Comparing Leading Life Insurance Companies

You insure your car, your health, where you live and it’s important to include life insurance in that list. After all, life insurance is about taking care of the ones you love after you’re gone. It’s important to review the leading life insurance companies to be sure you’re choosing the right life insurance policy for you and your situation.

Reviewing Life Insurance Companies

Take a quick look online and there are dozens of carriers offering what appears to be the same life insurance coverage. But while the products offered may be similar, it’s always smart to review quotes from more than one and compare both the policies and the providers side-by-side before making a choice.

The table below lists the leading life insurance companies we represent and gives you the information you need to start your comparison. Each link takes you to the provider’s website where you can get a more in-depth look at the types of life insurance each offers.

Keep these key points in mind as you weigh your options and make your selection.

Term Life or Whole Life?

Many leading life insurance companies carriers offer additional policies but most people choose between term and whole life insurance. Term life has the lowest premiums and is easier to understand. Whole life insurance is more complex, tends to cost more than term life, but offers additional benefits. It is part of the “permanent” life insurance group that also includes universal, variable and variable universal policies.

  • As you may have guessed from its name, term life insurance is only in force during a set period, or term. You can buy a 10, 20 or 30-year term policy with the expectation that at the end of that time, your dependents will be able to provide for themselves while you enjoy the rewards of your other funds, such as retirement savings, pension and social security. A term policy has no value once it expires.
  • Whole life insurance is an excellent choice for people who need a policy that lasts their entire life. One example is someone who has a special needs dependent who will require life-long care. It’s also worth considering if your heirs are likely to pay an estate tax, because life insurance death benefits are not subject to income tax. Even though a portion of each premium you pay goes into the “cash value” of your policy, whole life or other permanent life insurance should not be purchased as a way to finance your savings.

How to Compare Policies and Providers from Leading Life Insurance Companies

When comparing life insurance options, it can be confusing figuring out which carrier has the best plan for you. You’ll find each policy has its benefits and drawbacks. Start by contrasting these key factors:

  • How much life insurance you need and what your premium will be.
  • What each provider offers based on your age, gender and health. For example, some companies specialize in certain areas, such as seniors or high net worth individuals.
  • How many years you intend to hold the policy.
  • If a medical exam is required before obtaining the policy.

Most people are understandably concerned more about a policy than the carrier, but choosing a company with strong financial stability, is highly rated, solvent and can provide you with the features and services you need to build a financial safety net is just as important.

 

Carrier Name Company Information Types of Life Insurance Offered AM Best Independent Rating
AIG

(American General Life)

2727-A Allen Parkway
Houston, Texas 77019NAIC #60488
Term

Guaranteed Issue Whole Life

Quality of Life

Universal Life

Variable Universal Life

A
Banner Life Insurance Company 3275 Bennett Creek Avenue
Frederick, Maryland 21704NAIC #94250
Term

Permanent

Universal Life

A+
Companion Life Insurance Company

*NY Only

Mutual Of Omaha Plaza Omaha, NE 68175

NAIC #62243

Term

Whole Life

Universal Life

 

A+
Globe Life 3700 S. Stonebridge Drive

McKinney, TX 70570

NAIC #91472

Term

Whole Life

Children’s Life

Mortgage Protection

A+
Pacific Life Insurance Company 700 Newport Center Drive
Newport Beach, CA 92660-6397NAIC #67466
Variable Universal

Long Term Care

Indexed Universal

Term

Whole Life

Universal

A+
Protective Life Insurance Company 2801 US-280, Birmingham, AL 35223

NAIC #68136

 

Term

Permanent

Whole Life

Child Life

Universal Life

Custom Choice

Variable

Survivorship

Indexed

A+
Pruco Life Insurance Company 213 Washington Street, Newark, NJ 07102

NAIC #79227

Term

Universal Life

Indexed Universal Life

Variable Universal Life

A+
SBLI of Massachusetts 1 Linscott Road
Woburn, MA 01801 |NAIC #70435
Term

Whole Life

SmartTerm 360

A
The Lincoln National Life Insurance Company 1300 South Clinton Street
Fort Wayne, Indiana 46802 |NAIC #65676
Term

Universal

Variable Universal

A+
Transamerica Life Insurance Company 6400 C St SW, Cedar Rapids, IA 52404

NAIC #86231

Whole Life

Term

Universal

Index Universal

Final Expense

A+
United of Omaha Life Insurance Company 3300 Mutual of Omaha Plaza. Omaha, NE 68175

NAIC #69868

Term

Whole Life

Universal Life

A+
William Penn Life Insurance Company of New York

*NY Only

1 Sunrise Plaza
Valley Stream, New York 11580 Valley Stream, NYNAIC #66230
Term

Universal

Final Expense

A+

 

The leading life insurance companies are financially secure and have good financial health ratings. It’s a good idea to check with your state insurance department for a company’s track record. How well does the life insurance company you’re considering serve its customer and live up to its promises? Have there been numerous complaints about claims, premiums and/or policy cancellations?

Life insurance is important, so you want to make the right decision. To make sure you’re choosing the right policy and company, educate yourself on type, coverage and premiums before deciding. The time you spend comparing your options will pay off with the right policy for your individual needs.

Good thing SelectQuote can compare policies for you. SelectQuote makes choosing between the leading life insurance companies easier by bringing you all the information you need in one convenient place. We make it simple for you to get a quote from multiple highly rated carriers.

Related Articles

The Differences Between Term and Whole Life Insurance

Life Insurance Calculator: How Much Life Insurance Do You Need?

 

A.M. Best is an independent rating organization that assigns ratings measuring financial strength or claims-paying abilities. They consider factors such as overall operating performance, asset quality, financial flexibility, and capitalization. These ratings are current as of 2019. Each company’s policies have their own terms, exclusions, limitations, and reductions for keeping them in force. Contact SelectQuote for more details. SelectQuote is an independent organization and is not an affiliate of the life insurance companies listed above.

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