Best Life Insurance Companies in 2017
What are the best life insurance companies in the US to get life insurance quotes? This is a common question we hear and likely a popular question many people are asking while shopping for life insurance quotes online.
Unless you’re working in the insurance business it’s hard to really get an understanding of that question.
The PolicyZip team has compiled a list of the best life insurance companies in America to help our clients find the right fit for their unique personal needs.
We compiled this list by reviewing the best life insurance companies as listed by AM Best. AM Best reports on the financial strength of life insurance companies as well as property and casualty firms around the world.
Because we work with nearly 100 life insurance companies, our experience in choosing the best life insurance company is vast. With that said, our focus is working with those companies that meet the requirements to earn an A rating year over year.
This page is a resource for you to look at the best life insurance companies of 2017.
Remember, we are an independent life insurance agency working nationwide with the best life insurance companies. Rates for term and whole life insurance will vary based on the date, your age, your health conditions, and the amount of coverage you ultimately decide to purchase.
If you’d like to look at the best rates for life insurance today, we update this page with life insurance rate examples to help you.
Best life insurance companies to choose from in 2017.
- AIG Life Insurance Company (Partners Group)
- Mutual of Omaha Life Insurance Companies
- Protective Life Insurance
- Sagicor Life Insurance
- Banner Life Insurance Company
- Savings Bank Life Insurance Company of Massachusetts (SBLI)
- American Amicable Life Insurance Company
- ANICO Term life insurance
- Lincoln Financial Group
- Columbian Life Insurance Company
- North American Life Insurance Company
- Allianz Life Insurance Company
- Protective Life Insurance Company
- Nationwide Financial Life Insurance Company
- Mass Mutual Life Insurance Company
- National Life Group
- Life of the Southwest
- United Home Life Insurance Company
- Assurity Life Insurance Company
- Axa Equitable Life Insurance Company
- Aetna Life Insurance Company
- American Equity Life Insurance Company
- Boston Mutual Life Insurance Company
- Voya Insurance and Annuity Company
- Royal Neighbors of America Term Life Insurance
These represent the life insurance companies that have maintained their A excellent status with AM Best. Whether you are shopping for term life insurance quotes, whole life insurance or even universal life insurance quotes, these life insurance companies are all great choices.
You may be asking yourself, “if they’re all good companies, how do I know which one to choose?”
That’s a great question, and there are a few variable you should consider when choosing the best life insurance company for you.
How to choose the best life insurance company
Shopping for life insurance, especially online, can be a daunting task without the proper guidance.
Below are some of the considerations when learning how to choose the best life insurance companies.
Ratings play an important role in assessing the strength of a company. This is especially important when it comes to life insurance as your policy is pointless if the company who issued it doesn’t have the financial strength to pay your claim. This is why we always urge you to review the financial stability of a life insurance company.
The A.M. Best Rating, displayed on each of our carrier reviews, is meant to represent the creditworthiness of an insurer. This rating also emphasizes a forward-looking approach, meaning it is exactly there to gauge whether a company will still be around when you need it years from now.
You also want to find a life insurance company that has positive interactions with its customers. No one wants to deal with an insurance agency who is unresponsive, rude to its customers, or lacks transparency. This is a large part of what the Better Business Bureau’s (BBB) grade represents.
These ratings, ranging from A+ to F, take into account complaints received from the public, using data from both businesses and public data sources.
Rates (Monthly Payments)
Of course, the rates you pay will have a large impact on the company you choose. Each company perceives your personal situation differently, and some may see a red flag in your medical history and double your rates, while another company may not mind that issue and still give you a preferred rating.
That’s why it is important to look at all your options with the help of a PolicyZip agent. The ability to examine rates across multiple carriers gives you options to find a lower price for the same amount of coverage.
It happens all the time, you just need to make sure you’re working with someone who has the ability to shop the market.
However, it’s important to not let rates make your decision for you. The cheapest term life insurance isn’t always the best life insurance, we’ve all heard that you get what you pay for.
Buying life insurance is a long-term decision, so it’s important to factor in what kind of risk is involved with the plan you are choosing. For those that like to avoid risk, you might choose a brand name carrier even if they have a higher rate.
However, others might prefer a newer company because of the low rates they offer. It’s all personal preference and comes down to the risk you are willing to take.
From an agent’s perspective, it’s our job to educate you on those options you are entitled to.
Which of the best life insurance companies should you choose?
If you’ve reviewed our list of the best life insurance companies and are ready to make a decision, there are three critical questions you should ask to finish the process.
Do you suffer from any pre-existing health conditions?
Are taking any medications?
Do you currently use tobacco, e-cigs, or vape?
The next step is to consider your age, and the type of insurance you want to purchase.
Do you want term life insurance, whole life insurance or guaranteed universal life insurance? Not sure the difference between term and whole life insurance?
We explain term life insurance here. In our experience, most of our clients end up choosing term life insurance as the monthly premiums are typically less expensive than the premiums for whole life policies.
The nice part about term life insurance is that it’s an easy decision and you can always convert it to whole life or universal life down the road.
How Much Life Insurance Do I Need?
Follow these 4 simple steps to determine how much life insurance you need.
- Debt: Calculate your total debt
- Income: Calculate your annual income times the amount of years you want that income to continue for your family. For example, $60,000 salary will continue to pay your family for 20 years. $60,000 x 20 years = $1,2000,000
- Mortgage: Calculate how much you owe on your mortgage
- Education: Determine if you plan on funding your children’s future education expenses.
Using this simple four step process makes getting life insurance easy.
Once you’re clear on the amount of coverage you need and the time frames you need it, you buy the term life policy to match those details.
As life changes, you can make the decision to convert all or a portion of your term life insurance policy to a whole life or other permanent life insurance policy.
Of course, everyone’s situation is different.
At this point, you’ve likely educated yourself to the point that you are ready to speak with us. Complete the short contact form on our website to create a no-obligation case review with one of our licensed agents. As a family owned business, we understand the time it takes to work through these types of decisions.
We’re here to help.