Looking for the best life insurance company to get ensured from can be very frustrating. We made a list of the top 15 life insurance companies that we believe are the absolute best if not better;
- Prudential
- American General
- Banner Life
- Sagicor
- North American Life
- John Hancock
- TransAmerica
- Principal
- Metlife
- SBLI
- Lincoln National
- Fidelity
- American National
- Protective
- Voya
If you click on any of the 15 life insurance companies you will be redirected to their reviews and products in case you wanted to find out more about the companies. Here at InsureChance, we provide the most unbiased and most informative reviews so that our clients can make their own decision rather than have opinions forced down their throats. Since we have zero ties to any of these companies it makes it easier for us to stick to the information and allows us to have our loyalty to the people that matter most to us, our clients. In this special article, we will be writing our review of each company which will include their strengths, rating, and weaknesses to help you find out which is the best life insurance company for you. The reason why we decided to do 15 of the best companies is for us to give you more options to work with since we believe everyone has different needs and lifestyles it wouldn’t be fit for us to just tell you which one of the 15 is the best, that is for you to find out depending on your health and lifestyle. Keep reading for some pointers on picking the best life insurance company and some key items you should know about when looking for life insurance.
1. Prudential Life Insurance Company
Prudential has been around for 100 plus years and currently have about $1.2 trillion in their assets. They received an “A+” or superior grade from one of the leading rating agencies A.M. Best. This alone is a great indicator that it is a fantastic option for people who are looking for a reliable company. Their strengths are with how they treat clients based on their risk profile. For instance, a lot of carriers bundle all tobacco users as smokers regardless if they use E-Cigarette’s, Chew or Occasional Cigar. However, Prudential will give you a nonsmoker rate for that type of tobacco use. They are also an ideal choice when it comes to marijuana users since they can also qualify you as a nonsmoker. Prudential is also our go to company for people with serious health ailments. They only have one weakness, that is their rates tend to be higher than most other companies. For more information please feel free to click on this link-> Prudential.
2. American General Life Insurance Company
American General, or AIG, have been in business for over 160 years and have served over 12 million customers. Aside from life insurance, they have served over 18 million Americans in other industries like health and disability. According to A.M Best, they rate AIG an “A” also known as excellent, Standard & Poor’s rate them an “A+” also known as strong, Moody’s rate them an “A2” also known as good, and Fitch Ratings rates AIG an “A+” also known as strong. These are some pretty high ratings but they come up short in providing a competitive no medical exam policy. They offer Term life, Whole life, and various Universal life products. When it comes to their strengths, they are a unique company who offers terms for 10, 15, 16, 17, etc all the way to 30 years for the Select-A-Term product and is an excellent company for people who are considered high risk for life insurance. AIG’s liberal underwriting criteria for various health problems puts the company close to the top of the list for many of today’s top ailments, such as heart disease, sleep apnea, and diabetes. As a weakness, AIG is such a big company that clients may sense a feeling of unimportance with their sea of policies, and with over 64,000 employees, clients find a hard time forming a connection with one or two agents but are often cycled among a number of employees. For more information please feel free to clink on this link-> AIG
3. Banner Life Insurance Company
