There are some things in life that you can choose on a whim and then there are others that require hours of careful consideration. Life insurance falls into the second category, of course. There are lots of things to consider - you want your life insurance company to be strong financially and responsive to claims and you also want your policy to have fair terms that include a reasonable premium, end-of-life care and disability provisions. All of this is enough to make anyone’s head spin, so in this article, we will review the best life insurance companies in the US to help you make the right choice:
Do I need life insurance?
Before you start choosing a life insurance company, you should decide if you actually need a life insurance policy. Even though thinking about your death can be scary and depressing, there’s actually only one situation in which you should get a life insurance policy and it’s when your death will leave someone in financial hardship. If you’re supporting someone financially (your children, parents, spouse, siblings) and you want to protect them from hardship in case of your death, you need to get a good policy that will provide them with financial support when you’re no longer around.
TIAA Life - the best life insurance company overall
TIAA Life is a life insurance company that has been around for over 100 years. They are consistently ranked very high for their stability and financial strength - both A.M. Best and Standard & Poor ranking agencies gave this company their highest scores. This company also offers a very user-friendly experience, as you can visit their website right now and use the online estimating tool to find out if you need insurance and how much insurance you may need according to your circumstances. TIAA Life’s insurance policies include terminal illness benefits and give you an opportunity to switch from a term to a permanent policy without the need to take a medical exam.
New York Life - the best variety of life insurance plans
New York Life comes in second in our list of the best life insurance companies. What sets this company apart from its competition is the amount of freedom customers are given to customize their policies. For instance, their custom whole life policy allows you to choose how much to pay on your policy at different times in your life, giving you a chance to pay down the policy when and how it’s convenient for you. Additionally, New York Life’s website offers lots of information and resources for things you need to know about different stages and milestones in life, such as retirement or becoming a parent. The downside of this company is that you can’t get a quote online through their website, but their customer service is excellent at helping you choose the right policy for you and providing estimates.
State Farm - the best life insurance company according to customers
If you’re a person who takes customer reviews seriously when choosing what to buy, you should take a look at life insurance policies from State Farm. This insurance company has been ranking at #1 for customer satisfaction according to the J.D. Power & Associates’ for many years in a row. Customers cite affordable prices and responsive customer support as some of their main reasons for preferring this company.