Puritan Life Insurance Company of America has been helping families meet their personal financial goals since 1958. Based in Scottsdale, Arizona, the company sells annuities, life insurance, and Medicare supplement products.
If you’ve already looked up Puritan Life Insurance reviews online, you may already know the company was part of a large merger in 2017. That year, American Underwriters Life Insurance Company and Century Life Assurance Company merged with and into Puritan Life Insurance Company of America. Today, Puritan Life Insurance sells life and health insurance in every state except for New York and the District of Columbia.
Puritan Life Insurance reviews by financial ratings agencies indicate a good financial stability rating, which can provide some peace of mind when purchasing a policy. You can get more detail on their specific rating below. While ratings in the “A” category are the best, ratings in the “B” category still indicate stable financials and a high likelihood of your death benefit and other investments being secure. When comparison shopping, you can use company ratings as an additional factor when making your decision.
Puritan is also a Better Business Bureau (BBB) accredited business, earning accreditation in 2017. They have a rating of A+, the highest available. This indicates transparent business practices, resolved complaints, and a low volume of consumer complaints, among other factors. A BBB rating does not indicate financial stability, but it is an indication of customer service. A high BBB rating indicates a high rate of customer satisfaction.
The main disadvantage of Puritan Life Insurance Company of America is the lack of information on their available products. Their website lists the type of products available, but there are no rates or specific details available. To get more detail, you must contact the company or a contracted agent for a quote. This can make comparison shopping difficult and time consuming, especially if you’re navigating the process on your own.
Another disadvantage is the limited array of products. For example, if you’re looking for term or universal coverage, Puritan may not be a good option for your needs. Additionally, if you’re looking for an annuity, there are no variable or indexed annuity options. Fixed annuities are lower risk, but they have less potential growth than other options.
NOTE: If you reside in the state of New York or within the District of Columbia, you will not be able to purchase products from this company. The good news? Here at LifeQuote, we work with the country’s top insurers that offer coverage in all 50 states. So no matter where in the U.S. you live, you can start with a free quote here to check out available policies and pricing.Get a Free Quote Now
If you prefer doing your research and shopping online, you may have a little trouble with Puritan Life Insurance. Their website offers little detail on what they include in their products. If you want to compare rates or conditions, you’ll have to contact the company or work with a licensed agent. This can make comparison shopping more difficult. That being said, they do offer whole life insurance policies - and here's what you need to know.
Whole life insurance is a permanent policy that provides a death benefit as well as accumulates cash value. The premiums for any permanent policy are more expensive than term life insurance because they are split to cover the cost of insurance and add value to your cash value, which acts like a savings fund.
Your cash value account grows with each premium payment and accrues interest at a higher rate than a standard bank savings account. Once the cash value reaches a certain value, you can access it. Potential uses include a rainy-day fund, retirement income supplement, or covering large expenses like college education.
It’s important to note that funds borrowed from your cash value account should be replaced if you want the full value to pass onto your beneficiary when you die. If a larger death benefit is not of importance to you, then you may not need or want to replace those funds. You should always consult your financial advisor when making decisions about the cash value component of your policy.
Puritan Life Insurance provides a list of notable benefits of their whole life policy. These include the ability to insure two people under a single policy. There is also no required in-person medical exam, which can make the process of getting covered faster and easier than with insurers who require a full medical exam for underwriting. You can learn more about no medical exam life insurance here - with the option to get a free quote.
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Let's start off by explaining what an annuity is. In its simplest terms, an annuity is a contract between you and your insurer. When you open an annuity, you will pay either a lump sum or a series of payments, which are then invested to accumulate interest and value over time. Later, after a set period of time, the process reverses. Your insurer begins making payments to you from the fund on a tax-deferred basis. Those payments continue until they day you die, making them a great way to ensure you never outlive your retirement fund.
Fixed annuities have a guaranteed interest rate over their entire length. That guarantee prevents you from losing any money, but it also limits your gains. That's what makes a fixed annuity the most stable form of annuity. The fixed interest rate is typically lower than the rate offered with other annuity options, but comes with less risk. The growth rate is still greater than what you would accumulate in a bank savings account. Puritan also promises no annual or policy fees, and free withdrawal options to access your money. Annuities are a great tool for ensuring you don't outlive your income, but they're also complex and difficult to navigate on your own if you have no experience with them. That's why we recommend consulting a financial advisor if you're interested in adding one to your financial portfolio.
Medicare Supplement policies are meant to fill the gaps in original Medicare. These policies are often nicknamed “Medigap” insurance for that reason. If you have additional healthcare costs beyond what Medicare covers, a Medigap policy can help cover them. Keep in mind that a supplement policy is not the same as a Medicare Advantage Plan. The features and perks of a Medicare Supplement policy from Puritan Life Insurance include: skilled nursing facility co-insurance, foreign travel emergency coverage, assistance with out-of-pocket deductibles, and coverage for copayments and coinsurance. Puritan offers plans A, F, G, and N. We recommend talking to a Medicare consultant before deciding if you need a policy and, if so, which policy best meets your needs.
A.M. Best rated Puritan B++ (Good) in 2018 and reaffirmed the rating in 2020. Independent rating agencies issue a grade after an in-depth review of a company’s finances and projections for the future. These ratings indicate the likelihood that a company will be able to meet their financial obligations on time.
Ratings in the “A” category are the best, showing superior stability and a high likelihood of claims being paid quickly. Ratings in the “B” category are good, indicating that a company is likely to be able to meet their financial obligations. Financial obligations include paying a death benefit after the death of the policyholder. It's important to consider the financial stability rating of your insurer before buying a policy. This ensures you're paying for lasting protection that will be there when you need it. You can learn more about financial stability ratings and what they mean by reading our article explaining the rating system and categories.
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So where does our look at Puritan Life Insurance reviews leave us? As with any insurer, there are pros and cons to purchasing from them. They have a limited selection of products and don't list rates or other important details publicly. On the plus side, Puritan has a solid financial stability rating, serving almost every region of the United States. They also have a high rating from the Better Business Bureau (BBB) that shows high customer satisfaction and good customer service.
Comparing insurers and selecting the right products for your needs and budget can be difficult. At LifeQuote, our licensed agents can help you determine your coverage needs, compare rate from different companies and products, and navigate the application process with expert advice. We work with the top-rated carriers, ensuring you find the coverage that's the right fit for your financial needs. Get a free quote today to get started!Get a Free Quote Now