Banner Life is also known as Legal & General Group, this compnay has also been around for 100 plus years. Banner has a staggering $658 billion of life insurance in force and a whopping $7.3 billion in assets. According to A.M Best, they rate Banner an “A+” also known as “superior”, Standard & Poor’s rate them “AA-” also known as “very strong”, and Fitch rates Banner an “AA-“ also known as very strong. As far as their strengths, Banner is known to be the most competitive for standard and table rate classes. The company continues to focus on agressive pricing and underwriting for those who are not that healthy. If you have high cholesterol and are being treated with medications, you can still qualify for a preferred plus rate class. Also if you have high blood pressure but is controlled with medication, with Banner Life you can receive a preferred plus rate class. Banner Life offers competitive ratings for other health conditions such as sleep apnea, asthma, anxiety, and depression. As one of their weaknesses, Banner Life falls short on their website. It is aggravating for some clients who put their information in their quoter and then they don’t even get a quote. For more information about Banner Life please feel free to click this link-> Banner Life
4. Sagicor Life Insurance Company
Sagicor Life has been around for over 170 years and offers products such as Term life, Whole life, and Universal life. According to A.M Best, Sagicor was rated an “A-“ which is a really good rating but still falls short of their competitors. Sagicor is part of our top 10 best no medical exam life insurance companies. One of their strengths is that they are widely known for their excellent no medical exam life insurance and is one of our top 10 best no medical exam life insurance companies. They offer a number of Accelwriting Simplified Issue Products which help our clients who do not want a medical exam due to time constraints, fear of needles, or for those with moderate to bad health. Sagicor offers a quick and easy underwriting process called “Accelwriting” which means that from the start to approval, it can be done in as little as 15 minutes. One of Sagicor’s weaknesses is that they can be a little tougher on underwriting some medical conditions that other life insurance companies would accept. For more information please feel free to click here-> Sagicor
5. North American Life and Health Insurance Company
North American Life Insurance Company has been around for over 130 years and is one of the most affordable life insurance companies out there. They have nearly 600,000 of policies in force and assets passing over the $22 billion mark. They offer Term life and Universal life products. According to A.M Best, they give the North American Company an “A+” or “Superior” which is the second highest rating that A.M Best can give a company. They are also rated an “A+” also known as “Strong” according to Standard & Poor’s which happens to be the fifth highest out of the twenty-two possible ratings. North American is also a part of our top 10 best no medical exam life insurance companies. North American has a couple strengths such as the face that they ensure clients up to age 85, and they also have excellent underwriting. For example, clients with cholesterol levels up to 300 may still qualify for the best rate class or clients with blood pressure who are medicated to maintain their blood pressure can still qualify for the top rate class. As a weakness, they are a bit behind in the technology age and it can be a bit difficult to sign papers since they don’t currently allow for electronically signed policies. For more information please feel free to click here-> North American Company
6. John Hancock Life Insurance Company
John Hancock was founded about 150 years ago and is one of the most reputable insurance companies of all time. According to A.M Best, John Hancock was rated an “A+” also known as superior, Standard & Poor’s rate them an “AA-“, Moody’s rate them an “A1”, and Fitch Ratings rated the company an “AA-“. They offer Term life, Universal life, Indexed Universal life, and Variable Universal life products. A strength that John Hancock has is their niche underwriting which has them neck to neck with their competitors. If you have diabetes, are above age 60, and take medication then you can still qualify for preferred rates. If you are a client who experiences seizures you can still qualify for a preferred rate class if it has been over 3 years since diagnosis. They also have competitive rates for clients with Hep C, high blood pressure, and Parkinson’s disease. However, John Hancock falls behind their competitors when it comes to certain other health conditions such as sleep apnea, you would be rated as standard. For more information please feel free to click here-> John Hancock
7. TransAmerica Life Insurance Company
