When it comes to life insurance, there are many companies to choose from. Our top-rated life insurance companies include State Farm, Nationwide, Banner Life, Mutual of Omaha, Prudential, MassMutual, Transamerica and Guardian Life. Of these, Guardian Life Insurance Company of America stands out for its customer satisfaction and financial strength. It also offers the most comprehensive range of fixed-term life insurance policies.
According to the National Association of Insurance Commissioners (NAIC), the company has fewer complaints than other insurers and provides multiple policy options without medical exams. Plus, Guardian makes policy administration easy with its network of over 3,000 financial representatives across the country and online account management. Guardian has an A++ (Superior) financial solvency rating from A. M. Best and offers a variety of coverage options depending on your life stage, goals, needs and budget.
MassMutual, also known as Massachusetts Mutual Life Insurance Co., is a policyholder-owned life insurance company that allows certain policyholders to earn dividends when the company is doing well. MassMutual offers an online application process for term life policies and coverage takes effect immediately after approval. Medical exams are generally required for all universal and term life policies. If you're looking for lifetime coverage or increased cash value, you should consider forms of permanent life insurance such as whole and universal life insurance. If you want to expand your coverage with additional life insurance clauses, speak to your life insurance agent about the options available.
Nationwide's comprehensive life insurance policies can be customized with clauses such as guaranteed insurability, chronic illnesses, terminal illnesses, serious illnesses, accidental deaths or temporary insurance for children. Unlike auto or home insurance companies, rates don't vary much between different life insurance companies. Underwriting is the process that insurers use to decide whether to offer someone a policy and how much to charge them. Some life insurance policies may also deny payment if the insured person dies while engaging in high-risk activities such as base jumping or car racing. Life insurance companies usually allow you to add extra coverage to your policy through clauses. For example, if you need life insurance protection for a specific number of years to cover a financial obligation (such as a mortgage), term life insurance is probably your best option.
According to a LIMRA report, this trend may now be reversing for products such as whole and term life insurance. A life insurance quote will tell you what you'll be billed for but won't provide any information about the internal costs of the policy such as expenses and charges or the actual cost of the insurance charged in the policy. The cost of coverage varies between companies so it's wise to compare quotes from several insurers. Whole life insurance is a permanent policy that doesn't expire which makes it more expensive than term life insurance. When choosing a life insurance company, make sure it has a financial stability rating of “A” or better so that it can meet the demands of high claims payments when policyholders die. Life insurance covers a specific person by providing a death benefit to one or more designated persons in the event of their death.