Life insurance plays an important role in the modern finance portfolio. It’s a safety-net for those you love most, that protects them when they need it most. But with so many options out there, it can be hard to pick the right life insurance company.
That’s where we come in. Today, we’ll give you the lowdown on the top life insurance companies available in 2023. Start your life insurance search with the best in the business, and learn a bit about what makes each so great.
Questions to Ask Yourself Before You Buy
Committing to a life insurance policy is a powerful decision for you and your family. Having said that, it’s not something you should just jump into. There’s a lot to consider. Before you commit to a company and a policy, make sure you can answer the following questions:
- How much coverage do you need?
- Are you looking for term life insurance to cover a certain period of time, or whole life insurance?
- How much can you afford to spend on life insurance?
- Are you willing to commit to a medical examination?
There are more factors that could dramatically change the policy you choose and the coverage you receive. A lot of those questions can be answered by familiarizing yourself with the various life insurance companies available, and the services they offer. Next, we’ll get you started with a look at some of the best in the business.
One of the oldest and most successful life insurance companies in the country, Northwestern Mutual is one of the most trusted names in the business. They sell term, universal, and whole life insurance policies that are available up to age 85. Customers that purchase a term policy can convert to a whole life policy without any additional fees or a medical exam.
Northwestern Mutual far exceeds the average customer satisfaction and financial strength ratings. Coverage starts at $50,000 for whole life, $100,000 for term, and $500,000 for universal life insurance. Getting a quote and a better idea of your annual costs is as simple as visiting their website.
State Farm is famous for their work in auto and home insurance, but they offer a variety of life insurance products as well. The company sells term life policies starting at $100,000, and an intuitive instant answer term life insurance policy that provides $50,000 of coverage for 10-years to those between the ages of 16 and 45, without the need for a medical exam.
You’ll need to reach out to a State Farm representative or visit their website to receive a precise quote. Generally though, a 30-year-old female policy holder can expect to pay $250 per year for a select term life policy, with the male equivalent paying $325 annually for the exact same coverage.
Nationwide has been in the financial services game since 1926, and has been a reliable source of flexible life insurance policies for nearly as long. They offer term, whole, and universal policies with plenty of customizability and boast some of the least expensive premiums in the country. As an example, a 35-year-old female can expect to pay an annual premium of $59.94.
It’s impossible to know how much you’ll pay for similar coverage without getting a personalized quote, but getting one of those is quick and easy. Studies show most people overestimate the cost of term life insurance by 300%, so your personalized quote could surprise you.
Lincoln Financial Group
Lincoln Financial Group is a US-based financial services company offering life insurance, annuities, retirement planning, and investment solutions. The company has been in business for over 110 years, and serves all sectors, including businesses and government entities.
They offer term, permanent, and universal life insurance, in a variety of policy options. For $500,000 worth of coverage for 20 years, a 35-year-old female pays an estimated $189.70 each year.
Mutual of Omaha
Mutual of Omaha has a lot of fans online. You can’t apply online, and they don’t offer whole life insurance, but stellar customer service and a lot of flexibility make it a real contender for the best of 2023. The company even offers an optional return-of-premium term, which refunds some or all of your premiums should you outlive the policy. An intuitive online chat feature and an expansive menu of riders are nice to have, too.
How much you can expect to pay depends on a variety of factors including age and other risk factors. Generally, a 30-year-old female buyer can expect to pay an average of $237.50 a year for a 20-year term insurance policy, and a male buyer of the same age receives the same term for $277.50 a year.
Mutual of Omaha’s life insurance coverage offers a valuable and affordable solution for individuals aged 45 to 85 seeking financial protection for their loved ones. With plans commencing at a competitive rate of $8.84 per month, policyholders can obtain up to $25,000 in coverage, ensuring that their families are well-prepared for the future.
AARP’s term life insurance is a type of life insurance coverage offered to AARP members, typically designed for individuals aged 50 and older. The term life insurance provided through AARP offers coverage for a specified period of time or “term,” generally ranging from 10 to 30 years. For example, AARP’s term life insurance provides a typical 50-year-old female with coverage starting at $11 a month for up to $10,000 in coverage.
These policies are often more affordable than whole life insurance and can be tailored to meet the specific financial needs and goals of the policyholder. However, it’s essential to note that once the term expires, coverage ends, and the policyholder may need to renew or purchase a new policy to maintain life insurance protection.
Find The Right Fit Today!
Making the right life insurance choice comes down to knowing your needs, and committing to the research process. It’s easy to leave money on the table by committing to the first policy that looks good. The only way to truly know you’re getting the right coverage at the best value is by shopping around.
Ultimately, purchasing life insurance is a personal decision. Choosing a company that you can trust to provide security and peace of mind for you and your loved ones deserves much consideration. But, by weighing the factors mentioned above and doing your own research, you can help ensure that your life insurance policy delivers where it counts.