Top 7 Best Life Insurance Companies

Best Life Insurance CompaniesAs an independent broker, we are constantly growing our stable of insurance policy providers.

Today we work with some 30 national and state insurance companies, and while they are all good – we wouldn’t work with them otherwise – here’s a list of our Top 7 Best Life Insurance Companies.

What makes these top companies stand out? Aside from the qualitative aspects of their business and service philosophy, there are the two simple and most important criteria:

Best Rates, Highest Ratings

All of our Top 7 providers consistently deliver the lowest life insurance rates available while managing to maintain the highest ratings as providers.

While we may recommend one provider over another depending on a client’s specific needs, their age, health and budget, we’d still be looking first at the players in this list.

So here goes, our first annual Top 7  Best Life Insurance Companies.

Banner Life Insurance Company

Banner has been around since 1949. They were originally called GELICO, and you guessed, they were once in laws with that company with the funny little British-accented Gecko called GEICO.  In 1981 GELICO was purchased by Legal & General and with that acquisition came the name change to Banner Life Insurance. With over $456 billion in active life insurance policies, the Banner Life Insurance company is no small potato, and that probably at least partly explains its consistent A+ rating by A.M Best and the company’s very competitive rates.

Protective Life Insurance Company

Going back all the way to 1907, suffice to say Protective Life Insurance has been in the business for quite while. With similar credentials to Banner Life, spare the additional 50 years in insurance, the company boasts in excess of $427 billion in life insurance policies in force and with that also A.M. Best’s A+ rating and more often than not, some of the lowest life insurance rates around.

Transamerica

Aside from their A+ rating, and generally great rates, we gave Transamerica the coveted fifth spot in our list because they are one of the few providers to offer the option of having a Term Life Insurance Physical Exam or having no physical exam at all. Of course choosing the latter will generally increase rates, and that’s why many people choose to have the exam. That said it’s nice to have the option, and opens the door to many people who are concerned about their privacy or the likelihood that that they will be turned down.  With a legacy that goes back almost 110 years, Transamerica serves over 14 Million customers, and is one of the country’s oldest providers.

American General Life Insurance Company

The oldest insurance company in our list is American General. They’ve been providing life insurance policies for some 160 years and in that span they have written life insurance claims checks totaling over $34 Billion. Wow! Not only are they are an A Rated company, with an open door policy for those with diabetes (the so-called silent killer) and other pre-existing conditions, they also offer great rates. That’s why we’re giving American General our a strong #4 in our list of the best life insurance providers nationwide.

ING Life Insurance

While ING life insurance doesn’t offer 30 year term life insurance policies, they do provide great rates for customers looking for 10 to 20 year terms. As a big brand that takes service seriously, ING enjoys an A rating from A.M Best. Can you say winnING? Ok, not so fast, we’ve still got two more to go.

SBLI

While I am still a little unclear as to how to pronounce their name, and though many clients I mention them to haven’t heard of them, we think that’s about to change.  One of the reasons is that the company (prounounced, Es.Be.El.Eye, and not Sblee, BTW) does almost no advertising, and simply bills themselves as the “No nonsense life insurance company”. They certainly live up to that promise, and that’s why we like them. And even if they seem almost hip, they’ve been around well over a hundred years and hold over $50 Billion in active policies. And of course they wouldn’t be in this list if they didn’t have an A+ rating by A.M. best and some of the best, “no nonsense” rates around.

Prudential

All brilliant branding aside, their namesake’s play on the concept of prudence and the immediate appeal of “getting a piece of the rock”, they’re a really great company, and that’s why they’re here. No surprise, Prudential has A.M. Best’s A+, but that’s the tip of the Prudential iceberg.  Not only do they offer great, competitive rates, but they also offer something very few other companies do; they provide full insurance coverage to our armed service men and women overseas in combat.  Wow, that deserves more than a few patriot points. They also offer rates reserved for non-tobacco users to those who choose to chew tobacco.  Now that’s old school.

Well, congratulations Prudential and all of the companies in the list. But most importantly congratulations to you for starting your search for life insurance and finding the best of the best.

Here’s an even more in depth article and infographic re-affirming our analysis of the best life insurance companies in the US..

