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How to choose the best life insurance company
When trying to choose between life insurance companies, you should consider customer reviews, company features and costs — get several quotes from each provider — so you can find the best provider for your needs.
Policy costs, details and options
Term life insurance is the cheapest life insurance option available. You will find that other forms of life insurance including whole and universal policies tend to be more expensive since these plans are designed to provide life insurance coverage for your entire life and often include extras like cash value accounts. Therefore, deciding whether to purchase term or permanent life insurance will depend on how long you need coverage. For shorter coverage lengths, term insurance will generally be a more cost-effective purchase.
To get the best life insurance quotes, you should first determine how much coverage you will need and for how long. Then once this has been determined, you should go to a variety of life insurance companies and get quotes for the policy that you want. By getting many life insurance quotes, you will be able to compare the rates from the insurers and choose a policy that fits your budget.
Customer reviews
An important aspect of life insurance is the customer experience and servicing. Life insurance is a personal product, and getting relevant information about your policy is essential so that you can understand the details of the plan. You can find information about the experience of dealing with the life insurer through customer reviews of the company.
The most important customer experience will occur once you have passed away and your loved ones try to acquire the death benefit from your life insurance policy. Many insurance companies have mixed reviews for this. For example, many have encountered an experience where the insurance company will holdout paying the death benefit until the last possible moment. For this reason, you should look carefully at other customer reviews to find the best life insurance company.
Nearly 10% of people have never reviewed their life insurance policy
It is important to review your life insurance policy at least once a year and to reevaluate your needs as life progresses. The best policy for your needs may evolve over time since your financial responsibilities will be changing. For example, you may be changing jobs in which you get a salary increase. Changing your life insurance to reflect this bump in earning power is a smart financial decision.
Yet nearly 10% of people claim to have never reviewed their policy, according to ValuePenguin’s latest survey. Further, the survey revealed that over a quarter (29%) of total respondents either were not very confident or did not understand life insurance at all. Even more startling, a third (33%) of Generation Xers (38- to 53-year-olds) are not confident at all about the nuances of life insurance. Generation X individuals are in the midst of their prime working years, and thus acquiring the proper financial protection through life insurance is necessary.
How are people shopping for a life insurance policy?
Method Gen Y Millennial Gen X Baby Boomer Silent Generation
Through a recommended financial adviser 32% 23% 23% 18% 18%
Recommended by family or friend 29% 27% 28% 21% 27%
Conducted research online 23% 25% 22% 23% 9%
Cold-called by a life insurance agent 3% 6% 4% 8% 0%
Saw an advertisement for life insurance 10% 4% 5% 10% 36%
Added on coverage to employer-provided policy 3% 12% 14% 14% 0%
Other 0% 4% 4% 6% 9%
Methodology
ValuePenguin by LendingTree determined the best term life insurance rankings by first compiling a list of the largest life insurance companies. Our analysis of the best life insurance companies included:
AAA
AIG
American National
Americo
Assurity
AXA
Brighthouse Financial
Columbian
Farmers New World
Fidelity Life Association
Guardian Life
John Hancock
Lincoln Financial
MassMutual
Minnesota Life
Mutual of Omaha
National Life
New York Life
Northwestern Mutual
Pacific Life
Primerica Life
Principal Life
Protective Life
Prudential
Sagicor
SBLI USA Life
State Farm
Transamerica
Then, using three rankings factors, assigned a value to each company and finally ranked the providers. The ranking factors include:
A.M. Best: A score that is based on the financial health of a life insurance company. Max points (50) could be earned if the insurer had the best A.M. Best score of A++. For each step down in A.M. Best score, the ValuePenguin score would decline by 5 points. (A+=45, A=40, A-=35)
NAIC complaint index: The National Association of Insurance Commissioners complaint index measures a life insurer’s complaints to regulators weighted against their market share. A score of 1.00 indicates that the company is equal to the median number of complaints relative to its size. The max ValuePenguin score of 50 could be earned if the insurer has an NAIC complaint index value of less than 0.1.
Pricing: Using a sample application, ValuePenguin pulled a term life insurance premium for each insurer and then ranked each provider from cheapest to most expensive. The life insurance company with the cheapest term life insurance premium received the max score of 50 with each successive ranking decreasing the score by 1. Applicant was a 35-year-old in excellent health meaning they had no significant health issues and is a non-smoker.
The best whole and online life insurance companies were determined through a combination of NAIC complaint index scores, A.M. Best ratings and the variety of policies offered by each insurer.
ValuePenguin by LendingTree commissioned Qualtrics to conduct an online survey of 1,029 Americans to understand their feelings towards life insurance. The survey was fielded May 24-27, 2019.