Life insurance is essential for those who have anyone in their life who depends on their income. Unfortunately, many individuals don’t have the right type of coverage or even the right amount. About half of all American households have less life insurance than they should, with some studies finding that about a third of all households would be financially strained within the first month of losing a breadwinner. That’s why it’s important to buy life insurance.
Here is a list of our top 5 insurance companies to consider when buying insurance. We created this list by evaluating dozens of companies, scoring each on elements like financial strength, customer service, customer satisfaction, and cost, among others.
A top-rated insurance company, Northwestern Mutual has multiple years of experience in the industry. It offers a traditional approach to life insurance with a variety of coverage options and low-tech, yet personalized methods of determining coverage needs. Its financial advisers are available to help customers through the process.
Our second pick, Haven Life Insurance Company, offers only term life insurance policies and uses an online application process without personal interaction with an agent. A relatively new player in the insurance business, Haven Life is backed by the well-established MassMutual and aims to offer affordable, easy-to-manage term life insurance policies online.
Number three on the list: State Farm, has almost 100 years of experience, offering a wide variety of different types of insurance in addition to the traditional term, whole, and universal life insurance options. It also offers discounts for customers purchasing multiple insurance policies.
Owned by Legal & General America, Banner Life is a company that offers two kinds of life insurance products. These are term and universal life, each with relatively few options for customization. While this may appeal to those who want to keep the process as simple as possible, it means Banner Life may not be the best fit for you if you are looking for customizable life insurance solutions.
Principal, which started as an insurance firm in 1879, now provides investment and retirement plans for individuals as well as solutions with benefits for employers. It is based in Des Moines, Iowa, with operations around the world through subsidiaries and partnerships. The company has had 19 million happy customers worldwide.
