After researching for a long time, we have brought you the list of Best Life Insurance Companies 2022 along with their pros & cons, so without wasting time let’s start.
If somebody asks us – ‘What are some important things in your life?’, you may come up with answers like – time, health, work etc. But, if we introspect the question sincerely, we shall ultimately come up with the answer – ‘our family.
In reality, though time, health, and work are some vital things in our life, we ultimately save our time to do work, do work for our family members and maintain good mental and physical health for our family members. As all things in our life if directly connected to our family members and everything ends up with them, why not take steps to secure them?
‘Nothing in the world is certain‘,
And so is our life. Everything reminds us of what our life is, from deadly diseases caused by our changing lifestyle to utterly expected road accidents.
That’s why we always want something that will continue to support our family in our absence – life insurance does exactly that.
In this article, we are going to discuss the best life insurance companies, but it won’t only be limited to that. We shall also talk about some essential things about life insurance, and in the end, we shall also talk about some differences between endowment life insurance plans (the classic insurance plan) and term insurance plans.
Best Life Insurance Companies 2022
- Lincoln Financial
- Pacific Life insurance
- Mutual of Omaha life insurance
Lincoln Financial is one of the best life insurance companies in the United States. It has got an ‘A+’ rating in the grading system by AM best rating on a scale of A++ to D, where A++ is the best rating & D is the lowest rating.
Lincoln Financial offers various policy options that let you choose the best policy that suits you.
The policies & the terms of Lincoln Financial are not only affordable but also value for money.
But, the main problem with Lincoln Financial is that they are not quite transparent with their quotes. That’s probably the reason why you can’t find any quotes on their website.
In addition, the company’s website can also be somewhat tricky to understand due to the use of unnecessarily complicated words and stuff like that but not only limited to that. This mostly results in a lack of understanding among the policy buyers, and they generally tend to buy the policy that is not made for them rather than going with the policy that for made for them.
And, if you are looking for a lifelong policy plan in Lincoln Financial, you may probably end up with nothing, as Lincoln Financial hardly has a lifelong life insurance plan in general.
Pros of Lincoln Financial
- Good ratings by analysts
- Has a good variant of policy options
- Low internal policy costs
Cons of Lincoln Financial
- Lack of lifelong policies
Next up on this list, we have Protective life insurance. Protective is one of the best choices in this category. It has been in this industry for more than 100 years. Protective comes with life insurance plans of even 40-long years. Considering the average lifespan, it can be said that, Protective comes with a lifelong insurance policy.
A noteworthy point of Protective is that they are transparent about their quotes on the internet. You can either call their customer service team or browse their website to learn about their quotes.
Protective is also excellent for term life insurance also. In fact, Protective has been voted as the best-term insurance provider by the public.
Protective offers a lump sum payment to the policyholder’s family in case of mishaps.
Many policies of Protective also contain comprehensive facilities like protection of a child’s future education, protection for family businesses etc.
Protective has also come up with simple & easy-to-use tools on their website, which gives you a brief idea of the policies you should consider if you are finally going to buy a life insurance policy from them.
Pros of Protective Life Insurance
- Offers both universal life and term life policies
- Offers many comprehensive facilities with policies
- Lifelong coverage (of max. 40 years) available
Cons of Protective Life Insurance
- The customer support team needs to be more supportive
- Consider final expense & other facts before buying a policy
Prudential Life Insurance
With about 150 years of experience in this field, Prudential, according to NAIC, has currently ranked 4th in the list of the largest insurance companies in the United States. It has got an A+ rating system in A.M.’s best financial strength rating.
Prudential comes with a variant of life insurance policies, including term life insurance and universal life insurance but not only limited to that. They also offer policies such as indexed universal life insurance, variable universal life insurance etc.
While the indexed universal life insurance offers benefits to the police holder during and after their life, the latter is mainly oriented toward after-life benefits.
Prudential provides online quotes, which can be accessed through their website. One can also use their site to access the live chat facility to get ideas about their policies & offers.
We have also liked Prudential because it offers insurance coverage without any medical tests.
