Shop Around: The Average Consumer
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The Life Insurance Providers Best Of 2018 List. Cheapest Rates, Top Policies.
When selecting a life insurance company to protect your family and loved ones there are many critical steps that need to be taken. Life insurance is more than just about the policy itself. Communications between you and your loved ones can help make the process of claiming life insurance benefits a lot more efficient. The following tips will help you select the best life insurance company.
First off, the type of policy you are looking to get can affect which companies you consider. There are many ways to research which companies fare the best with which different types of policies they offer. Each company is likely to have ratings, customer service reviews, different policy types and policy supplements, and different application times. Balancing all of these things can seem quite difficult, but by prioritizing these categories, it is easier to find companies that will fit your unique situation best.
Another important factor to consider when looking at life insurance providers is your own health. The costs of life insurance premiums are largely affected by the amount of risk you are to the insurance company. Health conditions like diabetes, cancer, smoking, and other dangerous lifestyle choices or jobs can increase your premium rates significantly. Some life insurance carriers work to accommodate people with health conditions that they have. In these cases, a licensed agent like the ones at American Insurance can help you narrow down your options and simplify your search.
Either way, a life insurance agent can be a huge help. There are a number of different types of policies, all of which are either term life insurance plans or permanent life insurance plans. Within each of these types of policy, there are a number of different possible choices to select. Depending on your health, age, and whether or not you want to use your insurance as an investment vehicle as well, you have a range of choices. In addition, if you approach a life insurance agent with an estimate of what you can afford to pay and what you want to spend, they can help shorten your search significantly. A healthy male that is 30 years of age will average about $20 a month for a 20-year term policy. People that are older or have health conditions may look to pay more than that.
Since not every life insurance company operates the same way, finding one that fits your needs is essential. Each person's needs are different, and selecting companies that excel for your specific situation can decrease the amount of time you spend getting questions answered and communicating with the company. For some carriers, applying and updating plans must be done in paper or over phone communications. Others provide everything that people need to update their policy online. When seeking life insurance providers, make sure that the company utilizes your preferences for applying and updating.
The average application time can also be an important consideration. For some people, companies will take up to eight weeks to process life insurance applications. There are a number of companies that provide quotes and policies much quicker. If you are the type of person that wants to get things done quickly, knowing how long the application process is for the companies you are looking at can be nice.
Additionally, not every company accepts the same types of payment methods. Paying your premium is an essential part of keeping your life insurance plan active. Paper checks, bank drafts, and credit cards are all options that people look to use when picking up life insurance. Most companies do not accept credit card payments except on your first payment. Additionally, each state has different requirements for how life insurance providers can take payments. This can also impact your decision.
Our Top Picks For Best Life Insurance
There are large numbers of variables to take into consideration when determining what the best life insurance companies are. Honestly, because each person has a unique situation the best company for them may be different than the best company for someone else. That said, some companies do a much better job on average, leading to much happier customers and much better business rankings.
When it comes to life insurance, there are three main categories that often get used to determine how a company does in general. These are the J.D.Power Rating, the BBB Rating, and the A.M. Best Rating.
J.D.Power Rating ranks many of the top life insurance providers utilizing a customer satisfaction scale that ranges from 1 to 1000.
BBB Rating also utilizes a customer satisfaction score using a letter system that ranges from A+ to F. There are 17 factors that are considered in the BBB Rating.
The A.M. Best Rating considers the financial health of insurance companies. A++ and A+ are superior ratings, and the ranking of A is considered excellent.
Using these three rating systems, the top companies to consider include AIG, AXA Equitable, Guardian Life, MassMutual, John Hancock, MetLife, Banner Life, Lincoln Financial. These companies are all in the top eight overall, with Minnesota Life and Mutual of Omaha rounding out the top 10 list. Honorable mentions include Nationwide, New York Life, and Northwestern Mutual.
One of the benefits of using three different rating systems is that each calculates variables in different ways to determine a company's overall score. Life insurance companies also use a number of variables to determine rates.
When people shop for life insurance policies, they often look more at the plan than they do at the carrier. Selecting the right provider is extremely important, however. Companies with strong financial stability and high rankings from both financial institutions and consumer institutions are often better overall choices for most people. Not all death benefits are guaranteed, so seeking out companies that are efficient when providing benefits and plans that feature guaranteed pay out death benefits is vital. With each company offering a wide range of different features and services from other companies, you will want to carefully select both your company and your policy to help build a solid amount of protection for the financial future of your loved ones.