Transamerica Life Insurance Company has been around for over 100 years and the company is based out of the Netherlands called Aegon. Transamerica leads in the top 5 ratings with a score of “A+” from A.M Best, Fitch, and an “AA-” from S&P Global. They are also rated “A1” according to Moody’s. The company has more than $1,055 billion of life insurance in force and according to NAIC, they have more than 3% market share of the U.S Life insurance market which is pretty impressive. They offer 5 types of life insurance products such as Term life, Universal life, Variable Universal life, Whole life, and Final expense life insurance. As one of their strengths, they are well known in the life insurance industry for their niche market of elderly consumers. They have liberal guidelines for clients 71 and older which is an age that many life insurance companies stop writing life insurance at. For example, If you are 71 and older with a 5.5 or less of cholesterol ratio, you can qualify for a preferred plus rate class. Clients 71 and older can qualify for the best rate class with a blood pressure reading of 145/85. Transamerica also offers clients with Hep C and schizophrenia the best rate class they can offer. However, their weakness is that they are not always competitive with younger clients. For more information please feel free to click here-> Transamerica
8. Principal Life Insurance Company
Principal Life Insurance Company has been around for over 130 years and has a total of $516 billion assets under management and operating earnings of $967.3 million. According to A.M Best, Principal was rated an “A+” also known as “Superior” which is a great rating and it indicates how well an insurer can pay claims. They offer Term life, Universal life, Variable Universal life, and Survivorship life insurance products. For Principal’s strengths, there are a couple, for one they are innovative when it comes to getting clients approved faster than others. They are able to get this done by using “Digital Data” to pull all the information on a client faster, their program is called Accelerated Underwriting. In some instances, clients can get the option of skipping the exam if they have enough positive factors on their application and the data pulled. This product offers a no medical exam option and unlike many other no medical exam companies, for people who qualify for the accelerated underwriting they are one of the few companies that will give preferred plus rating. Another strength is that they give you credits for good health, good family history and a clean record, which can help you get a bump on your rate class. They also have excellent underwriting for cancer survivors, diabetics, and clients with epilepsy. For more information please feel free to click here-> Principal Life
9. MetLife Insurance Company
Metropolitan Life Insurance Company, also known as Metlife, was named the Number 4 “world’s most admired” life insurance company by Fortune in 2016. They are rated “A+” according to A.M Best, Fitch rates them an “AA-” and Moody’s rates Metlife an “Aa3”. Metlife offers Term life, Whole life, Universal Life, and Variable Universal life insurance products. Metlife has a couple of strengths, they are realy good for people who have type 1 diabetes who take insulin which is usually an uninsurable condition. Many companies would simply decline you all together for diabetes especially type one. Metlife also outshines their competitors by giving preferred rates to high blood pressure clients. You can qualify for Metlife’s Elite Plus rate class if you are between ages 55-69 with a blood pressure of 140/85. They also have liberal underwriting for those who are marijuana users. As far as their weakness, they fall short when it comes to their price, the price is king, and the fact that Metlife’s prices are higher than their competitors might have you running out the door but you are paying for the company’s amazing reputation. For more information please feel free to click here-> Metlife
10. Savings Bank Life Insurance Company of Massachusets
The Savings Bank Life Insurance company, also known as SBLI, have been around for over 100 years providing coverage for everyone. They market themselves as “the no nonsense life insurance company”. According to A.M Best, SBLI was rated an “A” also known as excellent, Standard & Poor’s rated them an “A-“ also known as strong and the Better Business Bureau rated them an “A+”. They offer two types of life insurance, Term life, and Whole life. SBLI has strength when it comes to providing standard life insurance at fair premiums. Another strength is that if you have high blood pressure or high cholesterol, then SBLI may be a great choice for you since they offer competitive rates for those clients. However, SBLI doesn’t offer the multi-tiered Variable life insurance policies that many of their competitors have which makes it a weakness. Another weakness is that they offer pretty bad rates for those clients who are diabetic. For more information please feel free to contact us.
