Term Life Insurance Reviews

There are literally hundreds of life insurance carriers on the market. Trying to figure out which one is best for you can be a real challenge. This is why we have done our annual term life insurance reviews for 2024.  What I do can be very rewarding by taking the complexities out of what life insurance companies offer so people understand them.

The simple fact is that if an insurance company has a good reputation, is solid financially, and has a good customer service record, they should be able to compete for your business whether you have ever heard of them or not. This is why it’s really important that you work with an independent agent in order to secure the best rates. This is even more important if you have any health issues and will need a policy that caters to smokers or does not require medical exams.

When you first start searching for life insurance, it can be a little uncomfortable to think of yourself as dying one day. That said, once you come to terms with it, you need to get a life insurance policy that works for you and if you are happy with the company providing it. We have your back on this by providing you with the top life insurance companies that are very successful and considered the best in the industry.

How To Review Life Insurance Companies

Understand one thing, all life insurance companies are rated and ranked so consumers can form their own opinion about the company’s stability, solvency, and then balance one against another. Life insurance companies are rated which can make it much easier for buyers to find the best premium for their needs, requirements, and whether it is affordable for their budget.

The thing is, all life insurance companies offer similar policies but there are big differences in their rates. Also, one company may have additional benefits on a particular policy while another company does not. Finding the best life insurance companies for your specific situation can be difficult on your own. Always use the services of an independent life insurance agent. They’ll shop based on your specific needs and health and find the right company for you.

Review Each Company’s Customer Service

Pricing is not everything when choosing a policy, you need to look at their other benefits. Customer support is something that should be considered and this department is also ranked. It can be very difficult for customer support to interact with family members that are dealing with a death in their family. In most cases, the stress and grief are quite extensive and this is when customer service is extremely important. This is also the reason that they are included in the grading process.

Use Independent Insurance Rating Institutions

This can be a little tricky because independent insurance rating institutions use different sets of criteria to create their scale. The required criteria are also very complicated because each rating is unique, depending on the rating institution.

Each insurance rating institution has their own way to calculate the ratings and this can make it difficult when trying to compare one from another. This is why there is also a ranking system available for consumers. This ranking system makes it much easier for potential clients to choose the insurance company that will work best for their needs and requirements.

There are quite a few different independent rating institutions but these are the top 4 that are very highly respected:

•  A.M. Best
•  Fitch
•  Standard & Poor
•  Moody

How To Choose The Best Life Insurance For You

You should read other customers experiences and how they have rated different insurance companies. You will get a better idea what companies will be a better fit for you, your family, and/or your business.

You can find customer satisfaction scores from J.D. Power which is an independent rating firm that publishes scores. They score well over two dozen of the top life insurance companies every year.

Go to your state’s regulators and read up on complaints brought against insurance companies.

You should research a life insurance company’s financial strength because you obviously want a company that will be able to pay claims many years later on. These ratings are available through A.M. Best and Standard & Poor. We advise that you do not go with insurers whose ratings are B or lower from A.M. Best.

Research Rates

As mentioned earlier, insurance companies have the same or similar policies but their rates can differ drastically. Therefore, it’s really wise to comparison shop a few insurance companies and see what kind of rates you can get.

Review The Life Insurance Products & Policies

Even though life insurance companies offer similar policies, some companies focus on specific products including whole life insurance or specific requirements for customers including seniors. When you have a pretty good idea what you are looking for, it will help you narrow down your search by looking at their specifics.

Choose The Best Life Insurance Companies

Aside from rates and specific policies, you need to have a good understanding of the company providing the life insurance.

Makes Sure Your Life Insurance Company is Financially Strong

There are four really good rating agencies but A.M. Best is considered the leading scorer. If there is a company that they have not rated, then I rely on one of the other agencies to make sure a client gets the best choice in life insurance companies. Rating scores run from A++ to D but you should stay away from those that have scores of B or less.

Review Shopper Satisfaction

The best way to check out customer satisfaction is going to online reviews to decide if a certain insurance company is a good or bad idea. It is well-known that customers who feel they did not get what they wanted will spread it all across the internet. On the other hand, customers who have been really happy with their insurance company usually remain silent. Because insurance companies offer different types of insurance, you might view a lot of complaints about a particular department of an insurance company while another department is getting rave reviews!

The Top Reviewed Term Life Insurance Companies

Keep in mind, there is no one given company that will be the right match for everyone. Your goal should be analyzing what a company offers, get the best policy for your needs, and at a price that fits your budget. This is usually followed by finding companies that have the best financial standing for your peace of mind. Again, you want to be ensured that when a claim has to be paid, it will happen.

There are many different kinds of life insurance coverage that can be a little confusing. The types of policies are based on the amount of coverage being offered, the age of the customer, whether a medical exam is required on not for the underwriting process.

Best Life Insurance Companies Requiring a Medical Exam

Here are our top choices for term life insurance companies that do require a medical exam:

• Prudential
• American National
• Mutual of Omaha
• Lincoln Financial Group
• Protective Life Insurance Company
• Banner Life Insurance Company
• Principal
• American General Life Insurance Company
• ING Life Insurance
• SBLI

Many insurance companies require medical exams to minimize risks and their policyholders will not be cashing in the insurance anytime in the near future. That said, if you are looking for a life insurance company that does not require a medical exam, you’re in luck!

Best Life Insurance Companies With No Medical Exam

Listed below are some of the best life insurance companies that do not require a medical exam. Also, you should research them to discover other valuable information that you should know before buying life insurance.

•  American National
•  Mutual of Omaha
•  Lincoln Financial Group
•  American General Life Insurance Company
•  ING Life Insurance
•  SBLI
•  Sagicor

It should be noted that some life insurance companies that do not require a medical exam but will probably ask questions about your health when you have filled out your application. In some cases, they may require someone to get a medical exam due to certain circumstances.

Use Term Life Insurance Reviews to Find the Right Policy

While shopping around for a life insurance policy that works for you, don’t be disappointed if you don’t get everything you want. If you are looking for the best coverage from a policy but want the lowest cost, there are no promises. The right life insurance company should provide you with an excellent combination of superb coverage, an affordable rate, and excellent customer support. Be sure to check all these factors during your life insurance reviews.

We hope this information of life insurance has proven to be helpful during your search for the life insurance policy that works for you. If you have any concerns, questions or would like to discuss what you want in a life insurance company, please give us a call! We would be more than happy to help you out!