue policies might have lower premiums, a whole-life policy will have a higher premium. For term policies, the usual life insurance premium for a $500,000 term policy is $25 per month for a 35-year-old female, and it costs $30 per month for a male of the same age.
How To Choose the Best Life Insurance Company
When you want to buy life insurance, you can take a few steps to make sure that you find the best policy based on your needs and wants. Here are some tips that can help you get the best life insurance company:
Assess Financial Stability:
Financial strength ratings are available from agencies such as Standard & Poor and AM Best to help you assess a company’s ability to pay out claims in the future. An insurance company with A+ to A++ ratings is the one you should consider.
Look At the Customer Reviews:
Tons of customer-oriented sites such as Yelp, Google, and Consumer Affairs offer reviews from insurance company customers. It might be very helpful to ignore the reviews and then focus on the average instead.
Choose a life insurance policy as part of a larger financial plan
If your family solely depends on you, life insurance must be part of your financial plan so they can thrive if you are gone. You can get the help of a financial advisor to see how life insurance fits into your financial picture.
Consider If you want a Life Insurance Rider
If you can’t find a life insurance policy that seems ideal for you, then you might want to check into the life insurance riders provided by the insurance company. Life insurance riders enable you to tailor your policy by adding additional coverage.
Get Prices From Several Insurance Companies
The average cost of coverage varies among several insurance companies. So it is a wise decision to compare life insurance quotes from different lenders.
With the tips listed above, you can be able to choose the best life insurance company that suits your needs.