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12 Best Life Insurance Companies in USA
Best Term Life Insurance: Protective
Best Buying Experience: Haven Life
Best Convertible Term Life Insurance: MassMutual
Most Living Benefits: Nationwide
Best Return-of-Premium Term: Mutual of Omaha
Great Traditional Insurer: Guardian
Best for Military: USAA
Great for Dividends and No-Medical Exam Life Insurance: Penn Mutual
Cheapest Term Premiums: Banner
Best for Customer Satisfaction: State Farm Life Insurance
Best Whole Life Insurance: New York Life
Largest Life Insurance Company: Northwestern Mutual
LIFE INSURANCE BEST COMPANIES
12 Best Life Insurance Companies
Those who have lost income and like to cover funeral expenses and medical bills, or pay ongoing costs like a mortgage while your estate can be sorted out, life insurance can cover you. Depending on the company you you like to go with, the riders that are included in the company, and the type of policy you get-all the factors have influence on costs and benefits which may vary widely. Term life insurance can be the easiest option to buy provided you are healthy and under 50 and in that case you could get a policy online in minutes. But things are not the same when you need a permanent policy, being 50 or above, or you being in poor health. You are advised to be prepared to speak to an agent and for a longer application process may necessitating you to include a medical exam.
In order to choose the best life insurance companies, evaluation of dozens of life insurance providers in categories, having each category a specific weight percentage based on its importance may help. Policy types and features weighs 21%, financial stability weighs 17%, application process weighs 16%, customer satisfaction weighs 15%, customer service weighs 14%, riders and living benefits weighs 9%, and cost weighs 8%. Analysis of all these key categories helps us identify which life insurance companies could be the suitable for your particular life insurance needs.
Listed below are 12 Best Life Insurance Companies in the USA
Looking for the Best Term Life Insurance? : Protective is the answer.
Looking for the Best Buying Experience? : Haven Life is the answer.
Looking for Best Convertible Term Life Insurance? : MassMutual is the answer.
Looking for the Most Living Benefits? : Nationwide is the answer.
Looking for the Best Return-of-Premium Term? : Mutual of Omaha is the answer.
Looking for the Great Traditional Insurer? : Guardian is the answer.
Looking for the Best for Military? : USAA is the answer.
Looking for the Great for Dividends and No-Medical Exam Life Insurance? : Penn Mutual is the answer.
Looking for the Cheapest Term Premiums? : Banner is the answer.
Looking for the Best for Customer Satisfaction? : State Farm Life Insurance is the answer.
Looking for the Best Whole Life Insurance? : New York Life is the answer.
Looking for the Largest Life Insurance Company? : Northwestern Mutual is the answer.
BEST TERM LIFE INSURANCE
Protective Life
AM Best Rating: A+
Accepts Credit Cards: Yes
(AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “D.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.)
Why You May Chose Protective Life
Since protective's term policies are regarded as the most affordable of all insurers reviewed and it offers terms up to 40 years, which is rare at present, you may chose Protective Life.
Pros & Cons
Pros
It is the Lowest pricing along with Banner and Haven among 91 companies
It offers term coverage for up to 40 years
It allows credit card payments
It offers no-medical-exam coverage
Cons
For customer satisfaction in J.D. Power's life insurance study it ranked 15th out of 22 companies.
BEST BUYING EXPERIENCE
Haven Life
AM Best Rating: A++
Accepts Credit Cards: Yes
Why We Chose It
Haven Life offers a flexible online quote, application, and it has a good buying experience. Moreover it is backed by the A++ financial strength rating of MassMutual.
Pros & Cons
Pros
It has an easy-to-navigate website
They have online application process
It offers same-day decision
It has A++ financial strength
It is the 10th best pricing among 91 companies
Cons
The have only term life insurance
The term policies are non-convertible
It offers limited riders
BEST CONVERTIBLE TERM LIFE INSURANCE
MassMutual
AM Best Rating: A++
Accepts Credit Cards: No
Why We Chose It
For financial strength MassMutual has ranked the top. It has continually been paying dividends every year since 1869, has few complaints, and has a wide selection of policies.
Pros & Cons
Pros
It was rated A++ for financial stability
It has long history of paying dividends
There is Low NAIC complaint index
It has liberal term conversion options
Cons
It has few accelerated benefit riders included at no cost
It Does not accept credit card payments
MOST LIVING BENEFITS
Nationwide
AM Best Rating: A+
Accepts Credit Cards: Yes
Why We Chose It
It offers three living benefits included with most policies. It is generous with no-exam requirements. It has strong financials, and satisfied customers and these factors succeeded Nationwide in making a great option.
