Best term life insurance policies Best term life insurance policies

Best term life insurance policies

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10 Best Term Life Insurance Companies for 2019

Written by Ty Stewart – Last Updated February 14, 2019

If you are looking for top-notch term life insurance, you have many reputable companies from which to choose.

In this article, we outline the 10 Best Term Life Insurance Companies, right now, in 2019.

Things change often and we’ll update this article often.

Life insurance is our only business and line of insurance. When something changes, we know about it right away.

Just to preface how we went about ranking these companies in our top 10, we used a combination of a lot of factors.

How We Ranked Our Top 10

Financial Ratings

First, we considered their financial ratings. These are represented by their ratings from some of the top independent financial rating services for life insurance companies: A.M. Best, Moody’s, S&P, and Fitch.

These companies each have their own financial rating scales, that vary from A to F, based on the financial strength of a company.

Customer Satisfaction

From there, we also took into consideration their customer satisfaction ratings. These are accounted for in their Comdex and J.D. Power ratings seen in the tables beneath their names.

Comdex ranks companies based on a 100 point scale, and J.D. Power ranks them on a 1,000 point scale. Both are considered to be comprehensive studies that provide very fair and accurate ratings.

Available Term Life Policies and Best Term Life Rates

Lastly, we took into consideration their available policies, rates, and overall ability to provide a wide range of people with affordable life insurance coverage.

Here is a quick overview of the 10 companies covered in this article:

What you will learn in this article (click to go to section):

1. Protective

Protective has been featured in Fortune 1000 and on the Forbes Global 2000 list since 2012. Their company offers policy lengths between 10 years and 30 years.

You can get quotes for coverage ranging between $100,000 and $50,000,000. For families with children, Protective is a great option because they offer a feature called Protect My Child for any child between 14 days old and 17 years old.

Accelerated Underwriting

Protective is known for their competitive life insurance rates and their quick underwriting process. For people ages 18-60 you may qualify for their TeleLife phone interview which can allow you to speak with an agent on the phone to quickly get life insurance quotes and apply for no exam term life policies.

Of course, for those looking to save money on life insurance who are willing to take a short medical exam, this is probably the best route unless you have a condition that makes you uninsurable or a need for immediate life insurance coverage.

Protective Term Life Insurance

Protective’s term life insurance differs quite a bit from the typical policy on the market.

Their term policies are available in 10, 15, 20, 25, and 30-year terms. These policies are offered as level premium term policies, meaning your premiums stay the same throughout the life of the policy.

When Protective’s term life policies expire, you can keep the policy in force, paying the same rates. As opposed to raising their premiums in this case as most life insurance companies do, they simply decrease your death benefit. This continues over time until it reaches a minimum of $10,000.

Available Policy Riders Include:

• Accelerated Death Benefit
• Waiver of Premium Rider
• Disability Income Rider
• Additional Purchase Rider
• Children’s Term Rider

2. AIG (American General)

AIG first arrived in the life insurance scene in 1919. Since then, they have become one of the largest life insurance companies on the planet, managing billions of dollars in assets on a daily basis.

Their financial ratings speak for themselves, as do their customer service reviews, both of which label AIG as one of the best life insurance companies to choose for stability and customer satisfaction.

AIG’s term policies offer affordable rates, great coverage, riders and conversion options for people who are interested in turning their term coverage into whole life insurance or another type of permanent product that may build up cash value in the long term.

AIG “Select-A-Term”

With this policy, you can enjoy level premiums, but you get to pick which year you want from 10 to 30. This means you can pick 17 years if you have 17 years left on your mortgage instead of paying for years of coverage you don’t need.

At the end of the policy, you can convert some or all your coverage to a permanent plan without having to undergo another physical exam which would expose that health condition.

Similarly, if you needed $400,000 in coverage to support and a mortgage, but at the end of that term you no longer have those debts, you could convert it to a permanent policy with lower coverage.

This policy is convertible to permanent life insurance.

“ROP Select-A-Term”

This policy offered by AIG allows you to recoup all of your premiums if you outlive the term. These do cost more in premiums compared to regular term policies but, the money returned is considered a refund rather than income, so it is not taxable.

Guaranteed Universal

For those clients wanting something more permanent than term insurance, American General is at the top of the list for our best guaranteed universal life insurance policies in 2018. GUL is often considered a “hybrid” between straight term and whole life.

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SOURCE: http://simplelifeinsure.com/best-term-life-insurance-companies/

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