Best Life Insurance Companies – Overview
Life insurance is extremely essential today. It helps significantly in extreme circumstances. For instance,
Life insurance policies can provide financial support covering medical bills, funeral expenses, and ongoing living expenses (such as mortgage payments) and can compensate for lost income.
However, The costs and benefits of life insurance policies can vary significantly across different types of policies. The specific benefits and costs usually depend on the insurance company you choose, the riders included in the plan, and the type of insurance policy you select.
To make things easier, we have assessed and evaluated the top insurance providers to give you a list of the best life insurance companies in the US.
Top 5 Life Insurance Companies
Here is the list of our selected best life insurance companies:
Life Insurance Companies
1 – Nationwide – (Best Overall Life Insurance)
Nationwide is a reputed life insurance company. It has been in business for almost 100 years and offers many life insurance policies. The company makes it easier to buy life insurance by not requiring candidates to undergo medical exams and does fast approval.
Nationwide is ranked among the best whole life insurance companies, the best life insurance company for those over 50, and the best no-medical-exam life insurance company in the US.
Nationwide Insurance has an A (Superior) financial stability ranking from AM Best. (1) The company offers term policies and traditional life insurance policies, including UL (Universal Life), IUL (Indexed Universal Life), and VUL (Varied Universal Life Insurance).
Nationwide ranks no. 1 on our list of the best life insurance companies because of the excellent all-around benefits offered.
Pros and Cons
Pros
- Low NAIC complaints
- Allows payments by credit cards
- No-exam life insurance for healthy applicants
- Living benefits on most policies
Cons
- No live-chat customer support is available
You can find more details about Nationwide life insurance by visiting the official website here https://www.nationwide.com/.
2 – Protective – (Best Term Life Insurance)
Protective ranks second on our list of the best life insurance companies. It offers the least expensive term life insurance and has affordable pricing plans and policy options, making It the most affordable life insurance company. It also offers long-term insurance policies and has ranked at the top for several years.
Pros and Cons
Pros
- Term coverage up to 40 years
- No-medical-exam life insurance
- Allows payments through credit cards
- The lowest cost among other insurers
Cons
- Ranks low on J.D. Power’s customer satisfaction index
To know more details, such as types of life insurance policies, pricing, and plans from Protective, you can simply click the link and check out the official website here https://www.protective.com/.
3 – Haven Life – (Easiest Insurance Buying)
Haven Life offers the easiest ways to buy life insurance policies, ranking on our list of the best life insurance companies. It has an easy-to-navigate website offering a wide range of quotes and applicants, all processed quickly online. The company does not ask for personal information till you wish to apply. You can contact an agent directly from the website to learn more about their insurance policies and plans.
Haven Life is renowned for offering the most affordable term life insurance policies. For instance, those who apply for a no-medical-exam life insurance plan can get their application approved on the same day. Another reason Protective ranks high on our list is because it has an A++ (Superior) financial strength rating from AM Best.
Pros and Cons
Pros
- Easy-to-use website
- Same-day decision
- A++ financial strength rating
- Online application available
- Ranks high on best pricing
Cons
- Term policies are non-convertible
- Limited riders offered
- Only offers term life insurance policies
For more details and information about Haven Life insurance policies, visit the official website here https://havenlife.com/.
4 – MassMutual – (Best Convertible Term Life Insurance)
MassMutual is highly regarded in the life insurance industry. It holds an A++ (Superior) financial strength rating from AM Best, indicating exceptional financial stability and ability to meet claims obligations, which is the highest rating a company can receive regarding claim payments. It has been regularly paying dividends every year since 1869. Besides this, the company has also received fewer complaints than its competitors, as per the NAIC index.
MassMutual also allows insurance policies to be converted from term policies to any permanent life insurance policy. This helps insurance-buyers to receive significant life insurance coverage without having to re-qualify.
Pros and Cons
Pros
- Reputation for paying dividends
- Rated A++ (Superior) for financial stability
- Low NAIC complaint index
- Liberal term conversion options
Cons
- Credit card payment is not acceptable
- Fewer accelerated benefit riders are available for free
For more details and information about MassMutual life insurance policies, visit their official website here: https://www.massmutual.com/.
5 – Guardian Life – (Great Conventional Insurance)
Guardian ranks fifth on our list of the best life insurance companies. It is one of the few insurance providers that constantly earn a top financial strength rating (A++) from AM Best, which proves it has excellent financial stability.
The company also pays dividends to eligible whole-life insurance policyholders. These reasons help rank Guardian among the best life insurance companies for people over 50 and the best life insurance company for seniors, too.
Guardian Life acquired an excellent NAIC ranking with fewer complaints over the past three years. The company also provides no-exam life insurance to eligible applicants.
Pros and Cons
Pros
- A++ (Superior) rating for Financial Stability
- Whole life insurance pays dividends
- Low NAIC complaint index
Cons
- Does not accept payments by credit cards
- Online application or claim filing is not available
To learn more about Guardian Life insurance, you can check out the official website here https://www.guardianlife.com/.
Conclusion
This is our list of the best life insurance companies in the US. These companies have been chosen based on several factors: ease of online application, variety of life insurance policies, financial stability ranking, complaint frequency against claims, and the riders available with policies. Check out the individual company’s official website before buying life insurance.
See Also
How to Get a Life Insurance License?
Difference Between Term and Whole Life Insurance
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