Buying a life insurance policy can be a confusing process. There are multiple different types of life insurance policies with and without investment options. You also have to contemplate what life will be like for your loved ones after you’ve passed. To help make the process easier we have compiled a list of the top life insurance companies of 2022.
We also have gathered information to explain the different types of life insurance, how the quote process works, and how to buy.
Haven Life is a digital insurance agency that offers two term life insurance options, Haven Term and Haven Simple. Haven Term is a term policy with durations of between 10 and 30 years and coverage of up to $3 million. Haven Simple is also a term-based policy but has lower coverage amounts and shorter offered durations of between five and 20 years. The upside for some people may be that it doesn’t require a medical exam for coverage. Both policies can be applied online without the aid of an agent.
It should be noted that Haven Life doesn’t issue the policies it sells. Instead, the policies are issued by MassMutual, which also made our rating, or one of its subsidiaries.
Bestow sells one type of policy with terms between 10 and 30 years available in five-year increments. The policy has coverage amounts up to $1.5 million. The entire application can be completed online, and you can text or call Bestow’s customer support team with any questions. One of the things that set Bestow apart from the other companies in our rating is that none of their policies require a medical exam.
Bestow doesn’t issue the life insurance policies it sells. Instead, the policies are issued by North American Company for Life and Health Insurance.
New York Life is the highest-rated company in our rating to offer both term and permanent policies. Its permanent life insurance options include both whole and universal policies. The term policies it offers can also be converted to a permanent policy.
You also have the option of adding riders such as Disability Waiver of Premium, Accidental Death Benefit, and Living Benefits.
The New York Life website doesn’t necessarily provide a lot of information on its policies, so you may have to contact a New York Life agent for more detail. Also, its term policies are more expensive than most of the companies in our rating.
Not everyone needs a life insurance policy to last their whole lives. For example, you may only need a life insurance policy to last as long as it takes to pay off a mortgage. This is where term life insurance can come in handy, you can choose how long you want your policy to last, usually for periods ranging from five to 30 years and it is frequently one of the less expensive life insurance options. Here is our rating of the Best Term Life Insurance Companies of 2022.
Whole life insurance policies are a type of permanent life insurance meant to last for as long as you live, as long as you continue to pay your premiums. This type of policy includes not only a death benefit but also a savings component, called the cash value, that can be borrowed or withdrawn from as needed. Here is our rating of the Best Whole Life Insurance Companies of 2022
Universal life insurance is another type of permanent life insurance that includes a cash value component. The difference between universal and whole life insurance is that with many universal policies you can alter your premiums or death benefits while the policy is active. Here is our rating of the Best Universal Life Insurance policies of 2022
To choose the right life insurance company, first consider why you are buying life insurance, what sorts of policies and riders will best help you meet those goals, and which companies offer those products.
Policies: Not all companies offer all types of insurance. For example, Haven Life and Bestow offer term life insurance policies but don’t offer permanent policies such as whole or universal life. Conversely, companies like Nationwide, MassMutual, and Prudential offer all three of those product types as well as policies that don’t require a medical exam.
Life insurance is a type of insurance that provides money to your chosen beneficiary when you die. You choose a life insurance company that offers a type of policy and death benefits that you want, apply, and if you are accepted the insurance company promises to provide the specified amount of money to your beneficiary (this can be a relative, loved one, or even an organization) when you die, as long as you paid the required premiums.
This money is often used to cover burial expenses and replace lost income. For example, if the primary wage earner in a family dies the money would help the remaining family members pay their bills.
A permanent life insurance policy is designed to be a life insurance policy for the long haul. These policies generally contain two parts: the death benefit and the cash value. The cash value can work as a kind of savings component or type of investment, depending on the exact policy. Examples of permanent life insurance include whole and universal life policies.