A Brief Overview Of Life Insurance Companies

A brief overview of life insurance companies

Selecting the right life insurance company can be a struggle with so many life insurance companies claiming to serve you with the best. Most life insurance companies offer competitive products at strikingly similar prices. One of the most useful ways to choose a certain life insurance company over the other could be the price. It is, therefore, best to get a couple of life insurance quotes from a few companies to determine the life insurance company you could go for.

Here’s what you need to know about life insurance companies.

What are the aspects to consider before choosing the best life insurance company?

  • Weigh the customer service. A company with an interactive customer service helps a great deal in the long run. Reviewing customer satisfaction scores can help you understand the company’s goodwill. Many portals let customers file a complaint against the company.
  • The financial strength of the company is another crucial factor that you must consider before zeroing down on a company. Financial strength ratings are available on several financial review websites. It is best not to consider life insurance companies with ratings that go below B.
  • Price is another important aspect that must be considered. Since the cost of coverage differs with every company, it is best to look for the company with the best quote.
  • To determine the amount of life insurance you need, you must multiply your income by ten and buy about ten times the income. If you have children, a good idea would be to buy $1,00,000 per child for college expenses additionally.

How can you decide whether you need a life insurance policy?

  • The number of people dependent on your earnings can help you determine the type of insurance you may need.
  • The amount of money the dependents would need as living expenses.
  • The amount of time taken by your dependents to become self-sufficient can help you determine the type of policy you would need.

Which are the popular life insurance companies that you can choose from?

  • Northwestern Mutual company has a superior financial rating and holds about 8.46% of market share. The company gives life insurance option in the form of term life, whole life, universal life, variable life, comp life, and the like. The company ranks highly regarding customer satisfaction.
  • New York Life Insurance Co. gives a corporate sponsored life insurance. The company holds a market share of about 5.74%.
  • Met life or Metropolitan Life and Affiliated Cos. holds a 5.26% of market share and present term life, whole life, universal life, and guaranteed accepted whole life options.
  • John Hancock Financial is one of the largest life insurance companies that give a special discount to gym goers for regular health screenings as a part of their vitality program.

Which are some of the best insurance companies of 2017?

  • People who wish to get a quick coverage without any compulsory medical examination may choose Haven life.
  • One of the leading companies regarding product and services is Banner life that is usually best in terms of high-risk products.
  • AIG is deemed the best based on the sheer size of the company.
  • Prudential is one of the best life insurance companies for chewing tobacco users.
  • Other top-rated companies include MetLife, Voya Financial, Mutual of Omaha, Genworth Financial, Transamerica, and the like.

Which factors determine life insurance premiums?

  • Usually, life insurance rates are based on life expectancy, health, age, gender, and whether you smoke.
  • It is, therefore, best to get a life insurance as early in life as possible.

What are the advantages of the term, whole, and universal life insurance?

  • One of the biggest advantages of term life insurance is that it is simple to understand. Additionally, it is one of the cheapest ways to buy life insurance.
  • Whole life insurance companies as the name suggests, covers you for the entire lifetime. What’s best, everything within the policy is guaranteed.
  • Universal life insurance is cheaper than whole life and other forms of life insurance policies. The best part about universal insurance is that it lets you choose the age to which you wish the death benefit.