If you’re like the average consumer, you’re flooding with advertisements for life insurance.
If you search life insurance in Google, you’re going to get MILLIONS of results. There are over 6,000 carriers in the United States.
When you mix in independent agents and all of the policies available from these companies, there is an endless number of options.
Sadly, not every company is created equal. If you looked at the average price of each companies plans, you would see just how different the prices are and the coverage options.
If you want to protect your family, you want to know you’ve gotten the best possible price and plan. To help you out, here is a list of some of the companies which tend to be the cream of the crop, and some companies which are usually found at the bottom of the barrel.
What’s the difference between a “good” life insurance company and a bad one? There are several factors to consider:
- Customer service
- Financial stability
- Coverage options
Some companies are going to excel in one area, but lag behind in others. You need to determine which areas are most important to you and which ones you can compromise on.
The carriers on our list have shown to have affordable plans, excellent customer service, and several insurance choices.
These all are good insurance companies, but they may not be the best for you.
Picking the Best Life Insurance Company
Choosing an insurance company normally comes down to price, which is why most people pick Banner.
Banner is consistently the cheapest choice for term life insurance.
If you were to get several quotes for a standard term insurance plan, Banner would probably be the most affordable.
This is especially true for any applicants with health problems. Banner has very liberal underwriting compared to their competition.
While other companies are going to decline you, Banner will not only accept you for life insurance but will give you reasonable rates.
Not only do they have cheaper premiums, but they offer a lot of flexibility to customize your term plan.
Haven Life is your standard life insurance company.
They are no exam life insurance specialists. Not only do they focus on no exam coverage, but they have perfected the process.
With their application algorithm, there is a chance you could get instant approval. No more waiting a month to get a response from the insurance company.
Haven Life has spent years trying to make their user interface and application experience as stress-free as they can.
If you’re under 60 years old, you can get more than $1 million in coverage. Anyone older than that will be capped at $1 million.
One important note, you can’t buy Haven Life insurance coverage for key man insurance.
Transamerica has set themselves apart in several areas, including the no exam and final expense niche.
When you compare Transamericas no exam policies to other companies, you’ll find lower premiums and more options.
Aside from the no exam plans, Transamerica also has crafted the “Trendsetter” line of term plans.
The Trendsetter line of products are more than term insurance. They also have several living benefit riders attached to them.
Transamerica allows customers to get up to $2 million in coverage as well as get some insurance protection while they are still alive. Riders like chronic illness or terminal illness.
Worst Insurance Companies
Allstate has some of the most memorable commercials. They do an excellent job in advertising and marketing, but their customer service, plans, and claims history are less than spotless.
In their past, their agents have been shown to lie to clients, just to get their money. Now, that’s not to say things haven’t completely changed, but with a track record of lying, it’s always better to find a company where you have zero doubts.
In addition to all of these pitfalls, they aren’t usually the cheapest option. There are going to be several companies with cheaper options. Why not find a trustworthy company with affordable rates?
If you comb through customer reviews through the past several years, you’ll see a lot of angry consumers.
When you’re reading through reviews, you should always take them with a grain of salt. Angry customers are much more likely to review an insurance company versus a customer who is happy.
Additionally, every customer is going to have a different experience. Some of them might report an agent being “rude” or unhelpful” while another consumer can talk to the same agent and sing their praises.
To identify problem companies, look for common complaints or trends in reviews. When you look at AIG’s, you’ll see a lot of people with a common gripe: policies being canceled.
Each customer had a different situation, but the end results were the same, they had their plan canceled with no worry.
Sure, there is a chance the consumers were to blame or they got proper notice, but either way, it’s a topic of concern when you’re shopping for coverage.
Best and Worst Life Insurance Companies
If you’re shopping for life insurance, you’re going to be flooded with plan types, outrageous claims, and pictures of happy families.
Every single company you contact is going to say they have the cheapest premiums and the lowest rates. All of them can’t be the best.
You need to find the cheapest with the best service and great customer service. Hopefully, the above will be one of the best choices for you.