Top 3 Best Life Insurance Companies of 2021

It is a rare case that people would be willing to support your family or the people you leave behind after your death. Why risk worrying them when you can simply get life insurance to safeguard their futures. Economic stress is one that should be rather avoided as it puts people into the worst of states. Secure the lives of your family by registering with a trustworthy life insurance company. The great news is, life insurance isn’t as costly as you think it to be.

Whereas, searching for the most suitable life insurance company is no easy task. It could take you a staggering amount of hours searching financial strength ratings, client service ratings and reviews, and analysing thousands of prices. And we know this because we’ve reviewed and scored about insert trustworthy and highly reliable Life Insurance companies for you.

Our Top 3 Life Insurance Companies for 2021

It’s a good bit of competition when it comes to life insurance firms. However, we managed to bring you the top 3 most recommended, most reliable and most trustworthy and promising company.

  • Northwestern Mutual
  • Haven Life
  • State Farm

Northwestern Mutual: This insurance company has definitely taken the lead for 2021 due to its amazing policies. The firm covers at an affordable price and carries the highest ratings any carrier could obtain, with exceptional customer service with engaging financial advisors and user experience ratings, low number of complaints, excellent variety in its product line, and one of the biggest and strongest brand names.

Northwestern Mutual has over 160 years of experience. and offers a universal approach to life insurance. Even though they don’t publicly announce all of their services, but according to our research, we found 17 different policies you can choose from.

J.D. Power & Associates have placed them at number 1 for this year, and they’ve been in the Top 5 for five consecutive years which is quite extraordinary and makes it the only life insurance company to have done so.

Northwestern Mutual’s unique life insurance plans have 10-, 20-, or 80-year renewable terms, another reason why the firm is different from others in the industry. They also offer complete life and universal life insurance policies, including some unique but rarer options such as Executive Variable Universal Life (for employers), and Survivorship Variable Universal Life.

Pros

  • Affordable
  • Highly safe and secure.
  • Highest satisfaction or positive ratings
  • Least amount of complaints about a company
  • Wide variety of products.
  • All policy types have the possibility to earn dividends.
  • Full financial planning available
  • Term policies can be turned into permanent policies gradually over time despite your health status.
  • Premium options of 10- to 20-year term length have a settled price, your monthly instalment will not change.

Cons

  • Need a captive agent.
  • A fixed window of time throughout which you can convert your term policy into a permanent one.
  • A licensed agent is required to purchase life insurance through Northwestern.

→ Haven Life: This is our best pick for online insurance companies. The Haven Life firm is the ultimate choice for purchasing term life insurance quickly and easily online, with the guarantee and financial reinforcement of a well-established company, MassMutual. Haven Life strives to offer affordable, easy-to-manage term life insurance policies which you can obtain through an online application process with the agent, avoiding the usual hassles of insurance purchasing.

The popular online insurance company offers 10-, 15-, 20-, or 30-year term life options stressing pledged level monthly life insurance rates and benefit amounts of up to $3 million.

Pros

  • Earn a quote within minutes
  • The online form automatically calculates a benefit amount purely based on your annual income, joined debt and number of household members.
  • One of the oldest and most popular insurers in the market, MassMutual underwrites the policies.
  • Policies include a gratis rider which provides you free or discounted access to a fitness app, and a customized, state-specific, and legally-valid will.

Cons

  • Only offers long term insurance.
  • Allows only individual insurance. This means it does not allow spouse or child riders.
  • Underwriting demands full and free access to your medical records.

→ State Farm: Our number 3 top life insurance company is well known all around for its outstanding customer service record. According to J.D. Power’s 2020 U.S. Life Insurance Study — the State Farm Life insurance firm ranks first in overall customer satisfaction. The company has received just a single complaint which makes its NAIC complaint ratio relatively and notably lower than a national median for a company of its size.

State Farm has nearly 100 years of experience and offers a broad variety of different types of insurance including term, whole, and universal life insurance options.

If you’re in the 16 to 45 age range, you may qualify for State Farm’s Instant Answer Term Insurance, which covers a $50,000 amount that doesn’t require any sort of medical exam for the underwriting process. You can get rate quotes by speaking to one of the company’s licensed agents, however, policies can only be accepted in the office. State Farm also offers discounts for clients who purchase multiple insurance policies.

Pros

  • The monthly premium remains the same for the beginning term until it’s restored.
  • Self-Customize your policy with optional add-ons and riders such as children’s term rider or rejection of premium with disability/
  • The Return of Premium option builds cash value, which you can borrow against, and gives back the value of your policy if you outlive the initial term.
  • Allows you to convert the policy into a permanent one at least up to the age of 75, despite of your health situation.
  • You can reach State Farm agents by phone or by email.

Cons

  • On renewing the policy for an additional term your premium will increase.
  • No live chat option available on the site for online engagement with the agents.
  • Not licensed in Massachusetts.

 

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