We rated life insurance companies based on their term life insurance rates and policy features using data provided by Quotes About Life, an online brokerage that represents 40 life insurers and offers instant online quotes from $ 5,000 to $ 25 million. Life Quotes does not need personal information to obtain quotes.
Since many term life insurance buyers focus on price, we have placed the greatest emphasis on rates.
Two thirds of the total score: Term life insurance rate. We evaluated each company’s rates for 20-year term life insurance coverage for $ 500,000, $ 1 million, and $ 2 million, for healthy, non-smoking, size men and women. and middleweight, aged 30, 40 and 50.
We averaged each company’s life insurance quotes for these coverage levels and ages to determine each company’s price score.
The best term life insurance companies for you will vary depending on your health and other factors.
One third of the total score: policy features. The options available in a term life insurance policy can become extremely important years after the policy is purchased. In this category, we have given equal weight to:
- Living benefits: This gives an option of early payment if you fall ill and meet the rules for eligibility for living benefits. You can access the death benefit cash of the policy. Companies with living benefits gained more points.
- Lifetime Conversion: A conversion function allows you to convert the term life insurance policy to a permanent life insurance policy without health issues or medical examination. This feature becomes crucial for policyholders who develop health problems but need longer coverage. Companies with a higher conversion age scored higher.
- Guaranteed renewability: Term life insurance policies generally allow you to renew the policy after the end of the uniform term period. The new rate will often be much higher than the level term rate, but allows you to continue coverage without health issues or exams. If you become uninsurable, this is one way to extend your coverage. Companies offering older ages for renewal earned more points.
- Possibility of modifying the insured capital: The companies we have evaluated all allow a reduction in the insured capital over time. If your need for coverage decreases, this gives you a good way to cut costs without purchasing a new policy. Companies with fewer restrictions on when you can cut earned more points.
Term life insurance policies used for rating
The following policies were rated for our reviews: AIG Select-a-Term, American National Signature Term, John Hancock JH Term, Legal & General America OPTerm, Lincoln National LifeElements & TermAccel, Mutual of Omaha Term Life Answers, North American ADDvantage Term , Pacific Life Promise Term, Principal Principal Term, Classic Choice Protector Term, Prudential Essential Term and Elite Term, SBLI Level Premium Term, Securian Financial Advantage Elite Term and Transamerica Trendsetter Super and Trendsetter Living Benefits. There are other term life insurance sellers that are not in our rankings.
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