If you have stumbled across this article it may have been because you are inquiring about Travelers Life Insurance Company and you have come to the right place! Here at InsureChance, we provide the most unbiased and informative reviews because we believe it is only fair that our clients get the most accurate information without being swayed left or right so that they can make their own educated decision. Looking for a life insurance company is a piece of cake, it’s looking for the BEST life insurance company where it starts to get tricky. We believe that you will never find the BEST life insurance company with our competitors’ opinions being shoved down your throat because what is the best company for one company may not be the best for another person. The reason being that we all have our own set of specific needs, health, and lifestyles. However, you are doing the best thing for yourself right now and that is reading reviews, literally the best thing you can do to make sure the company is the best for you and your needs! The following are some key points from the article;
- Travelers Life has traces going back to 1853 when Alexander Wilkin, secretary of the Minnesota Territory, recognized the need for a local insurance company to deal with the increasing threat of fire.
- Just like many other big box companies, Travelers Life takes great pride in their community involvement. They founded a tournament called Travelers Championship that began in 1952. All of their net proceeds from this popular stop on the PGA TOUR go to more than 140 charities throughout the region.
- Their headquarters is in New York City and have over $26 billion with operating income of $2.551 billion.
- They have also been ranked 116 on the Fortune 500 U.S largest company list.
- They offer Term life, Whole life, and Universal life insurance products.
- Travelers Life Company has been rated an “AA+” which is the highest rating possible by A.M Best and an “Aa2” by Moody’s. According to Standard & Poor’s and Fitch they both rated them an “AA”.
- Term life is a form of temporary life insurance in which provides coverage for a short and specified period of time.
- Whole life is a form of permanent life insurance which provides coverage for your entire life.
- Universal life is another form of permanent life insurance and it also provides you with coverage that can last your entire lifetime.The difference between a Universal life and Whole life insurance product is that Universal life is a more flexible product.
- Aside from the fact that they have amazing financial strength ratings they also have a large network of local insurance agents across the country. They have great mobile tools and applications online that make it easy to buy a product from them and their website is very informative and user-friendly.
- Travelers doesn’t have many cons other than the fact that their coverage options are not available in all 50 states which only lessens their volume of clients. They also have a ton of customer complaints online when you look up their name.
- However, you have many options, and we always recommend our clients to shop around for quotes in order to make sure you are getting the best possible rate.
Travelers Life Insurance Company’s Review 2017
Travelers Life Insurance Company has been around for more than 160 years and is one of America’s oldest and most respected leaders in the insurance industry. The company has over 30,000 employees with operations in the U.S, Canada, United Kingdom, Ireland, and Brazil. Their headquarters is in New York City and have over $26 billion with operating income of $2.551 billion. They have also been ranked 116 on the Fortune 500 U.S largest company list. They offer Term life, Whole life, and Universal life insurance products. Travelers Life Company has been rated an “AA+” which is the highest rating possible by A.M Best and an “Aa2” by Moody’s. According to Standard & Poor’s and Fitch they both rated them an “AA”.
Why you should always check a company’s rating
You should always check a company’s rating because it will give you an idea of the company’s financial standing. If a company has a good rating it basically means that the company is more than capable of standing on their own without support and if there are any environment changes it will not affect the company at all. However, if a company has a bad rating it is literally the opposite, their financial stability is weak and if something were to happen in their environment (such as a market crash) then they will fail or pull out. Either way, everyone who bought a policy from this company would have their policy and all the premiums invested gone with the wind. Rating agencies such as the ones above provide these ratings for you to be able to work with the facts. When a company has a high rating it indicated that the firm holds a sufficient balance of cash reserves in proportion to their commitments, basically, they show how financially stable they are. If a company obtained a low rating from any of these rating agencies then chances are they may not be around for much longer. That’s why we recommend for you to always take a peek at the company’s rating.
Travelers Life Insurance Company’s Products
Travelers Life offers a wide variety of product with both types of insurance, term and permanent. They offer term life, and with their permanent life insurance products, they offer whole life and universal life. Keep in mind that Travelers doesn’t offer life insurance products anymore, they sell term life insurance through their subsidiary Primerica. Travel Life offers Whole and Universal life insurance products sold through Metlife Insurance Company.
Term Life Insurance
- Term life is a form of temporary life insurance in which provides coverage for a short and specified period of time.
- This is the most affordable type of life insurance on the market.
- Term lengths available for this product are 10, 15, 20, 25, or 30-years.
- Accelerated death benefit is included with this product which means that if you get diagnosed with a terminal illness and have less than six months to live you can get your death benefit accelerated to help pay hospital bills.
- The policies are renewable after the term expires but keep in mind that you will have higher premiums.
- Doesn’t offer cash value accumulation.
Whole Life Insurance
- Whole life is a form of permanent life insurance which provides coverage for your entire life.
- This product features cash value build up and accumulation.
- This product also features a fixed cash value mechanism and the standard suite of optional riders one would expect in a whole life insurance product.
- There is also a guaranteed minimum death benefit and a stated rate of growth.
Universal Life Insurance
- Universal life is another form of permanent life insurance and it also provides you with coverage that can last your entire lifetime.
- The difference between a Universal life and Whole life insurance product is that Universal life is a more flexible product.
- Travelers Universal policies are all flexible which is fantastic because as your life changes so do your needs and these policies allow you to change your coverage amount if you ever need more or less.
- You also have flexibility when it comes to your premiums and when you want to pay them.
- There is a two-party survivorship UL policy that is available in traditional payment formats or in a single-premium variety.
Travelers Insurance Pros or Advantages
Aside from the fact that they have amazing financial strength ratings they also have a large network of local insurance agents across the country. They have great mobile tools and applications online that make it easy to buy a product from them and their website is very informative and user-friendly. Another pro is that they have multiple policy lines available through the same two companies, Metlife Insurance Company and Primerica Life Insurance Company.
Travelers Insurance Cons or Disadvantages
With everything good, there comes bad to follow. Travelers doesn’t have many cons other than the fact that their coverage options are not available in all 50 states which only lessens their volume of clients. They also have a ton of customer complaints online when you look up their name. Lastly, they don’t offer Indexed or Variable Universal life which again lessens their volume of clients because there are clients who want to do investments with their policies and can’t do so with this company.
Final Thoughts
In conclusion, Travelers Life is a commendable insurance company. They excel in many departments of insurance but source out their life insurance policies which can be difficult for a client to understand because they are no longer working with just one company but two and the other company’s rating should come into hand as well. However, you have many options, and we always recommend our clients to shop around for quotes in order to make sure you are getting the best possible rate. If you have 30 seconds go below to our quote engine and see for yourself what you will be offered as far as premiums. You will also be able to compare other high rated companies and see the premiums they want to offer you. You can also give us a call and take advantage of our free service and let us do all the hard work for you! We will shop around on your behalf until we find the best life insurance company for you and yourself
