Compare life insurance rates. Top 25 Best Life Insurance Companies in the U.S. (2018)

Top 25 Best Life Insurance Companies in the U.S. (2018)

Top 25 Best Life Insurance Companies in the U.S. (2018)

Who are the best life insurance companies? What is the best life insurance policy? These are two of most frequently asked questions when it comes to purchasing life insurance coverage. Life insurance is an important financial purchase. With literally hundreds of life insurance companies out there competing for your business, how do you know you’re picking the right one? Best life insurance companies.

It takes experience and knowledge

The best life insurance company will be the one that will offer you the best life insurance coverage based on your health, lifestyle and overall insurance needs. In order to find the perfect life insurance coverage, it often requires working with an experienced and knowledgeable life insurance agent that can help aid in the process.

Top Quote Life Insurance works with several of the most popular and well-respected life insurance companies in the U.S. We are constantly staying up to date with the latest changes to underwriting niches and strengths towards medical issues as well as the many different unique coverage options, policy riders and changes to rates.

Looking to skip the medical exam? Be sure to check our list ofNo Medical Exam Companies.

Need a small burial insurance policy? Be sure to check out our list of Final Expense Companies.

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

AIG currently offers three different term life insurance options. Select-A-Term is their most popular of the three. The standard term life insurance contract usually comes in fixed term lengths anywhere from 10, 15, 20, 25 or 30 years. However, AIG’s Select-A-Term has taken a whole new approach to the standard term lengths by letting you choose from 17 different term lengths.

Select-A-Term’s shortest length is the 10-year followed by a 15-year. From 15 years and onward you can select a contract length anywhere from 15 to 30 years. So if you need a 17-year term policy or a 23-year term policy, you can get it with Select-A-Term. Select-A-Term will provide you the ability to customize the perfect term life insurance policy to meet all your life insurance goals.

Select-A-Term also has plenty of available riders to choose from such as the child term rider or accidental death benefit rider. All Select-A-Term policies come with a terminal illness rider that will advance a portion of the death benefit in the event of a qualifying illness.

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

Quality of Life (QoL) Flex Term is AIG’s third available term life insurance coverage option. QoL not only provides death benefit protection but it comes with three built in accelerated riders known as Living Benefits.

Imagine suddenly experiencing a critical illness or chronic illness or even worse, a terminal illness. The costs that can be associated with these illnesses can be extremely devastating to a family’s life savings. This is where AIG’s Quality of Life Flex Term can help by providing the ability to accelerate your policy’s death benefit for income due to a qualifying critical, chronic or terminal illness.

AIG’s Quality of Life Flex Term is life insurance coverage you can use while you’re alive!

Duration of Coverage: Age 121

Minimum Death Benefit: $100,000

Medical Exam Required: Yes

Secure Lifetime GUL 3 is AIG’s universal life insurance coverage that is backed with a guaranteed fixed premium and death benefit. The life insurance coverage is designed to last to age 121 but can be modified to a fixed premium length of your choice.

Secure Lifetime also has a return of premium feature that allows you to surrender your coverage in policy year 20 for a refund of (up to 50% of your premiums) or in year 25, for up to 100% of premiums (up to 40% of the death benefit).

In addition to the standard options included within the life insurance coverage, Secure Lifetime GUL 3 offers two additional ways to make it even better. At an additional cost, you can add the policy rider called Accelerated Access Rider that provides a predetermined monthly income for a qualifying chronic illness.

Minimum Death Benefit: $50,000

Signature Term and Term Express are ANICO’s two term life insurance coverage options. The two coverage options are exactly the exam except for one factor…the medical exam. Term express does not require you to take a medical exam if you are applying for coverage under $250,000. However, anything under $250,000 is an automatic standard health classification.

Death benefits $250,001 and higher will require full medical exam underwriting with an opportunity to qualify for the Preferred rates.

Signature Term & Term Express both come with an excellent conversion feature that lets you exchange your term policy to ANICO’s permanent life insurance coverage. If you decide to exchange your term policy to permanent coverage within the 2 nd to 5 th policy year, ANICO will provide one year’s premium credit towards the new permanent coverage.

Another bonus feature that comes free with ANICO’s Signature Term and Term Express is their accelerated benefit riders. These riders provide the option to accelerate your policy’s death benefit in the event of a qualifying critical, chronic or terminal illness.

Duration of Coverage: Age 121

Minimum Death Benefit: $25,000

ANICO’s Signature Universal Life Insurance comes with many of the same great features offered with their term coverage. Included with all Signature GUL coverage is the free accelerated benefits riders as well as the option to apply for non-medical underwriting with coverage under $250,000.

Signature GUL has a guaranteed death benefit and fixed premium that can be customized to last to age 95 to 121 years old.

