10 Best Life Insurance of 2017
Get the latest information on the best life insurance providers today. We review and compare the top life insurance companies in the country.
Life insurance is a protection policy against financial loss resulting from the premature death of the insured person. The named beneficiary receives the death benefit in consideration of the premiums paid by the policyholder, thereby relieving the financial impact of the death. The goal of life insurance is to provide some economic stability for your family after you die.
There are three main types of life insurance: term, which covers a set number of years; whole life insurance, which can be kept for the duration of your life; and universal or adjustable, which offers the flexibility to change your premiums and benefits. The three main components of a life insurance contract are the death benefit—or the amount the beneficiaries receive upon the death of the insured—, the premium payment—which refers to the amount the insurer determines necessary to cover mortality costs—, and cash value—which acts as a saving account that can become a living benefit.
Before obtaining a life insurance policy, it’s important to take into account your finances and the standard of living you wish to provide for your dependents or survivors. The amount you choose should be revised whenever a major life event occurs, such as marriage, divorce, the birth or adoption of a child, or after any major financial decision, like the purchase of a home or a new business.
When comparing providers, consider the company’s stability and reputation, the different policies on offer, and their customer support. Before making the final decision, carefully consider the coverage you need, how much you can afford, and what the company’s cancellation policy is. Finally be wary of agents who inflate your net worth to score a bigger commission, or sell you an annuity you can’t access for 10-15 years, without paying a pricey fee for early removal.
Top 10 Companies
- Up to $1,000,000 in coverage
- Affordable and competitive rates
- Immediate coverage decision
- Available to adults aged 18-65
- Comprehensive price comparison tool
- Entirely online and intuitive application process
- High quality policy backed by MassMutual, an A++ A.M. Best rated insurer
- Get $250,000 of Term Life Coverage for as Low as $14/Month
- Save up to 70% on your term life policy
- Get a free, no-obligation term life insurance quote
- Over 88 million customers worldwide rely on AIG
- It takes 2 minutes to request your term life quote
- Do you exercise intensely 5X a week? You may qualify for special rates
- Our #1 Choice for runners, cyclists, triathletes, weightlifters, vegans, and more
- Policies from a wide selection of top-rated carriers
- Qualify through a quiz and your race results to save money
- Health IQ™ advantages include athlete-friendly measurements and low-carb adaptations
- Minimize the penalty for adverse family history if you are otherwise healthy
- Licensed to help health conscious people in all 50 states
- AARP Life Insurance Program For Ages 50+
- Backed by New York Life Insurance Company.
- $10,000 - $100,000 in affordable coverage for ages 50-74.
- No medical exam - just health information.
- Group coverage exclusively for AARP members.
- $1 premium for first month
- 30 day money back guarantee
- No physical or medical exam requirements
- Coverage for pre-existing conditions
- Paid for life benefits
- A+ BBB Accredited
- Get quick and easy life insurance quotes online
- Term Life Insurance 10, 15, or 20 year period
- Rated A- by AM Best
- No obligation quotes
- Choice of term or permanent life insurance
- Huge Flexibility from $50k to $99M in Life Insurance
- Easy Tool - Compare Prices with Real-Time Updates
- 3-Step Process: Choose Coverage, Compare Providers, Apply Online!
- Complete the application online without speaking to an agent or the insurance carrier
- Industry Leading Life Insurance Carriers
- Compare 10-30 Year Terms or Universal Life
- Schedule a Health Inspection Online (if required).
- Apply Online in 3 Minutes with DocuSign!
- $250,000 Term life insurance coverage in as little as 24 hours
- Fast, free, no obligation online quotes
- Simple term or whole policies
- Policies tailored to customers 50+
- Streamlined, easy-to-understand policies
- Lifelong coverage
- Access to cash value
- Trust and estate planning
- Cash value accumulation
- Supplemental income
- Rated A+ by the BBB
- Simple online application
- Safe and secure
- Broad list of partnered companies to choose from
- Find life insurance plans starting at $15/mo.
Best Life Insurance: Summed Up
|1||Haven Life||Best Overall|
|2||AIG Direct||Company Reputation|
|3||Health I.Q.||Customer Experience|
|4||AARP||Company Reputation, Help and Support|
How We Compare Life Insurance
Customer Questions & Answers
What is life insurance and what do people use it for?
Life insurance is designed to help relieve the financial burden placed on a person's family by that person's death. Life insurance can help for expenses resulting from the death, cover any outstanding debt the person left behind (so loved ones are not left responsible for it), or help replace lost income, giving the family more time to plan for their future.
What are the types of life insurance policies available?
There are a number of different types of life insurance policies, which typically fall into one of two categories: term or permanent insurance.
Term life insurance policies often come with lower monthly premiums and have a set terms in which the life insurance policy is active (typically 5 to 30 years). If you die during the policy period, your beneficiary will receive the full death benefit covered by your policy. However, once your term life insurance policy ends, neither you nor your beneficiaries are entitled to any payouts.
Permanent life insurance policies will cover you until your death, as long as you pay your premiums every month. Permanent policies, sometimes known as cash value insurance, typically come with much higher premiums and a portion of your payments will be placed in a cash value account. At first, the actual cost of your insurance will be low, so a larger amount will be put aside in your account. Over time, the cost of insurance will increase, and therefore, the amount put aside will decrease. Additionally, you can also take out a loan against your cash value account, but beware that it could impact the death benefit your beneficiaries will receive if the loan is not repaid before your death. Last, if you decide to cancel your policy prior to your death, you will receive your cash value back (less any outstanding loan amounts and applicable fees).
Can anyone take out a life insurance policy on me?
In order to take a life insurance policy out on someone else, you need to have an “insuring interest” in said person, meaning that only someone who could suffer a financial loss from your death can take out an insurance policy on you. This could mean a family member, your employer, business partner, or even people or institutions that are major creditors.
However, in most cases, it would be difficult for someone to take out a life insurance policy without you knowing it. In order to become insured, the insurance company will likely need to do a health evaluation or have access to your medical records (which would require you to release these to them by signing a consent form). Additionally, most companies require a signature of the person being insured making it difficult for a policy to be taken out in your name without your knowledge.
What does it mean when a permanent insurance policy is “Paid Up,” and what happens then?
This means that you have made enough payments to your insurance policy that you have paid off the cost of insurance for the rest of your life. The insurance company will then plan to use the funds in your cash value account to make the premium payments until you die. If you end up taking out a loan against your cash value account at this point, the insurance provider may require you to make premium payments once again, or reduce your death benefit until the loan is repaid.