Best Life Insurance Carriers 2022 - Zupnick Associates

(By: Brittany Brooks)

Knowing who the best life insurance carriers are can help you make a well-informed decision, afterall it is a crucial decision to make. However, it can still be confusing with such a wide selection of life insurance companies available to you.

To help you find the best life insurance coverage, we’ve compiled a list of the top 5 best life insurance companies in 2022. We list what makes each company stand out, what their policyholders like, and what types of life insurance coverage they offer.

Tip: Pay attention to the life insurance company’s credit rating for insurance payouts. It considers multiple factors to determine the insurance carrier’s ability to pay out their insurance claims.

   

Companies With Financial Benefits:

Prudential

Prudential only offers universal and term life insurance policies. Universal life insurance policies are their area of expertise by providing eight different policies to best suit your needs and goals.

Their universal life insurance plans accrue a cash value over time and specific policies may allow you to access the cash accumulated by the policy.

Prudential also does something a little bit different that their policyholders appreciate. Instead of a typical insurance agent consulting and advising you, they pair you with an experienced financial professional. 

Cons:

Medical history must be provided to determine your quote and some plans require a medical exam as well. Final expense policies (intended for burial costs) are not offered.

Northwestern Mutual

For Northwestern Mutual’s size, you’d expect them to have an onslaught of complaints reported to state regulators, but the number of complaints has been significantly less. In fact, they ranked #3 for customer satisfaction in J.D. Power’s 2021 US Life Insurance Study. 

It makes sense, being as though the company is owned by its policyholders and eligible customers have the opportunity to share the company’s annual dividends. They’re proud to report a $6.5 billion payout to their members this year, making it the highest dividend payout in the company’s history.

Yet, they still sell life insurance policies ranging from term, whole, and universal life insurance. If you’re worried about unpredictable rate changes, their whole life plans offer steady premium rates throughout the policy’s life.

Cons:

Most applicants require a medical exam to determine premium costs and eligibility.

No Medical Exam Option

State Farm

State Farm offers term, whole, and universal life policies, but what separates them is their no medical exam option. It’s available if you need coverage to begin quickly. 

Term life policyholders have the option to convert their term life plan to permanent coverage regardless of their medical status. Another advantage of their term life policies is that you get your money back if the death benefit isn’t paid out within the 20- or 30- year term.

Cons:

Burial costs are capped at $10,000. No-exam policies are subject to age and benefit restrictions. The eligible age is between 16 and 45, and the policy is limited to $50,000.

Policies are not available in Massachusetts.

Offers Something Extra

Lincoln Financial

Lincoln Financial offers a variety of life insurance policies: term, universal, variable universal, indexed universal, and survivorship life insurance.

However, many of their members like the long-term care benefits offered by their Money Guard universal life plan. The death benefit is reduced to cover the costs, but if you don’t use it, the full insurance payout will be issued when the covered individual passes.

Consumers also like the ease of purchasing Lincoln Financial’s term life policies because they conduct the qualifying interview via phone and virtually. 

Some applicants may qualify for insurance quickly without the use of lab tests.

Cons:

Ranked #12 out of 21 companies for J.D. Power’s Life Insurance Study, making them below average in customer satisfaction.

The Most Flexible

Ladder

Most of the insurance carriers on this list have been in business for more than fifty to a hundred years, but Ladder is the exception by opening their doors in 2015. They’re making headway because they really understand the definition of flexible coverage.

They offer policyholders the ability to adjust their death benefit, allowing them to increase or decrease it depending on what they need at that time.

Ladder’s policies offer up to $8 million and plans are available in all 50 states, including Washington D.C.

Cons:

Only offers term life insurance and there’s no coverage for individuals over 70.

Questions about life insurance and taxes? Click here – How Life Insurance Can Help You With Taxes!

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