Life Insurance Companies in the United States

Life Insurance Company
AM Best
S&P
Moody's
Fitch
AAA
A-
AICPA
Colonial Penn
BB
BBB
Ba1
BB
Farmers
A
A
A+
GEICO
A++
AA+
Genworth
A-
BBB-
Baa1
Globe Life
A+
AA-
Guardian Life
A++
AA+
Aa2
AA+
Intelliquote
Lincoln Financial
A+
A+
Aa2
AA+
Mass Mutual
A++
AA+
Aa2
AA+
Matrix Direct
MetLife
A+
AA-
Aa3
AA-
Mutual of Omaha
A+
A+
A1
North American
A+
A+
Northwestern Mutual
A++
AA+
Aaa
AAA
Primerica
Principal
A+
A+
A1
AA-
Life Insurance Company of the Soutwest
State Farm
A++
AA+
Aa1
AA
USAA
A++
AA+
Aa1
William Penn
A+

The Importance of Life Insurance

With all of the bills that we already have to pay, it’s understandable that a lot of people skip out on buying a life insurance policy. It’s just another bill that you have to pay, right?

Not buying a life insurance policy is one of the worst mistakes that you can make for you and your family. If anything tragic were to happen to you, would your loved ones be able to pay for the expenses that you left behind? Mortgage payments. Car loans. Credit card payments. Funeral costs. Your family could be left with thousands of dollars in debt that they can’t afford to pay for, this is where life insurance policies step in.

The goal of life insurance is to give your loved ones the financial security they need to get through the difficult time in their lives without the added stress of bill piling up. A life insurance not only brings a financial safety net, but also peace of mind knowing that your loved ones will have the coverage they need. You can’t put a price tag on that.

Every year we hear countless stories of families that are devastated that they have unexpectedly lost a loved one, and on top of that, they have no way to pay for all of the bills left behind. Don’t let your loved ones because another one of these stories, give them the security that they deserve.

How Much Life Insurance Do You Need?

After you’ve decided which company works best for you, the next thing you have to decide is how large of a policy to you want to buy. There is no “perfect number” that everyone should get when it comes to life insurance, but there are a few factors that you should consider to help you determine how much to get. If you have questions about things like AICPA life insurance, we have the answers you are looking for.

The first question to ask yourself is, “how much debt would I leave behind?” This is going to be one of the most important things to calculate before buying a life insurance plan. Be sure to add up every final expense that you would leave behind.

The next question to ask yourself is “how many people rely on my annual salary?” while it may seem like an odd question for life insurance, it’s one of the most vital factors. If you have a spouse and children that are reliant on your income to pay for essential bills, you’ll need to have a policy to replace that income. If you don’t have loved ones that use your income, then you can consider getting a smaller life insurance policy. Most financial experts suggest that you get around ten times your annual salary.

Getting Lower Life Insurance Rates

We all want to save money whenever we can, and life insurance is no different. There are several ways that you can get the lowest life insurance rates possible. Many people are surprised at just how affordable life insurance can be.

If you’re looking to get the lowest rates possible, the first thing you should do is get quotes from several different companies before you pick one of them. Each company rates their applicants differently, which means that your health is going to be measured using different standards for different companies. For some companies you could receive a sub-standard rating, while others you could get a standard rating. More than likely the first company that you get a quote from isn’t going to be the lowest. You probably wouldn’t buy the first car you looked at, so why would you pick the first life insurance company to get you a quote?

If you want to save money every month on your insurance premiums, there are a few lifestyle changes that you’ll need to make. If you are a smoker, one of the best things you can do is to kick the habit. Not only is it good for your health, but it’s great for your wallet as well. Being a smoker will double, or even triple your monthly premiums.

Similarly, shedding a few pounds will keep a couple extra bills in your wallet. Getting regular exercise and getting on a healthy diet will work wonders on your health and bank account. As part of a traditional medically underwritten life insurance exam, the company is going to look at your overall health to determine your rates. Before you apply for a policy, spend a couple months lowering your cholesterol, blood pressure, and your weight. Your scale and wallet with both thank you.

If you are ready to start comparing quotes, don’t hesitate to get in touch with us by either filling out the form on this page or calling us.

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Liran

Liran Hirschkorn is an independent life insurance agent. His mission is to help individuals across the U.S in finding the best rates on life insurance as well as helping those that have previously been declined get approved for coverage. Liran looks forward to speaking with you about your life insurance needs.

Comments (2)

  1. Janet Owens says:

    Interested in life ins for my husband..age 66 smoker..

    1. Liran says:

      Hi Janet,

      I believe we spoke on the phone yesterday and reviewed some quote options. Please call me if you would like to speak further. Thank you

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