Top 8 Best Term Life Insurance Companies (Review)
Term life insurance is the most purchased life insurance coverage available. It’s very affordable and you can get a lot of coverage at a low price. With all the different life insurance companies advertising term life insurance in the media, how do you know which one is the best term life insurance company? Best term insurance rates.
There are a lot of great term life insurance companies currently on the market. Each company has their own niche in the term life insurance market place. Top Quote Life Insurance has put together a review of what we consider to be the top 8 best term life insurance companies.
Be sure to check out our newly released list of the overall Top 25 Best Life Insurance Companies . This is the ultimate online guide to choosing the perfect life insurance coverage!
A.M. Best Ratings
A.M. Best, founded in 1899 is a U.S. based insurance rating agency for the U.S. market place. A.M. Best issues financial strength ratings based on the insurance companies’ ability to pay claims. Financial strength ratings of A++, A+, A and A- are all strong indications of a dependable insurance company guaranteed to pay out claims when due.
Financial Strength, Rates and Overall Experience
Our list was created based on the life insurance company’s financial strength ratings, their rates and our overall experience conducting business with the life insurance company. If there is a company that is not listed on our list of the best term life insurance companies it does not mean that they are a bad life insurance company.
Top Quote Life Insurance provides life insurance quotes from life insurance companies with only financial strength and stability grades of an A or better. With over 30 of the nation’s top life insurance companies available through Top Quote Life Insurance there is no wrong choice.
Our List of the Top 8 Best Term Life Insurance Companies
The list of life insurance companies listed below is in no ranking order. This list is to help you choose a term life insurance company that will help aid you in your search for term life insurance coverage.
American General Life Insurance Company (AIG)
American General Life Insurance Company or AIG is a life insurance company that has been around since 1850 insuring families and businesses. As of December 2013 they had reported serving 12 million customers and have paid out $38 billion in claims.
AIG offers a very wide range of term life insurance options with their Quality of Life line offering some unique and exciting coverage options. AIG also has a term life insurance (Select-A-Term) that allows you to pick from 17 different term lengths rather than your standard 10, 15, 20, 25 & 30 year increments. Their return of premium allows you to pick up to 16 term lengths. With more duration’s of coverage options AIG makes for a great option when it comes to protecting specific needs.
Online term of life insurance
Banner Life Insurance Company
Banner Life Insurance was formed back in 1949. As of December 2013 Banner reported having 450 billion in assets under management. Banner has a basic term life insurance product called OPTerm and it ranks extremely well when it comes to who has the best rates for term life insurance.
Their most unique term life insurance product would have to be their Life Value Term 20 & 30. Life Value Term 20 & 30 has fixed premiums for either 20 year or 30 years with affordable prices in the early policy years that slowly increase in the later years. Banner Life Insurance ranks high on our list for affordable term life insurance coverage.
Cincinnati Life Insurance Company
You may be saying to yourself “I have heard of the other companies on this list but who and what is Cincinnati Life Insurance”? Yes we know they are not one of the bigger companies, but they are destroying the competition when it comes to term life insurance prices. Run a quote and you will generally find Cincinnati life insurance among the top 3 companies.
Run a 20 year, 30 year or return of premium quote and it would be surprising if they aren’t one the first companies with the best price. Cincinnati Life carries one general term life insurance policy and return of premium policy called LifeHorizons Termsetter. For great term life insurance rates consider a Cincinnati Life Insurance policy.
Genworth Life Insurance
Genworth Life Insurance has been providing life insurance coverage to their customers since 1871. As of December 2012, Genworth reported to have over $728 billion in active life insurance policies. Genworth’s term life insurance coverage Colony Term is a pretty straight forward term life insurance coverage that comes in fixed premium duration of 10, 15 & 20 years.
What we favor about Genworth, other than their low premiums, would have to be their superb underwriting towards anxiety, asthma, depression and other medical conditions often considered to be riskier by other life insurance carriers.
