June, 24 2017

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Life insurance reviews, news and prices from the top companies

Best Life Insurance Companies in 2017

Best Life Insurance Companies in 2017

The best life insurance companies in 2017 offer a combination of the lowest prices in the country, a top financial rating, a long trusted company history and solid reputation that your family can rely on.  These are the companies that we put our clients with because they have been proven to be the best.

How to Choose One of Best Life Insurance Companies in 2017

There are many different ways to choose a life insurance company.  The most common way is of course is price, followed by three equally other as important criteria factors; financial rating, how long the company has been in business and how favorable their underwriting is for your profile.

  • Price
  • Financial Rating
  • Company History
  • Underwriting

Price

Price should be the first thing you look at when choosing a life insurance company.  The first thing people might bring up are the old proverbs “Don’t you get what you pay for”? Or “The cheapest price isn’t always the best,” however, with life insurance you can shop based on price.  This is because all term life insurance policies are basically the same.  The truth is that all life insurance companies and polices will payout a valid claim as long as you choose a highly rated, reputable company.  Life insurance is one of the most regulated industries in the country.  If you are honest on your application the policy will payout no matter which company you choose (as long as it’s a reputable company); therefore, when choosing a company the first thing you want to look at is price.

Financial Rating

The insurer’s financial rating should be the second thing you look at when choosing a life insurance company in 2017.  A life insurance company’s financial rating is an independent third-party evaluation to help determine the ability of an insurer to fulfill its financial obligations to the policyholder. The preeminent rating agency used in evaluating life insurance companies today is A.M. Best. A.M. Best has six secure ratings and many more ratings that are considered vulnerable.  When looking a life insurance company you want to choose a secure company with an A “Excellent” rating or better by A.M. BestBelow is the A.M. Best life insurance rating scale in 2017.

Secure Vulnerable
A++, A+ (Superior) B, B- (Fair)
A, A- (Excellent) C++, C+ (Marginal)
B++, B+ (Good) C, C- (Weak)
D (Poor)
E (Under Regulatory Supervision)
F (In Liquidation)
S (Suspended)

 

Company History

When shopping for life insurance it’s important to look for a company that has been in business for a long time.  Most of the top life insurance companies in America have been in business for 100 or more years.  This means they have survived two world wars, the great depression and other major events in U.S. history and are still thriving today.  This is a company your family can rely and give you the peace of mind of being with a sound life insurance company.

Underwriting

An important component in life insurance is underwriting.  Most companies will have their own “niche” and will offer a better price over another insurer.  For example, some insures will penalize you for taking a blood pressure medication while there are others that won’t. There are a few companies that are very favorable for diabetics while there are many that are not.  Same goes for many other health conditions and medications that you are taking.  There are even some companies that will offer non-tobacco rates if you smoke cigars daily, chew or dip, use e-cigarettes or use marijuana several times a week.  It’s important to work with an independent, experienced agent that can select the right company based on your profile. 

 

Best Life Insurance Companies in 2017

Below is our list of the top life insurance companies for 2017.  These companies meet the criteria we laid out above of having; the best price in the country, a top financial rating and have been in business for a long time with excellent underwriting.  These are the companies we put our clients with and have been tried and true.

 

 Prudential Life Insurance Company (also known as Pruco Life Insurance Comapany)

Prudential is one of the best life insurance companies in 2017 hands down.  Prudential is one of the most well-known and trusted life insurance companies in America.  They are the second largest life insurance company in the country and have been in business for 140 years. They also have some of the lowest rates in the country for healthy people, seniors, people with heart conditions, diabetes, and also give non-tobacco rates for those who chew or dip, use e-cigarettes, smoke cigars daily or use marijuana several times a week. Prudential is by far and away one of the best life insurance companies in America in 2017.

Founded: 1875

Rating: A+

Known as: Prudential Financial, The Prudential Insurance Company of America, Pruco Life Insurance Company (except in NY and/or NJ) and Pruco Life Insurance Company of New Jersey (in NY and/or NJ).

Banner Life Insurance Company

Banner Life Insurance Company is without a doubt one of the best life insurance companies in America in 2017.  While Banner Life may not be a household name like Prudential, they are undoubtedly one of the best companies in America today.  Banner Life will often have the lowest rates in the entire country for term life insurance.  They have a long trusted history of having been in business since 1836 and have an A+ Superior financial rating.  Banner meets the criteria of having; the best prices, a top financial rating, a long history and favorable underwriting.  

Founded: 1836

Rating A+

Also known as: Legal & General, William Penn Life Insurance Company in New York

Mutual of Omaha (United of Omaha Life Insurance Company)

Mutual of Omaha is a well-known and trusted life insurance company that continues to be one of the best life insurers in the U.S. today for several reasons.  First, they will often have one of the lowest prices in the country for life insurance, term and universal. Second, they are highly rated with an A+ Superior financial rating. Third, they have been in business for over 100 years and have a great reputation.  Mutual of Omaha is one of our go to companies for life insurance.