11. Lincoln Financial Group Company
Lincoln Financial Group has been around for over 100 years and actually got permission from President Abraham Lincoln’s son Robert Todd Lincoln to use their name as the company’s brand in 1905. Today, President Lincoln’s profile is still the company’s logo which symbolizes strength and integrity. The company holds the 25th position on the Fortune 500 list by its assets. Lincoln National also has an “A+” rating from A.M Best which happens to be the second highest possible rating of the 16. The company has over $228 billion dollars under management at this time. Lincoln National offers Term life, Universal life, and Variable Universal life products. When it comes to underwriting, that is the company’s strongest suit. Lincoln National offers preferred plus rates to clients up to age 69 that have a blood pressure reading of 130/80 and for those clients above 70 if you have a blood pressure reading of 140/90 or lower you can qualify for preferred rates. If you have not used nicotine for the past three years you can still qualify for preferred rates. Lincoln National also offers competitive rates for those clients who have a history of prostate or breast cancer. They also excel at being one of the most affordable life insurance companies. However, they fall weak when it comes to their prices, for example, if you are a 75-year-old client who is a diabetic you are going to receive a competitive rate, but if you are 40 or younger and are diabetic Lincoln National may charge 25% more for life insurance than their competitors. For more information please feel free to click here-> Lincoln Financial Group
12. Fidelity Life Insurance Company
Fidelity Life has been around for more than 120 years and happens to be one of the biggest life insurance companies out there today. They currently have over $26 billion of life insurance in force. According to A.M Best, Fidelity has been rated an “A-“ also known as “Excellent”. The company offers Term life, Whole life, and Final expense life insurance products. A big strength that Fidelity has is that their use of technology is impeccable. There are very few insurance providers that have leveraged the benefits of technology to speed up their underwriting process. Fidelity Life has a digital tool that allows you to receive approval for life insurance rapidly. They also provide their consumers with five policies that are in the “Rapid Decision” family which just like the name states, is a quick and easy coverage plan using their Rapid App, you can get covered in no time. Another strength that Fidelity Life has is that they have inheritance specialists to help your survivors with handling the payout upon your death, not many other life insurance companies have this service. However, a downfall or weakness they have is that their Term benefits are only paid out in a lump sum. For more information please feel free to click here-> Fidelity Life
13. American National Life Insurance Company
American National Life Insurance Company, also known as ANICO, has been around for more than 100 years and is one of the most affordable life insurance companies around today. they employ over 3,078 people and have $23.3 billion in total assets. According to A.M Best, American National Life has been rated an “A” which means they are in excellent condition financially. They are also rated “A” by Standard & Poor’s. American National Life offers Term life, Whole life, Universal life, Indexed Universal life, and Variable Universal life insurance products. American National Life is one of our top no medical exam companies and that is one of their strengths. ANICO makes getting life insurance fast and easy with their no medical exam term life, whole life, and guaranteed issue life insurance products. Another American National Life strength is that they are aggressive when it comes to offering low prices, not only do they offer competitive rates on their no exam life insurance products but also on their fully underwritten policies. However, they fall short when it comes to ensuring clients with certain health or lifestyle issues such as those looking for no exam life insurance because they are diabetic, ANICO won’t give you competitive rates if you are diabetic looking for a no medical exam policy. For more information please feel free to click here-> American National Life Insurance Company
14. Protective Life Insurance Company
Protective Life Insurance Company has been around for 110 years and their core values are to “Do the right thing, Serve people, Build trust and Simplify everything.” According to A.M Best, Protective is rated “A+” also known as “Superior”. They offer Term life, Whole life, Universal life, Variable Universal life and Indexed Universal life insurance products. Protective Life is one of the most affordable life insurance companies around. As a matter of fact, that is one of their strengths, they have the least expensive rates in the country for healthy males and females between the ages of 30-60. Another strength is their underwriting because Protective Life is so compassionate when it comes to their clients’ health conditions. With this being said, they are #1 choice for clients who have had a history of heart disease, or have heart disease, has had a heart attack, or bypass surgery, either way, they pass their competitors rates by 24-45%. Prudential is also lenient when it comes to their clients with diabetes or with low/high cholesterol. You will also not be put in the same smoker category with the everyday smokers if you only smoke one cigar every two months or so. A weakness that Protective Life has a conservative build table that they follow, meaning Protective does not offer the best rates for overweight people. For more information please feel free to click here-> Protective Life Insurance Company
15. VOYA Financial Life Insurance Company
If you haven’t heard of Voya then you probably heard of ING, the company changed their name and logo from ING to Voya as part of the process of it becoming an independent company after separating from ING Group. The company named themselves Voya, which is an abstract name derived from the word ‘voyage’. They said,”It reminds us that a secure financial future is about more than just reaching a destination; it’s about a journey to empowerment and having positive experiences along the way.” According to A.M Best, Voya has been rated an “A” also known as excellent which is the 3rd highest of 15 ratings. Voya sells Universal life, Indexed Universal life, Survivorship Universal life, and Variable Universal life insurance products. Their biggest strength is their unique but superior underwriting. It’s very common for most people who are in excellent health to get rated down due to a history of cancer in their family, with Voya you can qualify for the best rates as long as you are in good health. They are even lenient with their ratings if you have slightly higher than normal blood pressure or cholesterol reading. You can even get a nonsmoker rate if you smoke cigars occasionally. However, they’re weak when it comes to providing no medical exam products because they have none. This is a shame because many life insurance companies offer a no medical exam product. For more information please feel free to click here-> Voya Financial
Why does a company’s rating matter?
