Here’s a more conversational and easy-to-understand version of the article:
Did you know that only half of Americans have life insurance? That’s right, according to LIMRA’s 2023 Insurance Barometer, about 52% of Americans have some form of life insurance, leaving the other half without any coverage. You might be wondering if these folks are taking a gamble with their family’s financial future. Well, the answer is, they might be.
The amount and type of life insurance you need can depend on a lot of things like your age, income, family size, where you are in life, and your long-term financial goals. No matter what kind of policy you choose, it’s important to pick a life insurance company that’s financially stable and genuinely cares about its policyholders.
There are hundreds of reputable life insurance companies in the U.S., making up a trillion-dollar market. You can use a service like Policygenius to quickly find providers and policies that suit your needs. But there are a few companies that stand out from the rest.
State Farm is a top pick overall. They offer term, whole, and universal life policies, and even some lower-cost niche products like final expenses insurance. They’ve got a top-notch customer satisfaction rating and a strong financial rating. Plus, they offer return-of-premium coverage and Instant Answer Term Life Insurance for quick coverage.
Bestow is great if you’re looking for fast approval. They’re a tech-driven company that specializes in no-exam coverage. You can get approved for a policy as large as $1.5 million without a medical exam, and they offer a 30-day money-back guarantee.
Ladder is another tech-driven company that’s best for no-exam coverage. They offer high death benefits for no-exam life insurance coverage and a fully online application process. Plus, you can adjust your coverage anytime by logging into your account.
Pacific Life is a good choice for permanent life insurance. They offer a variety of permanent life insurance products and the option to start with a term policy and convert to permanent later.
Northwestern Mutual is known for its variety of policies. They offer many types of insurance policies, including term, whole, universal, and variable universal life insurance. They also offer insurance riders on all policies for extra protection.
Guardian is best for low premiums. They offer budget-friendly life insurance that’s available online. They’ve been providing life insurance for 160 years and have over 12 million customers.
MassMutual is great for personalized support. They’ve been helping clients with their life insurance needs since 1851 and offer a large selection of policies.
New York Life is known for its financial strength. They’ve been providing life insurance policies for the last 175 years and offer many policy options.
There are two main types of life insurance—term and permanent. Term life insurance has a specified term, and if you outlive the term, some companies allow you to renew it. Permanent life insurance lasts your entire life or as long as you pay the premiums. Some life insurance policies don’t require a medical exam, which can be a good option for people with medical conditions.
The cost of life insurance depends on many factors, including the type of policy, your age, the length of coverage, the policy size, whether you use tobacco, your family health history, your personal health history, and your driving record.
Choosing the best life insurance company depends on what you want out of the relationship. Consider whether they offer the policy type you need, their policy coverage limits, whether the application process requires a medical exam, and how flexible the policy is when it comes to life changes.
