Life insurance companies are rated differently by consumers depending on the experience each of them had with the company or with the specific type of life insurance policy that they take or had taken with the company. The ratings may change year after year. However, there is always an agreement across the board by all consumers on which companies stand out from the rest.
This article attempts to list at least six best life insurance companies in the US as at the year 2019. You are welcome to compare and contrast. You may realize that some companies are so good in a particular line of life insurance while others may be offering the best friendly rates comparatively. It is therefore upon you to do the comparison and come up with an informed choice from this analysis.
Contents
We are featuring the following companies:
AIG
Haven Life
Mutual of Omaha
Prudential
MetLife
Transamerica
AIG
“American General” is probably the go-to company if you are looking for competitive prices. That means that the cost of their policy can be within your budget. They are also credited for having a flexible schedule where you can adjust your policy terms, or even cancel if you so wish, depending on your prevailing condition at a particular time.
Further, they have a wider variety of policies on offer which cater to clients with different needs.
Having been in the business for many years, AIG is a stable financially company. It is a company that cannot pose the risk of going under, with your money! They have established a strong reputation over the years and therefore you can approach them with confidence.
On the flipside, however, the insurance guidelines of AIG are quite strict to some extent, which may be a prohibitive factor. Also, the claims take some time to be processed and the waiting may bore you to the core.
Haven Life
Did you know that with Haven Life you can apply for your policy online within a very short period of time? You actually do not require going through an agent. This is of access is a plus for this company in this competitive age.
Those who meet the health conditions set out by the company get the privilege of enjoying lower premium rates. This is because they are considered low-risk clients who could even outlive the policy.
If you meet conditions that may incapacitate you for some time such that you are not working, Haven has arrangements that can allow you to enjoy premium waiver for up to six months.
Besides, in case of being diagnosed with a terminal illness, they are willing to surrender two- thirds of your benefits to go towards your medical expenses before your death.
On the flipside, Haven offers only one type of life insurance, term life. It is also limited to only online transactions which may make some people uncomfortable since they prefer face-to-face transactions.
Mutual of Omaha
This is one of the oldest and most established players in the market. They provide insurance for even the “Uninsurable”- whatever that means. That is people who engage in risky activities that threaten their lives such that other companies are not willing to insure them. This is one of the best life insurance companies in the US that cover such clients without qualms.
They also offer:
- Disability insurance in case you find yourself unable to work due to accidental disability
- Insurance against deaths caused by accidents.
- Universal, whole life and term life insurance.
This effectively makes them one of the best competitors in the market due to their wide variety of product which clients can choose from.
On the flipside, Mutual of Omaha may decline coverage for potential clients who are diagnosed with very serious health conditions. They, therefore, are not accommodative to clients whom they consider and define as “high risk”. Their online account can only allow you to do so much. Most account operations will require you to contact them physically either directly or through their agents.
Prudential Life Insurance Company
“PRUCO”, as the company’s initials are registered, may not be having whole life insurance as one of their products, but they have all the other options. In addition to that, they cover disability and very serious illnesses, not forgetting their special cover for people who smoke.
This company is actually ideal for smokers as it takes care of them in a special way. They are a trusted brand with more than a century of operation in the market.
Metropolitan Life Insurance Company
This is MetLife. It is one of the leading giants in the life insurance industry, in the US.
This one works by deducting the premium from your paycheck. It means that it is a company that engages you through your employer.
Military personnel and old people who have diabetes and hypertension are very lucky with MetLife as it has special packages for them with relatively lower rates.
On the Flipside, their policy can be very expensive for people whose health is perfect. They only give lower rates to specific categories of clients as mentioned above.
It may also be irritating to have to go through their compulsory phone interview before they approve you for policy.
Transamerica Life Insurance Company
The company was established in 1904 and has the advantage of financial stability from its long experience in the industry.
Clients who are considered to be “high risk” are approved more easily compared to others since the company seems to have a preference for them. If such clients meet the health requirements as the company defines, they can enjoy lower premium rates.
Conclusion
Having done this analysis of only six companies out of many in the market, it is prudent to note that you, the customer, has the final say in deciding which of the best life insurance companies you would want to go for in the US. Budgetary considerations, as well as your specific needs, will play a big role in directing you on which company is best suited for what you are looking for. It is our hope that you make a well-informed choice.