Protective Life Insurance
For more than 100 years in the life insurance business, Protective Life Insurance has been providing families and businesses financial protection. Protective Life Insurance currently holds more than six million policies. We had to add Protective to this list of Best Term Life Insurance Companies even though their term policy is really considered a universal life insurance policy.
Protective Life’s Custom Choice Universal Life Insurance policy acts just like a term policy. Custom Choice allows you to customize the duration of level premiums. After the level premium period your death benefit will turn into a decreasing term policy with a level premium payment. Custom Choice also has a feature that allows you to adjust your death benefit. Protective Life Insurance Custom Choice makes for a great choice of coverage to protect life’s unpredictable changes.
Prudential Life Insurance Company
With over 135 years in the business Prudential Life Insurance Company is a big player in the term life insurance market. Prudential has 5 different types of term life insurance coverage which include Term Elite, Term Essentials, PruTerm WorkLife 65, PruTerm, and PruLife Return of Premium. Although each policy has their unique differences the biggest is the conversion ability.
Another great bonus to Prudential is their diverse underwriting of high risks. Prudential is often a go to company when it comes to underwriting high risk, occasional cigar usage, active duty military and risky hobbies. Prudential is a go to company when high risk policies are needed.
Transamerica Life Insurance Company
Transamerica Life Insurance dates back to 1906. Transamerica is a well respected life insurance company. Transamerica offers 3 different types of term life insurance coverage under their Trendsetter line. Their Trendsetter term life insurance line includes your traditional term life insurance coverage as well as no medical exam policies up to $249,999 with their Living Benefits term life insurance coverage.
Their most unique and exciting term option would have to be their Living Benefits coverage that pays out cash if you are diagnosed with a terminal, critical or chronic illness. Transamerica Life insurance has some great term policies options along with very competitive premiums.
Voya Financial Formerly ING
Voya Financial, previously known as ING, is a big name in the insurance business. Voya keeps it simple with their two term life insurance policy options Voya TermSmart and Voya Return of Premium. It is important to know that Voya’s TermSmart coverage is only available 10, 15, and 20 term periods. On the other hand, their return of premium policy comes in coverage options of 20, 25 & 30 and has some excellent rates. Voya is definitely a great choice when it comes to term life insurance coverage.
10 Additional Noteworthy Life Insurance Companies
Although the following term life insurance companies didn’t make our Top 8 Best Term Life Insurance Companies, Top Quote Life Insurance still highly recommends them. Any one of the listed life insurance companies below is highly capable of earning your trust and business and have A.M. Best rating of an A or better. If they happen to be the best option for you based on your needs, price or underwriting standpoint, then we would not hesitate to help get coverage with anyone of them.
Is one Company Better Than the Other?
This answer really depends on your overall goals, financial needs and health. If you are in excellent health and looking for the cheapest life insurance rate quote, then simply go with the top life insurance company that comes up on our instant life insurance quote tool.
If you have a high risk health condition, participate in risky hobbies, are active duty military, use an occasional cigar then yes one company may be better than the other. The same if you are looking for a life insurance company that offers no medical exam coverage or unique coverage options such as living benefits. One thing is for sure, if you’re getting your life insurance quote from Top Quote Life Insurance, we can assure you that we will provide you with the best price for your life insurance converge.
How to get a Quote from the Top 8 Best Term Life Insurance Companies?
Simple, our life insurance quote tool allows you to instantly compare all Top 8 Best Term Life Insurance Companies as well as others with one single screen starting with the best price first. Our instant life insurance quote tool will also provide you with the best rates for permanent coverage, return of premium coverage as well as no medical exam coverage.
Need information about a specific term life insurance company on our Top 8 Best Term Life Insurance Companies list? Feel free to call us toll free 888-777-7574 or send us a message below and will get you an answer right away. If there is a company not listed on our top 8 that you would like information on, please let us know. We do business with over 30 of the most well known life insurance companies available.
A Review of the top 8 Best Term Life Insurance Companies by Jeffrey Manola Top Quote Life Insurance