Best Life Insurance Companies
For many individuals, shopping for life insurance rates may not probably rank very highly on their “most fun activities to do” list. In fact, it may fall just slightly ahead of preparing taxes and behind having a tooth pulled.
About this article
Before you begin your search for a Term or Whole Life Insurance plan, you also need to make sure you work with the Best Life Insurance Companies. Each carrier handles certain health impairments, if any, in different ways. Each carrier has it’s own criteria to establish the best heath rate classes. Health classes will determine your premium costs.
I will first describe the basics of getting a good rate and then I will offer up the top 10 best life insurance carriers.
Choosing the right life insurance policy can make all the difference to you and your family’s long-term financial stability. Finding the right policy at an affordable rate will involve a little work on your part, but the rewards will be beneficial in the long run.
Additionally, if you are able to move toward a healthier lifestyle, you may find that you can obtain even lower life insurance rates. While few would turn down a cheaper policy, it is important to keep in mind that price is not everything.
Determining Your Needs
Before you can begin shopping for low cost term life insurance, you must first examine your needs, health, and budget
If you have a family for which you need to provide, you may be more likely to choose a policy that will cover all of your final expenses as well as cover any debts you may be unable to pay off in the event of your death.
If you are employed you need to look at Salary replacement. Generally Financial experts recommend 10X your annual salary.
If you have a child starting college, you may opt for a policy that will provide the financial means for her to finish schooling should you pass during this time.
Having long term debt such as mortgage loans, consumer loans, etc. needs to also be reviewed.
Every individual’s situation is different, so you must step back, examine your current finances, look at your budget and talk to your family members regarding final expenses and what you expect of them should you pass away unexpectedly.
Look back and review your health over the last 10 years. Any major health problems? Note them and when you speak to an agent make sure you have the details in regards to any pre existing or Health impairments.
By being prepared and knowing what you need in a policy ahead of time, you will be less likely to be distracted by the bells and whistles that some insurance providers may attempt to offer you.
Points to Consider when looking for the Best Life Insurance Companies
First, you must understand the underwriting process. This is the most important part of applying and receiving approval for a competitive term life insurance policy.
You must understand the ease or complexity of the process and whether you are required to submit to a medical examination prior to approval or would you be better off with a No Medical Exam Life Insurance plan.
Additionally, make sure you know how the rates, by using an experienced broker, may vary depending on various health conditions. Each carriers handles can handle a health impairment in a different manner.
For Tobacco Users
Almost all insurance carriers provide different term life insurance rates for smokers and non-smokers. If you are searching for a Burial Insurance plan, make sure the carriers is not lumping smokers and no smokers into one group. If you are a non smoker, except for graded plans, you should be able to get a better rate.
AM Best Ratings
Conduct background research regarding the financial strength of the carrier; do they have an A.M. Best rating? Have they received other awards or recognition for outstanding achievements? Is the company rated highly on consumer review Websites?
Finally, you will want to examine what products the carrier can offer – burial insurance plans, no medical exam plans, and whole life and term life insurance policies may all be available.
If you have already examined your financial situation and understand the policy that you need, you will be less likely to become overwhelmed with options and choices when faced with numerous life insurance products.
Here is my Top 10 List of Life Insurance carriers
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American General ( AIG) – Always very competitive rates.
American National Life ( ANICO) – No Medical Exam carrier – My go to carrier for no medical exam plans with minor health impairments. Rates equal to full medically underwritten plans.
Banner Life – Great rates and they work with a variety of health impairments
Equitable LIfe ( Burial Insurance) – Excellent rates- complete process is handled over the phone. No Paper applications needed.
Gerber Life ( Guaranteed Issue Life Insurance) – Best rates for those that may only qualify for Guaranteed issue plans.
Prudential Life – Great rates for those with health impairments.
Royal Neighbors of America ( Burial Insurance) – Simple underwriting very competitive rates
Transamerica – No Exam plans with Full Medical Exam rates for applications under $100K. Quick underwriting process.
United Home Life – For Burial and Diabetics. If you are a Type 1 diabetic they will offer upto $50,000 20 year term life plan.
Why I Use The above Carriers
In particular, these carriers make it extremely easy for me to do business; they offer great rates, handle different health impairments and offer very good customer service. Several of these companies make taking an application a very simple process.
Additionally, it is extremely important to me that these insurance carriers provide excellent customer service for the consumer. There is nothing worse than feeling like you have been left stranded and alone when it comes time to try to receive the benefits to which you are entitled.
I also do my best to make sure that the carriers with whom I work do not have complex or complicated underwriting processes; this helps to ensure that both myself and my clients understand the policies clearly and what is expected prior to and while submitting an application for approval.
I have also found that I work more effectively with carriers who are more liberal in terms of approving those with serious health impairments or conditions.
What I Can Do for You
I am not confined to one specific provider; instead, I work with over 60 A.M. Best “A-Rated” carriers to provide the most affordable and comprehensive competitive term life insurance policies available.
At M2 Insurance, we can provide you with quotes for all types of carriers so that you are able to obtain an accurate picture of the available policies to match your needs and your budget.
As a consumer shopping around for the best insurance policy, you will want to make sure that you examine every outlet and possible provider to ensure that you are purchasing a policy to best fit your situation.
Contact me today for a quote. My number is 512-963-5000 or fill out my contact form and I will give you a call.