Top 5 Life Insurance Companies in USA For 2020
Top 5 Life Insurance Companies in USA For 2020
Every year, the position of the best life insurance companies change. This is why it’s a bit tough to be so sure you’re choosing the top life insurance carrier for you and your family. So, it’s important to know more details about the best life insurance company in USA for 2020.
To help you make your decision, we’re going to attempt making the tough thing simpler. You can fix the issue of finding out the best US life insurance companies by taking a look at the list of this year. Well, let’s take a look at the top 5 life insurance companies in USA.
1. MassMutual Life Insurance Company
MassMutual life insurance has been offering competitive and diverse life insurance products for more than 160 years. It’s no wonder they’re leading the best of the marketplace with the addition of backing Haven Life. Also, it comes with a full suite of financial planning products.
Quite literally, you can get your entire financial portfolio under one roof. Also, it is possible while this may not be necessary. It’s virtually unparalleled of MassMutual’s financial strength.
As a result, you can feel safe with your decision either way. Thus, it’s one of the oldest and biggest life insurance companies in the US.
When it comes to policy options, coverage amounts, and customization, MassMutual edges out most of its competitors.
Since the 1860s, it’s a mutual company that has paid out dividends to its permanent policyholders every year. It approved an estimated $1.72 billion payout this year, 2019.
MassMutual’s track record is impressive, given that dividends aren’t guaranteed.
Among the great features, the major one is that it sells term, whole, universal and guaranteed acceptance policies.
Also, the company is offering up to $10 million in coverage with insurability or long-term care rider.
2. Prudential Life Insurance Company
If people have major financial obligations then this is an ideal choice for young families who only need coverage.
It has become possible because of the term life policies that offer protection for a set period. The company is suiting a range of needs with six-term life policies.
Also, it’s customizable with a variety of riders along with all of them have predictable premiums for easy budgeting.
The insurer is backed by decades of financial strength and a positive customer reputation as for reliability. It offers some beneficial features like policies available in terms of 10, 15, 20 or 30 years.
You’ll get offers a return of premium and annual renewable term life policy.
Moreover, it helps customers plan for retirement with the PruTerm Work-Life policy. For premium riders, the add-ons include serious illness, disability, accidental death benefit, and waiver.
If you buy a permanent policy then potentially boost your take-home earnings. It also offers a guaranteed waiver of premium while enhancing your policy with riders like an accelerated death benefit.
3. Global Atlantic Financial Group
You know most insurers allow policyholders to customize their coverage with riders. But, when it comes to the Global Atlantic Financial Group, it has the longest list we have seen.
This insurer offers 13 riders to help you to bridge any gaps in your coverage, which was formerly known as Accordia.
It includes a child and terminal illness rider with the common riders. Thanks to its unique options “wellness for life” rider, it rewards policyholders with premium discounts and extra features. Some more features have included for its clients.
For example, if you visit the doctor once every two years then opt into the wellness rider and cut down your premium.
The company sells term, universal, indexed universal, survivorship and preneed or funeral policies.
Also, it provides life credits for policyholders fewer than 80 in good health. As a result, it allows eligible applicants to skip the medical exam.
4. Legal & General
It’s true that some insurers shy away from high-risk applicants, but not Legal & General. The insurer, previously called Banner Life, has a more relaxed approach to underwriting. This is why it serves seniors, smokers and those in less-than-perfect health.
Also, it provides policies for people with preexisting conditions or poor family medical histories working against them.
Since Legal & General offers both term and permanent policies, its rates are competitive. The most stunning feature of the company is that it offers up to $1 million in coverage.
As it specializes in term and universal life insurance, it can convert term policies up to age 70. With guaranteed acceptance for those aged 50 to 80, it sells a final expense policy worth $15,000.
Apart from these, it dresses up the best life insurance policy in USA with a conversion, disability, flexible payment or child rider, among others.
5. State Farm
State Farm topped as the best life insurance in USA on customer satisfaction for the fifth consecutive year in 2019. J.D. Power’s study assesses a sample of insurers each year. Also, it reviews the level of support they offer to customers and how quickly they respond to questions and complaints.
Awarding the insurer an A+ rating for customer engagement, the Better Business Bureau (BBB) is backing up J.D. Power.
You can expect to receive if you sign up for a policy with State Farm stellar customer service. Among the great features, it offers term, whole, universal and survivorship policies.
Through a network of 19,000 local agents across the country, it offers personalized service.
Along with an accidental death benefit and long-term care rider, it customizes your coverage with a range of common and rare riders. And the most attractive feature is that it issues policies with a face value of up to $3 million.
Some Essential Tips To Compare Life Insurance Companies
It requires identifying your personal must-haves in advance while finding a policy that works for your situation. This is how you can advocate for yourself while shopping around.
So, you’ll have to ask yourself what the coverage range is. It’s because different providers offer different ranges of coverage.
Some of them may top out at this same figure while other policies start at $50,000. Ensure the provider you select an account for your needs by determining how much coverage you have interested in.
Another essential question is to ask yourself what you should pick for a term or permanent insurance.
Indeed, term life is often more affordable than permanent life. But, it just lasts for a set period. Also, this type of policy lacks many of the perks of permanent insurance. These include built-in cash value and dividend eligibility.
Besides, answering the question of whether you need to take a medical exam is very crucial.
It’s because your provider may ask you to fill out a medical questionnaire or undergo a medical exam during the application process. You can find coverage that doesn’t require an exam if you’re concerned about a pre-existing condition.
Choosing a life insurance company can be confusing and time-consuming because of so many options on the market. However, we have enlisted the best life insurance companies that are stand out for their policy lineups and customization coverage.
Also, they cater to specific types of people. The most vital thing about them is that they’re also backed by strong financial and customer service ratings.