The Best Life Insurance Carriers Broken Down ByCategory Or Product Type
As you assess your particular needs, the type of life insurance you require could be different from the next person. There are several hundreds of life insurance companies available around the U.S., some local, and some national.
Because no single carrier has the best product among all categories, it seemed necessary for us to make the distinction for each specific area of life insurance. While these aren’t the only insurers for each product type or category, they are the ones with the most clear advantages.
To have won the honor of top carrier for any category, greater emphasis was put on product, price and additional benefits provided by the company itself which would enhance the overall experience in buying from them.
The utility of a product, its riders, the convertibility (where appropriate), and its availability to several demographics was most heavily weighted.
Here are our selections for each area:
Best Term Life Insurance Company
Without a doubt, one of the best term life insurance companies this year is Banner Life, who exemplifies what consumers want in affordable term insurance: simplicity, wide availability,and superior pricing.
Banner has some of the most cost-effective term insurance products on the market and includes excellent riders and convertibility for those looking to add a little oomph to their policy.
You should also know Banner has a subsidiary, William Penn Life Insurance of New York, who operates in the state of New York only (where Banner does not).
When you get a life insurance quote for any length of term product, from 10-year to 30, make sure Banner Life Insurance Company is among your research. If you need help getting term quotes from Banner, we can help.
Our top universal life insurance carrier this year goes to Protective Life, who hosts the most comprehensive assortment of universal life at virtually unbeatable prices.
With perhaps the most highly customizable universal product out, anyone seeking the cheapest possible solution for permanent coverage should look no further than Protective.
When you apply with Protective for a universal policy, you can specify the age you want to extend coverage to, ranging from 90 to 121.
Universal life insurance is best for those who are aiming to have a permanent coverage, but want to have lower premiums (and slightly less guarantees) than a true whole life product.
Last year’s overall best life insurance company for the year, Northwestern Mutual, takes the cake for any consumer looking to find top-notch whole life insurance and survivor-ship life insurance.
The greatest considerations taken into account were safety, security, guarantees, and growth, as those are the pillars to any company looking to establish themselves as the best whole life insurance company.
Among other things, a good selection of riders, credits from term conversion, and dividends make these products second to none. If you’re looking to pair your retirement with the same company as your insurance, Northwestern Mutual has you covered with a full suite of options.
If there was any one category which had a front-runner most separated from the pack, it’s our winner for the top no exam life insurance company this year, Sagicor.
The evolution in accessible, no medical exam coverage is dominated by Sagicor, who sports top honors in virtually every aspect, including variety, types of coverage, and everyone’s favorite, price. In addition, their prowess includes some of the fastest issuing coverage in the industry.
The largest degree of separation between Sagicor and its closest competitor in this space, Haven
Life, is offering a wider range of products, as well as ratings. This is key for those who aren’t in impeccable shape, or want something other than term.
The final expense arena, the top burial life insurance company lies with Mutual of Omaha and their level, permanent coverage options.
Though there were close contenders because of the necessity to compare all sub-types of burial (level, graded, guaranteed), Mutual of Omaha stood out with superior availability to wider demographics, simple and fast underwriting, and very comparable prices.
Their products have plenty of long-term guarantees, and the company behind the product is strong and stable. Feel confident in buying the last policy you’ll ever need from the product line of Mutual of Omaha.
Not everyone is perfectly healthy, and for those looking for affordable higher risk coverage, Prudential is easily the top pick for our impaired risk life insurer and has been for a while.
The most aggressive, liberal underwriter for coverage in the industry, Pru, as their often referred to, boasts uncharacteristically relaxed guidelines in the most progressive areas of life insurance. Where some carriers won’t even attempt to go, Prudential offers traditional coverage with little reserve.
If you have a medical condition or other type of impairment, consider looking at life insurance from Prudential. Underwriting may take a little longer and be more comprehensive, but you’ll save in premiums.
Best Life Insurance Company for Smokers
In addition to being one of the top high risk life insurance companies, overall, Prudential has a specific strength in helping to insure those who use any and all types of tobacco. Whether you smoke cigarettes or cigars, chew dip, e-cigarettes, or even use marijuana, Prudential should be atop your list.
Their guidelines are a bit technical for each, so we highly suggest talking to one of our agents before applying. You should also know its mandatory to tell them up front about any types of smoking.
Banner Life Insurance is a close second, so consider them if there is a clear price distinction in your state (remember, it’s William Penn in the state of NY).
Unfortunately, there are a large number of diabetics in the United States, and those numbers are climbing every year. For this reason, it was important to us to find an insurance company who was as diabetic-friendly as possible.
American General stood out to us as a top provider for fully underwritten life (no exam policies
for diabetics are a different story), providing great term products and riders lasting up to 30 years.
One thing to note, however, is if you have multiple risks, you may find them a little tougher to work with than, say, Prudential. If you have diabetes, but are otherwise an average risk or better, expect a great experience and competitive rates.
Much like diabetes is reaching near-epidemic proportions, those who are overweight or obese are also on the rise. With more than half of all Americans experiencing issues with their weight, it was imperative for us to discover who might be most helpful, and Genworth took the cake.
Industry wide, most carriers tend to shy away from any kind of discounted rate for obese people, but Gen-worth goes against the current here. If your BMI (body mass index) is overweight, but not quite obese, you can still get a discounted rate, so long as you’re otherwise healthy.
In addition, even those who are obese might be eligible for a Standard (non-discounted) rate, assuming all other factors are within normal ranges. No exam policies are hard to come by, but Phoenix would be your go-to in this category.