With seemingly countless providers to choose from, finding the best term life insurance companies for your financial situation can often be quite difficult. Term life insurance is a valuable financial asset that can provide your family with financial security and also help round out your financial portfolio. Your choice in providers is something that needs to be taken quite seriously.
The term life insurance company that makes the most sense for one family may not necessarily be the policy that makes the most sense for another. Things that will need to be considered include your monthly budget, the amount of coverage that you are looking for, and any additional riders you may want to be included in your policy.
Fortunately, by working with an independent agent or website, you can quickly compare multiple different term life insurance policies at once. Even if you ultimately decide to go with the first company you considered using, you can at least be much more confident in your final decision.
Here is a list of some of the best term life insurance companies that are currently available:
|Name of the Company||Ranking||What Makes It the Best?||Underwriting Days||No medical Exam Option|
A.M. Best: A+
|Best term life for policyholders over 50||10-30 days||Yes|
A.M. Best: A+
|Offering the best customer service||14-30 days||Yes|
A.M. Best: A++
|financially strong and stable company||10-30 days||Yes|
A.M. Best: A+
|Offering a variety of term life options||14-30 days||Yes|
A.M. Best: A++
|Offering best value when converting term life to whole life||10-30 days||No|
|A.M. Best: A+
|Online application process and high customer service-||14-30 days||No|
|A.M. Best: A+||Easy application process, offers coverage for overweight people||10-30 days||Yes, but it is not available for coverage amounts below $250,000|
|A.M. Best: A+||Offer low rates and high-risk life insurance options||14-30 days||No|
|A.M. Best: A-
|Quick turnaround||Same day or max 10 days||Yes, but it is not available for coverage amounts below $400,000|
|A.M. Best: A+||Awesome underwriting policies. Insuring clients with Type 1 and Type 2 diabetes||14-30 days||No|
Transamerica consistently ranks the highest among life insurance providers that people would recommend to a friend. The company is also ranked among the best for term policies for individuals over 50 and has earned an A+ ranking from A.M. Best (one of the top rating agencies in the industry). Policies are available in terms ranging between 10 and 30 years. The maximum amount of coverage you can apply for is $2,000,000, which makes Transamerica one of the more flexible options.
AIG frequently receives praise for the wide variety of financial assets that it currently offers as well as its excellent customer service support. The company has an extensive history of providing financial services and committed to improving its operations over time. AIG’s term insurance policies are available for 10, 15, 30, or 35 years. One of the reasons their policies are so distinctively popular is that at the end of your term, you can get some of the money you paid back even if you have not filed a claim.
New York Life is one of the very few companies who has earned an A++ from A.M. Best, which means it is immediately worthy of special recognition. The company is recognized as one of the most financially stable in the industry and also offers its clients a wide range of affordable options to choose from. The company’s extensive offering of available riders and unique yearly convertible term policies are two of the reasons that many people have found a way to work this company into their financial portfolio. Term policies are offered between 10 and 20 years.
One of the reasons that Prudential is often among the first companies that people consider for term life insurance is the fact that they offer such a wide array of possible options. Currently, there are six different term life insurance policies available for consumers to choose from. MyTerm is simplest coverage option; it offers up to $250,000 in coverage and does not require a medical exam. Other policies, such as ‘TermElite’, PruTerm WorkLife 65, PruLife Return of Premium, and PruTerm One offer different kinds of coverage for more unique situations.
Northwestern Mutual is one of the oldest and most esteemed companies in the life insurance industry, and there are plenty of reasons why this is the case. Not only is the company one of the few who has earned an A++ from A.M. Best, but they also consistently earn the top customer satisfaction ratings according to several different polls. The company is one of the first options you should consider if you believe you plan on converting or renewing your term life insurance policy sometime in the future.
Since 1868, Pacific Life Insurance Company has been one of the most recognizable names in the life insurance industry. The company has an A+ rating from A.M. Best and consistently scores highly for customer reviews. Some of the benefits of a Pacific Life insurance policy are:
The company’s term life insurance policies are ranked particularly high for individuals with a family history of medical issues, sleep apnea, or high cholesterol. The underwriting process is quite comprehensive, and the policies are very adaptable.
Mutual of Omaha offers a relatively straightforward term life insurance policy in addition to three different permanent life insurance policies. The company also offers many other financial products such as annuities, accidental death insurance, medical supplement plans, etc. If you are willing to bundle a Mutual of Omaha term policy with some of these other financial products, then you may be able to save a significant amount of money on your monthly premiums. By applying online, you can access up to $100,000 in term policy coverage. Applying in-person with an agent will allow you to have access to even more.
When compared to some of the other companies in this list, Legal and General scores particularly well for policies designed for individuals whose health is less than perfect. The company has been recognized for issuing policies catering to those with diabetes. Most term policies offered through Legal and General are designed to last 10, 20, or 30 years. Up to $5,000,000 in coverage may be available, though the vast majority of policies that they issue are for much less than that.
If you are a non-smoking male who is 40 years old, then with Legal and General you may be able to lock in a 10-year term life insurance policy for as little as $15 per month.
Sagicor currently has an A- ranking from A.M. Best. Though it is slightly lower than some of the other companies mentioned above, It has still managed to earn a significant amount of respect in the industry. The company offers an ordinary term life insurance policy in addition to a single premium policy designed for specific occasions. Sagicor’s strengths include their simplified issue and no medical exam life insurance policies. Having the option to secure quality life insurance coverage without needing to take a medical exam is certainly quite valuable.
MetLife is a well-known life insurance provider that is widely recognized for its ability to adapt to various customer needs. The company offers term, whole, universal, variable, and survivorship policies that can be easily adapted when appropriate. The company’s simplified issue term policies also make it possible for applicants with medical issues to skip the exam portion of the underwriting process. Overall, MetLife has earned an A+ from A.M. Best and also has positive ratings from other rating agencies as well. When compared to other alternatives, MetLife policies are frequently cited for their affordability.
Clearly, there are many different life insurance providers for you to choose from. The best term life insurance company for you and your family will depend on your specific financial situation. Though this list contains some of the best options currently available, there are many other quality options available as well. By taking the time to do your research and understand the life insurance industry as a whole, you can find a company that works to fit your needs.
Do you agree with the list of best term life insurance companies that we mentioned in our post? Is there any other company that you would like to see in this list? Let us know in the comments sections below.