Another problem with Prudential is that though they have a good functional website, they still don’t have any Android or iOS mobile apps. This makes the process a bit rough for mobile users.
Pros Of Prudential Life Insurance
- Variety of policy plans
- Good customer feedback
- Offers coverage without medical fitness tests
Cons Of Prudential Life Insurance
- Not the best out there for wealth creation
- Though it has variety in its policies but it does not offer whole life insurance
- Can’t make claim online
Pacific Life Insurance
With over 150 years of being in this field, Pacific life insurance is another good insurance with an A+ rating in AM Best, and the highest financial strength rating is Pacific life insurance.
Pacific look may be an excellent choice if you are looking for an insurance company that offers the best policies for retirement planning.
Pacific life insurance offers several kinds of policies (such as term, whole, and universal life policies). They also offer indexed universal life & variable universal life policies.
The main problem with Pacific Life Insurance is that their service is unavailable online. If you need to apply for life insurance, you will have to connect to their agent in person & only then can you apply for insurance.
Pacific life insurance has a functional website, but we have found that the website is of minimal use to the users/customers of the company if they want to get quotes, want to know about their services & promises etc. However, you can get a contact form online to connect with their customer care representative.
Pacific Life insurance Pros
- Good for retirement planning
- Good for building cash value
Pacific Life insurance Cons
- Quotes are not available online
- The website needs improvement & more facilities should be added
Mutual of Omaha Life Insurance
Mutual of Omaha is a well-known company known for various good reasons. It has strong financial strength. This gives an extra level of security to the policyholders because a strong financial strength indicates that the company will have the ability to pay the number of claims in the future.
Mutual of Omaha has performed explicitly well in the past years. That’s why people have a good interest in their universal life policies.
Unlike Pacific life insurance, Mutual of Omaha has an excellent website & moreover, their quotes are available online. You can also locate their agents by using their website.
Mutual of Omaha has 4 types of insurance products – whole life insurance, term life insurance, universal life insurance & finally indexed life insurance.
Mutual of Omaha has insurance available to buyers from 18 years to all the way up to 85 years. However, they have some specific features disabled for the specific age group. For example: if you belong to the group of age 18-44, you must undergo a medical exam prior to buying the insurance.
For ages 81-85, they don’t have ayn term life insurance plan.
However, Mutual of Omaha is a good choice for building cash value.
Mutual of Omaha Life Insurance Pros
- The company has a super financial strength
- Excellent history of giving claims
- Popular and trustworthy
Mutual of Omaha Life Insurance Cons
- Not too good for a quick withdrawal of premium
We have made a comparison between Mutual of Omaha, Lincoln Financial, and Pacific Life on how much amount the buyers will have to pay for buying a $2 million term life insurance & here is the result –
Product: $2 million term life insurance
|Mutual of Omaha||Lincoln Financial||Pacific Life|
Term Life Insurance Plan vs Endowment Insurance Plan
Now let’s talk about some differences between the term Life Insurance plan and endowment Life Insurance plan.
In term Life Insurance plan, there is a specific duration for your insurance. The buyers of a term insurance plan pay comparatively less amount of premium for life insurance. If any mishap happens during the insurance, the claim goes to the buyer’s family. But, if nothing happens during the course of time, the premium doesn’t get paid to the insurance buyer; instead, it goes to the company.
In the classic endowment insurance plan, the buyer pays a comparatively Amount of premium to the insurance company for a prolonged period of time. If any mishap happens during the course of insurance, the claim is given according to the insurance agreement, but if nothing happens, the insurance buyer is still given the whole premium amount. Plus, a certain rate of insurance is also given to the policyholder.
That was about some best life insurance companies in the united states. We have listed out 5 insurance companies in these lists. These companies cover unique fields & offers. Some of them are good for endowment insurance, while others offer better term insurance plans. In this very article, we have made a table for a clear understanding of the rates of different life insurance companies. In the end, we have discussed the differences between term life insurance & endowment insurance plan.
We hope this post will help you select the best insurance for you and your family!