When hiring a new nanny don’t you check out their references or reviews or maybe both? How about when you hire a new maid? If you don’t check up on these references you might hire the wrong person and find yourself in a big mess. Same goes for life insurance companies, ratings are given to them by rating agencies like the ones we talked about above. If a company has a good rating then the chances of them failing when disaster strikes are slim to zero. The chances for a company to fail during a disaster who scored a bad rating are pretty high. That is because these rating agencies look very deep into a company’s financials and go through all sorts of investigations to make sure that the rating the company will be receiving is a fair one.
Disasters come and go and they come at the most unexpected times if a disaster such as the market crashes the companies with high ratings have prepared themselves for such an event and are standing tall and proud. Meanwhile, the ones with low ratings, which they got for not being financially stable or vulnerable to changes, worry to death because they didn’t prepare for this event, they’ve been trying to keep their heads above water the whole time. More than likely they will either pull out or file bankruptcy and all the premiums or policies sold will be gone like the wind. Don’t be that person that hates the world because they decided not to take a second and look at a company’s ratings. That two seconds you take to look into a company’s rating can save you a ton of money. These ratings can be found in most reviews (the good ones at least) or on the company’s website. If you have a hard time finding their ratings you can go to A.M Best, S&P, Mood’s, or Fitch’s Rating websites and search the company you are inquiring about, most of the time they post their findings on their website. Either way, you will have the information you need by simply surfing the web.
Why you should read reviews and product lines
Let’s say you narrowed down your choices and are nearly done making your decision, have you read their product line? If your answer was no or why would I need to do that, then you need to take a look at your final company’s product line because it will give you a better insight of the company and what they have to offer. Yes the rating gives you an idea of how financially stable the company is, but looking at their products is still important because let’s say you want a term life policy with no medical exam and you just found out Voya is the final choice for you because they are financially stable and you read some good customer reviews. However, Voya doesn’t offer any products for term life with no medical exam, so all that research you did was for nothing. We recommend for you to take some time and read reviews about the company. Reviews (the good reviews) will give you the company rating, their strengths, and their product line. BAM one look at a review just saved you a lot of time of web surfing and it also saved you some stress.
Work With Us!
At InsureChance, we have a goal in mind and that’s to simplify life insurance in order to simplify the lives of our clients. We hope that you found this article helpful in looking for the best life insurance company, and if you are still having some trouble trying to narrow down your choices please don’t hesitate to give us a call and let our personable agents narrow them down for you. We work with over 60 top “A” rated companies which means we have a wider selection of options to choose from. Not only do we have a wider selection of options but we also offer a lifetime guarantee that most of our competitors do not, and that is if at any time after you purchase your policy you have any questions or simply want to revamp your policy we will be more than happy to help you. Our services are completely free so give us a call today and let us find out which life insurance company best suits you 888-492-1967.
