Top 5 life insurance companies
While one cannot predict life adversities, making plans to minimize their effects goes a long way. Life insurance is a way to protect one’s immediate family members in the event of the policyholder’s demise. Choosing the best insurance policy can help beneficiaries obtain financial reimbursement during such testing times, which ensures a sense of relief for policyholders. But it’s important to choose a reliable insurance company that offers comprehensive coverage at an affordable premium amount.
New York Life
New York Life Insurance Company (NYLIC), incorporated in 1845, is the third largest and one of the most prominent life insurance companies in the country. Further, it is the biggest mutual life insurance company. On the 2021 Fortune 500 list, it ranked number 67 in terms of its revenue. It offers both term and permanent policies, and the term policies it provides can be converted into permanent ones. The company also offers policy riders like living benefits, accidental death benefits, and disability waiver of premium.
Lincoln Financial Group Life Insurance
Lincoln Financial Group is the marketing name for the Lincoln National Corporation (LNC) and its subsidiary companies. LNC was founded in 1905 and operates various insurance and investment management enterprises through its subsidiaries. LNC is categorized into four business segments: life insurance, group protection, annuities, and retirement plan services. It offers term and universal policies, and some of its policies do not require a health examination. LNC provides three kinds of permanent life insurance—universal life, indexed universal life, and variable universal life.
John Hancock Life Insurance Company
The John Hancock Life Insurance Company, founded in 1862 on 21st April, was named in honor of John Hancock, a patriot. This life insurance company offers both term and universal life insurance policies. Though John Hancock does not offer whole life insurance policies, you can choose from three universal policies—universal life, variable universal life), and indexed universal life. Its Vitality Plus Program helps policyholders save money by collecting points and availing of discounts.
Haven Life
Haven Life offers a simple, straightforward, affordable, and easy way to look after your loved ones. However, the policies are issued by its subsidiary MassMutual, which is one of the country’s oldest insurers. It offers two term life insurance options—Haven Term and Haven Simple, both of these policies can be purchased online without the help of an agent. Also, a health exam is not required for some applicants. Haven Life also offers disability insurance known as Haven Disability and Annuities.
Bestow
Bestow offers cutting-edge life insurance products and technologies. It is an online insurance agency that provides term life insurance policies and offers no other kinds of policies or riders. Additionally, none of its policies require a medical exam. Bestow’s term policies are available for 10–30 thirty years, and the coverage amounts could be between $50,000 and $1.5 million. The enrollment age limit is 60 years. It should be noted that Bestow does not issue its policies. Instead, they are issued by the North American Company for Life and Health Insurance.
You should choose the most suitable life insurance by considering various factors such as the types of insurance policies offered by the company, additional benefits, price, and your requirements. It is also advisable to check the customer reviews and compare the quotes from various insurers to get the best deal.
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