Pros & Cons
Pros
There is no-exam life insurance available to very healthy applicants
It has low NAIC complaint index
There is living benefits included on most policies
It allows credit card payments
Cons
It has no live chat available
BEST RETURN-OF-PREMIUM TERM
Mutual of Omaha
AM Best Rating: A+
Accepts Credit Cards: Yes
Why We Chose It
Return-of-premium (ROP) term life insurance, a wide range of riders are offered by Mutual of Omaha and most policies include at least two living benefits.
Pros & Cons
Pros
It reserves many plans with living benefits
It offers Wide range of riders
It has guaranteed issue options
It gives you return of premium term
Cons
It doesn't offer online applications for term policies
GREAT TRADITIONAL INSURER
Guardian
AM Best Rating: A++
Accepts Credit Cards: No
Why We Chose It
Guardian received an surprisingly low number of customer complaints, has an A++ financial strength rating, and pays dividends to eligible policyholders.
Pros & Cons
Pros
It has low NAIC complaint index
It receives an A++ for financial stability
Whole life policies are eligible for dividends
Cons
It doesn't offer online application and claim filing
Credit card payments are not accepted
BEST FOR MILITARY
USAA
AM Best Rating: A++
Accepts Credit Cards: No
Why We Chose It
If you become injured in the line of duty and cover you during war, USAA offers military-specific benefits that pay out.
Pros & Cons
Pros
It gives severe injury benefits
It adds to your term coverage without taking another exam
It has term conversion rider
It has A++ AM Best rating
Cons
It doesn’t take credit card payments
There is limitation of No-exam coverage options
GREAT FOR DIVIDENDS AND NO-MEDICAL EXAM LIFE INSURANCE
Penn Mutual
AM Best Rating: A+
Accepts Credit Cards: Yes
Why We Chose It
Penn Mutual has been paying dividends for nearly 175 years and offers up to $7.5 million in coverage for no-medical-exam life insurance to those applicants who are eligible. It is the highest limit we have seen.
Pros & Cons
Pros
It has strong dividend-paying history
It has high coverage no-medical-exam life insurance
It is the 5th-lowest pricing among 91 companies
It has an excellent NAIC customer complaint index
Cons
It has limited website information
Quotes are not available on the website
CHEAPEST TERM PREMIUMS
Banner
AM Best Rating: A+
Accepts Credit Cards: No
Why We Chose It
Banner's term premiums have been tied for the lowest along with Protective and Haven Life, and Banner offers terms up to 40 years.
Pros & Cons
Pros
It is tied with Protective and Haven for lowest pricing
It has 40-year terms available
It has generous term conversion period
Online application is available
It has an excellent NAIC customer complaint index
Cons
There is only few policy types
Riders are limited
BEST FOR CUSTOMER SATISFACTION
State Farm Life Insurance
AM Best Rating: A++
Accepts Credit Cards: Yes
Why We Chose It
Because of life insurance for the past three years State Farm has earned the #1 spot in J.D. Power's customer satisfaction rankings
Pros & Cons
Pros
It has superior financial stability
It has scored first for customer service by J. D. Power
The whole life policies can earn dividends
Bundling discounts are available
Cons
It is the fourth-worst for pricing
It has limited coverage for no-medical-exam life insurance
BEST WHOLE LIFE INSURANCE
New York Life
AM Best Rating: A++
Accepts Credit Cards: No
Why We Chose It
According to the latest available NAIC data New York Life is the second-largest life insurance company and has been paying dividends to eligible policyholders every year for the past 169 years.
Pros & Cons
Pros
It has A++ (Superior) AM Best rating
It has long history of paying dividends
There are some policies available to applicants up to 90 years old
It has broad selection of riders
Cons
We can’t get too many policy details online without contacting an agent
Online quotes and applications are not available
LARGEST LIFE INSURANCE COMPANY
Northwestern Mutual
AM Best Rating: A++
Accepts Credit Cards: No
Why We Chose It
According to the National Association of Insurance Commissioners (NAIC), Northwestern Mutual is the largest life insurance company in the country which has 7.49% market share. It has stellar financial ratings across multiple rating agencies and offers a wide range of policies.
Pros & Cons
Pros
It has the highest financial strength ratings
It has long dividend-paying history
It has one of the best NAIC complaint indexes
It is the largest insurance company, nationwide
Cons
You are required to work with a financial advisor to buy a policy
It shows poor digital experience that lacks details about policies
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