March, 24 2017

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Top 12 Term Life Insurance Companies in 2016

Top 12 Term Life Insurance Companies in 2016

The Top 12 Term Life Insurance Companies in 2016 have the lowest rates, are highly rated and have great underwriting guidelines to help you get approved at the most favorable health class. The companies that made our list are the ones we trust our clients with to ensure they receive the most amount of life insurance to protect their families with a highly rated company at the best price. Not all term life insurance companies are the same in 2016. Each company underwrites you differently so it’s important to choose the right insurer. Factors such as age, medications being taking or have taken in the past, height & weight, occupation, family history, bankruptcy history, driving history, tobacco use, a criminal record and income all can impact which company which company has the best rate personally for you.

What is Term Life Insurance 2016?

Term life insurance offers the most amount of life insurance protection at the lowest price. This is why term life is the most popular type of life insurance in America in 2016. Term insurance works by allowing you to choose the time for how long your rate is fixed for. The longer the fixed rate the more expensive the premiums. The most common term length people choose is a 20 year term because this will get the children until they are out of the house and the need for insurance will be often reduced at this time. Term life insurance does allow you to continue the policy after the term is over, however, the rate is often much more expensive so most people will the policy go at this point. Also, most term policies have a conversion option allowing you to convert your policy permanent insurance without a health exam before the term is over. Popular financial advisors Dave Ramsey and Suze Orman are strong advocates of term life insurance over whole life insurance in 2016.

Term Lengths Available 2016

10, 15, 20, 25 and 30 years

Term Life Insurance Ratings 2016

So how do you know if a life insurance company is secure and will be around in the future? The answer is you want to look at a company’s A.M. Best rating. A.M. Best is the main rating agency for life insurance companies. Below is chart showing how a company can be rated.

A.M. Best Rating Chart

Best’s Financial Strength Ratings provide an independent third-party evaluation to help determine the ability of an insurer to fulfill its financial obligations to the policyholder.

 

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)

 

 

Top 12 Term Life Insurance Companies in 2016

 

Mutual of Omaha (United of Omaha) Founded 1909 Rating A+

Mutual of Omaha Life Insurance, which is underwritten by United of Omaha Life Insurance Company, is one of the best term life insurance companies in 2016. Mutual of Omaha has some of the lowest premiums in the entire country. Mutual of Omaha has great underwriting in many areas including healthy people, and those with high blood pressure and cholesterol. We put a great deal of our clients with Mutual of Omaha because of their rates, underwriting and rating. For more information see our Mutual of Omaha Review Life Insurance Review.

Prudential Life Insurance Company Founded 1875 Rating A+

Prudential Life Insurance, underwritten by Pruco Life Insurance Company, is one of the best term life insurance companies in 2016 bar none. Prudential is the second largest life insurance company in America and has many unique undewriting niches on their term life insurance. Prudential offers non-tobacco rates for uses of smokeless tobacco (daily usage ok) such as: ecigs, chew, dip, pipes, cigar, snuff. Also they allow medical marijuana usage to be eligible for the best health class, non-tobacco. They also have great underwriting for pain medications, travel, TIA history, high cholesterol, pilots and Prudential has the best height & weight guidelines for seniors. For more information see our Prudential Life Insurance Review 2016. Prudential also made our list of the best life insurance companies 2016.

AIG Life Insurance (American General) Founded 1850  Rating A

AIG life insurance, underwritten by American General Life Insurance Company, is one of the best term life insurance companies in 2016. AIG has great underwriting overall and has some of the best rates on term life insurance in America. AIG also has great customer service and allows you to manage your policy online as well. We put a great deal of our clients with AIG and have great feedback. For more information please see our American General Life Insurance Review 2016.

Protective Life Insurance Company Founded 1907 Rating A+

Protective Life Insurance is one of the best term life insurance companies in America in 2016. They have some of the best rates on term life insurance in the country. Protective has a unique term life policy that allows you to keep your policy after the term is over at the same price, just the face amount decreases. This is the opposite of traditional term life and is one reason they are growing so quickly. Protective Life has great underwriting overall especially for those who have had a heart attack or stents. For more information on Protective Life see our Protective Life Insurance Review 2016.

Banner Life Insurance Company Founded 1836 Rating A+

Banner Life Insurance Company which is a subsidiary of Legal & General offers some of the lowest rates on term life insurance. They have great underwriting for diabetes and for higher risk people since their table rates are so favorable. For more information on please see our Banner Life Insurance Review 2016.

Savings Bank Life Insurance SBLI Founded 1907 Rating A+

Savings Bank Life Insurance Company of Massachusetts (SBLI) has some of the best rates on term life insurance in 2016. SBLI overall is a great life insurance company. They have low rates, have been in business for over 100 years and are highly rated. For more information on please see our SBLI Life Insurance Review 2016.

Transamerica Life Insurance Company Founded 1930 Rating A+

Transamerica is one of the best term life insurance companies in 2016. They have great rates, have been in business for 75 years and are highly rated. Also, Transamerica has great rates and underwriting for seniors in 2016 including allowing seniors to be eligible for 25 and 30 year terms at an older age the most other term companies. See our Transamerica Life Insurance Review 2016.

ANICO-American National Insurance Company Founded 1905 Rating A

American National Insurance Company, ANICO, has some of the best rates on no exam life insurance in 2016. ANICO’s no exam term life insurance product will often be the lowest priced in the country. ANICO has been in business for over 100 years and is a company you should look at for no exam term life insurance in 2016. For more information please see our ANICO Life Insurance Review 2016.

Sagicor Life Insurance Company Founded 1840 Rating A-

Sagicor Life Insurance Company also has some of the best rates on no exam life insurance in 2016. Sagicor is unique since they offer a preferred rating class on their no exam term life insurance which makes for very competitive rates. Sagicor has been in business for 175+ years and is excellent rated by A.M. Best. For more information click on our Sagicor Life Insurance Review 2016.

Voya Financial Founded: 1875 Rating A

Voya Financial, which is underwritten by ReliaStar Life Insurance Company, is a top term life insurance company in 2016. Voya, formally ING, and their term life insurance company ReliaStar has been one of the top term life insurance companies over the past few decades and they continue to be a top term life company in 2016. Voya typically has some of the best rates in the country for a $200,000 policy. For more information see our Voya Life Insurance Review 2016.

MetLife Founded 1868 Rating A+

MetLife is one of the best term life insurance companies in 2016. MetLife is one of the most well-known life insurance companies in the country, is highly rated and has been in business for over 140 years. MetLife has very competitive term life insurance rates in 2016. For more information click on our MetLife Insurance review 2016.

Pacific Life Insurance Company Founded 1868 Rating A+

Pacific Life has some of the lowest rates on term life insurance in 2016. Pac Life has been in business for almost 150 years and has a superior rating from A.M. Best. For more information see our review on Pacific Life.

Additional Top Term Insurance Companies

North American Company for Life and Health, Ohio National, Principal National Life Insurance Company. Midland National Life Insurance, Ohio National Life Assurance Corporation Company and Cincinnati Life Insurance Company.

Best Term Life Insurance Companies in 2016

There are hundreds insurance companies that offer term life insurance in America in 2016. Our Top 12 Term Life Insurance Companies in 2016 list by no means absolute. However, the companies that made our list will often have the lowest rates in the entire country, are highly rated and have great underwriting to get you approved at the best rate. These are the companies with put our clients with and are the ones we trust based on personal experience. To compare rates for you, click on the green button below.