There are few people who care to think about their own mortality, and if you have decades ahead of you before even considering retirement let alone preparing for the end of your life, life insurance can certainly seem like a fairly pointless exercise.
Nevertheless, if you have a family, then ensuring their financial stability for the future is something that is best done today.
After all, if you are the main breadwinner of the household, who’s going to pay the bills should you no longer be capable of doing so?
Finding the top ranked life insurance companies is not only about assessing the best policy deals. It’s also about the company’s reputation for customer service and its’ overall financial strength.
A poorly performing life insurance company can make it difficult when it comes to making a claim.
Among the most important points to keep in mind when shopping for a life insurance company are:
- The term: this is the length of time the policy covers. For example, a 25 year term covers a 25 year period from the time the policy is activated. In general, the longer the term is, the more costly the insurance policy. Term life insurance is normally cheaper than non-term
insurance, but it will only payout should the individual pass away within the term period.
- The premium: the premium is the payment made in order to maintain the coverage. Companies have different payment schedules and some insurance companies will allow more frequent but smaller payments.
- The amount of coverage: this is the total sum of money that can be claimed as a benefit when the person who owns the insurance coverage passes away.
- Exceptions and exclusions: there are always going to be exceptions and exclusions attached to any life insurance policy. For example, should an individual pass away through suicide, the policy may not cover the death. It’s wise to read the small print when considering
a life insurance policy investment.
- Renewability: with regards to term policies, some companies will allow an investor to renew a policy at the end of the term. Some may even go as far as accepting renewal when the customer’s health deteriorates.
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The following list provides details of a number of the top ranked life insurance companies in the United States. Do keep in mind however that insurance companies are never equal, so one consumer may have a very different idea to another about which insurance company is more appropriate for their
- New York Life
New York Life is regarded as one of the best, if not the best life insurance company in North America. The company is one of the fastest to pay death benefits when a claim is made.
Highly competitive rates, top class products, fast claims.
Primerica offers fast payment claims, flexible policies, easy premium payments, as well as great customer service.
- State Farm
- Lincoln Benefit Life (Allstate)
- MassMutual Financial Group
This company is a mutual company owed by its own policy holders. Excellent product lines - from basic protection products to complicated investment options.
- Colonial Penn