Founded: 1909

Rating: A+

Also known as: United of Omaha Life Insurance Company

American General Life Insurance Company (AIG)

AIG is one of the largest and most well-known life insurance companies in the United States and the world.  Their domestic life insurance company, American General Life Insurance Company dates back to 1850 and they have and A Excellent financial rating with A.M. Best.  AIG often has some of the best rates in the country for term and universal life insurance.  AIG has excellent underwriting in many areas including for those taking a blood pressure medication, allowing for the best rate class.

Founded: 1850

Rating: A

Also known as: American General Life Insurance Company, AIG Life Insurance Company, United States Life Insurance Company in New York

Protective Life Insurance Company Review 2013-2014Protective Life Insurance Company

Protective is one of the best life insurance companies in America today.  They’re another life insurer that may not be a household name like some of the other companies on this list but that doesn’t mean they are not one of the best.  Protective has been in business since 1907 and has an A+ Superior financial rating.  They also have some of the best rates in the entire country on term life insurance. Protective will also have the lowest rate on no-lapse universal life insurance which goes to age 90, 95, 100, 105, 110 and 120.  Also, Protective is unique in that they offer a term-universal life insurance product.  This means their policy offers a fixed rate like traditional life insurance, but after the term is over, unlike a traditional term policy in which the rate can increase significantly, with Protective the rate will stay the same just the coverage amount will decrease.  This is what many people need since they won’t need as much coverage when the term is over and don’t want to pay a higher premium.

Founded: 1907

Rating: A+

Also known as: Protective Life and Annuity Insurance Company, West Coast Life Insurance Company, MONY Life Insurance Company

Transamerica Life Insurance Company

Transamerica makes our list again as one of the best life insurance companies in 2017.  Transamerica is one of the largest life insurance companies in the country and has great pricing in certain niches, espically for seniors.  Transamerica has a great reputation in the financial services and retirement industry. Transamerica has been in the life insurance business since 1930 and has an A+ Superior rating.  Transamerica is probably most recognizable for the iconic pyramid shaped building in the San Francisco skyline-the Transamerica Pyramid.

Founded: 1930

Rating: A+

Also known as: Transamerica Financial Life Insurance Company

Pacific Life Insurance Company

Pacific Life insurance company again makes our list as one of the top life insurance companies in America.  They offer very competitive rates and have an A+ Superior financial rating.  Pacific Life is the 7th largest company in total life insurance sales in the U.S. They are number 1 in indexed universal life and universal life insurance sales. Pacific Life has been in business for more than 145 years and continues to excel as one of the top life insurance companies in the county.

Founded: 1868

Rating: A+

Also known as: Pacific Life & Annuity

MetLife Insurance Company

MetLife is the largest life insurance company in America by assets and are probably one of the most well-known life insurance companies in the country by name. While MetLife has stopped using Snoopy as their mascot this year, they are still one of the best companies in America. Their rates are often very competitive; they have an A+ Superior financial rating and have been in business since 1868. 

Founded: 1868

Rating: A+

Also known as: Metropolitan Life Insurance Company, MetLife Insurance Company USA, General American Life Insurance Company, First MetLife Investors Insurance Company

sbli life insurance reviewsSavings Bank Life Insurance Company (SBLI)

The Savings Bank Life Insurance Company of Massachusetts Life Insurance or SBLI, has been in business for over 100 years and has an A Excellent financial rating from A.M. Best.  SBLI has made our list in the past.  This year they make our best list mainly due to their innovative no exam product that offers the best rate class, preferred plus, with absolutely no medical exam. They offer this up to $500,000 with only brief phone interview.

lincoln national life insurance reviewLincoln National Life Insurance Company

Lincoln National Life Insurance Company, also known as Lincoln Financial Group, often has some of the best life insurance rates in the entire country.  They rank amount the very top in total life insurance sales, universal life sales, variable universal life sales, and retirement and group plans. Lincoln Financial Group has been in business since for more than 100 years since 1905 and has an A+ Superior financial rating.  Lincoln Financial Group’s life insurance company, Lincoln National Life Insurance Company is a top choice in 2017.

Founded: 1905

Rating: A+

Also known as: Lincoln Financial Group, Lincoln Life & Annuity Company of New York, Lincoln National Corporation

Best Life Insurance Companies in 2017

With so many life insurance companies in the United States in 2017, choosing the right company is imperative for yourself and more importantly for your family.  The main criteria that you want to look at when selecting the best company is; price, financial rating, length of time the company has been in business and their underwriting for your profile.

While there isn’t a shortage of commercials for life insurance companies, make sure you compare rates because often some of the most heavily advertised life insurance companies don’t have the best prices. It’s important to compare rates from different insurance companies when shopping for life insurance. Each company on our 2017 list, with the exception of AIG and SBLI, has a superior financial rating by A.M. Best which is the highest category available.  Also, each company on our list will often have the lowest rate in the entire country depending on each individual; age, height, weight, medications, medical history, family history, etc.

The companies that are made are list are the companies that we place our clients with.  These companies mark the boxes of the important criteria of; having a great price, top financial rating and have been in business for a long time, in most cases over a century.  These companies also have niches and will have great underwriting in certain areas depending on the individual and health condition or medication.  Life insurance is one of the most important and selfless purchase you will ever make.  Hopefully our list of the best life insurance companies in 2017 will give you the information you need to help you choose the best company for you.