How Does Life Insurance Work?
Life insurance is a means of financial protection that pays out a sum of money after the death of an insured.
An individual who purchases life insurance establishes a contract with an insurance company promising to disburse a predetermined death benefit amount to the policyholder’s beneficiaries in exchange for a set premium.
Life insurance companies base premiums on the benefit amount as well as a risk assessment that takes into account the age, medical history, and lifestyle choices of the insured.
Insurers will also stipulate the exclusions or conditions under which they will not be held accountable to approve a death benefit, as in the case of suicide or fraud.
Today, I want to help you pick the best life insurance company for your unique needs. Keep reading in order to discover which of the life insurance companies can be trusted to protect your loved ones if something goes wrong.
Below are the top ten insurance companies in the United State that payout.
1. Securian Financial (Minnesota Life Insurance Company)
This company, or Minnesota Life, currently rebranded to the name of its parent company: Securian Financial. Today, Securian Financial stays to offer the same popular life insurance products after 140 years of doing business under the name Minnesota Life.
The company offers a wide range of insurance, investment, and retirement solutions to safeguard your financial future and the financial futures of your loved ones.
The company’s term life insurance protects customers for a fixed period of time i.e., 10 to 20 years. Securian’s permanent life insurance policies, temporarily, protect you for life and store cash value over time.
Securian offers two main types of permanent life insurance, including whole life insurance which offers guaranteed protection for your entire life and fixed cash value growth – and universal life insurance which comes with some flexibility for changing premiums and death benefit.
2. John Hancock Life Insurance
This is one of America’s more popular insurance and financial services providers. Today, John Hancock Life Insurance’s objective is to offer competitively priced policies that cover your family’s wellbeing and assets.
John Hancock has something called “the John Hancock Vitality program”, which lets you lessen the cost of your coverage by earning points for everyday healthy activities.
If you eat well, exercise, meditate, and practice good sleep habits, for instance, then you’ll earn Vitality points towards your John Hancock life insurance policy.
Cheaper premiums are rewarded to healthy customers by all insurance companies. John Hancock, however, is one of the few life insurance companies that really offer an official program rewarding people for healthy living.
3. Haven Life
This company emphasizes simple life insurance at a competitive price. You can get up to $2 million in term coverage at a cheap rate. Today, Haven Life runs under its own brand name and has its own website at HavenLife.com.
However, the company’s policies are given by Massachusetts Mutual Life Insurance Company (MassMutual). Nevertheless, one can also find better life insurance quotes when requesting a policy through Haven Life than as one would by checking directly with MassMutual.
4. AXA Equitable Life Insurance Company
This is a popular American life insurance company. The company renders four broad types of life insurance, including term life insurance, whole life insurance, universal life insurance, and variable life insurance.
In addition, AXA Equitable offers retirement planning services, brokerage and advisory accounts, and mutual funds, among other services. AXA is a Paris, France-based multinational insurance company that was founded in 1816, making it one of the oldest companies on the list.
In addition, the company gives financial planning, investment management, and general insurance throughout Western Europe, North America, the Asia Pacific region, and the Middle East.
5. Banner Life Insurance
Banner life insurance company is a Maryland-based insurance firm established in 1949. At present, the firm’s parent company is Legal & General America. You will often see Legal & General America and Banner Life Insurance Company advertising similar life insurance quotes online.
Legal & General Group dates its history all the way back to London in 1836. As the sixth biggest insurance company in the world measured by assets under management, Legal & General America has operations in Europe, Asia, and North America.
Banner Life Insurance is the company’s main American life insurance division and currently exists in forty-nine states and the District of Columbia.
6. USAA Life Insurance
This company is one of America’s best insurance companies. The only “catch” with USAA is that service is only offered to military personnel and their families.
If you are active on duty or retired military, or an immediate family member (like a parent) is a USAA member, then you can qualify for USAA products and services.
USAA’s life insurance policies involve term life, term life for the military, whole life, and universal life policies. Prices range start at $14 each month for the term life policies, which are affordable because they only cover a set time (say, 10 or 20 years).
In addition, USAA offers unique life insurance products catered to members of the military. You may qualify for special life insurance services when you’re traveling overseas as a member of the military.
AIG is a major international insurance company that gives life insurance throughout the United States. If you’re between 50 and 85 years old, then you can buy guaranteed life insurance coverage through AIG.
AIG assures that your life insurance application will never be turned down for health reasons. Coverage ranges from $5,000 to $25,000, with life insurance policies for as low as $20 per month.
The term, guaranteed issue whole life, universal life, quality of life, variable universal life, and accidental death and dismemberment life insurance policies are all available for purchase. At present, American International Group (AIG) is headquartered in New York City, although the company was founded in Shanghai, China in 1919.
Prudential is another major American insurance company that renders a variety of life insurance products. The company makes it easy to obtain a quote online today.
In fact, some individuals will be qualified for Prudential life insurance without needing a medical checkup. You may be able to finish the life insurance application process entirely online.
Prudential’s life insurance premiums increase yearly until age 95 but will never exceed the maximum stated in the contract. Prudential’s policies are given out by a company called Pruco Life Insurance Company under brand names like SimplyTerm and MyTerm.
9. Northwestern Mutual
This is a Milwaukee-based financial services company founded in 1857. In addition to life insurance, Northwestern Mutual gives financial planning, wealth management, retirement planning, and lot more.
During its early history, the company focused mainly on life insurance. At current, Northwestern Mutual has grown to become one of the biggest financial services companies in America.
They continue to render competitive prices on life insurance to personal, business, and estate markets across the country.
10. Guardian Life
The Guardian Life insurance company of America is a New York City-based company founded in the year 1860. The company’s subsidiaries include Berkshire Life Insurance Company of America and many others. Guardian Life offers a range of various life insurance policies to suit all needs and budgets. They also provide a term life insurance quote calculator online that makes it easy to tell how much life insurance you need.
After reading the above article, you may want to ask:
When Should I Get Life insurance?
A lot of people purchase life insurance once they have dependents, such as a spouse and children, or during life-changing events such as pregnancy or serious sickness. In the case of your death, life insurance covers funeral expenses and financially offers for your family.
If you have any questions concerning Best Life Insurance Companies in the U.S, please feel free to use the comment box below and ask us your question. We will be very pleased to answer you.