Choosing the right life insurance company can be a challenge, as there are many companies claiming to offer the best services. While most life insurance companies provide competitive products at similar prices, price can be a deciding factor. To determine the best life insurance company for your needs, it is advisable to obtain quotes from several companies.
Here is some important information about life insurance companies:
What factors should be considered before selecting a life insurance company?
- Customer service: A company with excellent customer service is valuable for long-term satisfaction. Reviewing customer satisfaction scores and using complaint portals can help assess a company's goodwill.
- Financial strength: It is crucial to consider a company's financial strength before making a decision. Ratings for financial strength can be found on various review websites, and it is advisable to avoid companies with ratings below B.
- Price: Comparing the cost of coverage offered by different companies is essential in selecting the most suitable option.
- Amount of coverage needed: Multiplying your income by ten and purchasing ten times the income is a common method for determining the necessary coverage. Additional coverage may be needed for college expenses, such as $100,000 per child.
How can you determine if you need a life insurance policy?
- The number of people financially dependent on your earnings can help determine the type of insurance policy required.
- The living expenses needed by your dependents.
- The time it will take for your dependents to become financially self-sufficient.
What are some popular life insurance companies to consider?
- Northwestern Mutual: This company boasts superior financial ratings and holds approximately 8.46% of the market share. They offer various life insurance options, such as term life, whole life, universal life, and variable life. Northwestern Mutual is highly regarded for customer satisfaction.
- New York Life Insurance Co.: With a market share of about 5.74%, this company offers corporate-sponsored life insurance.
- MetLife or Metropolitan Life and Affiliated Cos.: Holding a 5.26% market share, MetLife presents options like term life, whole life, universal life, and guaranteed accepted whole life.
- John Hancock Financial: As one of the largest life insurance companies, they offer a special discount on gym memberships for regular health screenings through their vitality program.
Which are some of the best insurance companies of 2017?
- Haven Life: This company provides quick coverage without requiring a medical examination.
- Banner Life: Known for excellent products and services, they specialize in high-risk products.
- AIG: Considered one of the best due to its large size.
- Prudential: Particularly recommended for chewing tobacco users.
- Other top-rated companies include MetLife, Voya Financial, Mutual of Omaha, Genworth Financial, Transamerica, and more.
What factors determine life insurance premiums?
- Life insurance rates are typically based on life expectancy, health, age, gender, and smoking habits. Obtaining life insurance at an early age is advisable.
What are the advantages of term, whole, and universal life insurance?
- Term life insurance is easy to understand and is one of the most affordable options.
- Whole life insurance provides coverage for the entire lifetime, with all policy benefits guaranteed.
- Universal life insurance is cheaper than whole life and offers flexibility in selecting the age at which the death benefit should be paid.