In addition to free accelerated benefits riders, Signature GUL also has a return of premium feature called Guaranteed Cash-Out Rider. This rider is another free rider built into the coverage that lets you surrender the coverage at policy years 15, 20 and 25 for either a partial or full return of premium.

Minimum Death Benefit: $50,000

Assurity offers two versions of term life insurance coverage called Term 350 Plus and Term 350 NonMed. Similar to ANICO’s two versions of term coverage, Assurity also offers you a non-medical option when applying for coverage less than $350,000.

When the need for life insurance is greater than $350,000, the term coverage would fall under Assurity’s Term 350 Plus, which is their fully medically underwritten policy.

Both Term 350 NonMed and Term 350 Plus come with the option to convert your term coverage to permanent life insurance if coverage is needed past the term contract length. In addition to the conversion feature, both versions of the term coverage offer several additional riders that you can add to your coverage.

When you purchase term coverage with Assurity it will come with a free accelerated benefits rider that lets you receive an advance payment of the policy’s death benefit if you are diagnosed with a terminal illness or are permanently confined to a nursing home.

For an additional cost, you can customize and strengthen your coverage by adding policy rider such as, Other Insured Term Rider, which lets you add term coverage on a spouse or business partner.

The Monthly Disability Income Rider, which provides a monthly income due to total disability from an accident or sickness.

The Critical Illness Rider, which pays out a lump sum benefit due to a qualifying critical illness.

The Return of Premium Rider that pays out a return of premium at the end of a 20 or 30 year term policy.

Sample Assurity Term 350 Non-Med 15 Year Quotes

Sample 15 year Non-Med 350 (no medical exam), monthly rates for male and female who would qualify for the Standard Non-Smoker health class. Rates subject to change.

Minimum Death Benefit: $100,000

Maximum Death Benefit: $500,000 (No Exam) $500,000+ (With Exam)

Convertible to Permanent: Yes

OPTerm is Banner Life’s very affordable term life insurance coverage that comes in available term lengths of 10, 15, 20, 25 and 30 years. Banner’s Opterm is pretty much your basic term life insurance coverage that comes with a terminal illness rider and conversion option.

As of 2016 Banner announced their new accelerated underwriting program called APPcelerate. This program is designed to eliminate the need for a medical exam, labs or medical records when applying for coverage between $100,000 – $500,000.

APPcelerate is fast underwriting with approvals times that can be made same day. If for some reason you don’t meet the non-medical guidelines, the application will be fully underwriting and could require an exam.

OPTerm’s is one of very few companies to offer 25-year term duration that is often favorable for younger families. If term duration expires and conversion is too expensive or renewing is not an option, OPTerm lets you keep paying on the term insurance up to age 95 before it will expire.

OPTerm 20, 25 & 30 year term policies are very competitively priced at the $250,000 and $1,000,000.

Cincinnati Life Insurance offers an excellent line of very affordable life insurance products, which includes their term life insurance coverage called TermSetter. When comparing quotes online, most likely you will find Cincinnati Life Insurance in the top three for the cheapest price.

TermSetter comes in available term periods of 10, 15, 20, 25 and 30 years. If you require less than $100,000 of coverage there is a good chance you will not be required to take a medical exam.

Included with their term coverage is a free accelerated benefit riders that allows you to access up to 50% of the death benefit if you are diagnosed with a terminal illness or are permanently confined to a nursing home.

Cincinnati Life Insurance also considers their clients on an actual age basis when applying for coverage. This is a big plus, as many companies will round your age up if you fall within 6 month of your next birthday.

Another big advantage with Cincinnati Life is the way they underwrite smokeless tobacco user. If you are a current smokeless tobacco user you can get non-tobacco rates with admitted use.

When you purchase a TermSetter term life insurance policy, you will have the option to convert your term coverage to either their guaranteed universal life insurance or whole life coverage.

Duration of Coverage: Age 121

Minimum Death Benefit: $50,000

Medical Exam Required: Yes

LifeSetter UL is Cincinnati Life’s affordable worry-free universal life insurance coverage. LifeSetter UL is guaranteed to last an entire lifetime provided you make your scheduled payments on time.

With LifeSetter UL you have the options on how you can pay for your life insurance coverage. Choose to make reoccurring fixed payments to age 121 or pay a onetime payment never having to worry about payments again.

If you’re simply looking for a simple permanent life insurance plan, Cincinnati Life Insurance LifeSetter UL is worth looking into.

Minimum Death Benefit: $50,000

Maximum Death Benefit: $1,000,000

Convertible to Permanent: No

Medical Exam Required: Yes, if you want full death benefit coverage.

Rapid Decision is a very unique type of term life insurance coverage. Just like the name reads this coverage is designed to have a very quick underwriting time. Approval can be made within 24 to 48 hours without an exam and with death benefits up to $1,000,000.

If you are considering Rapid Decision Life, be aware that the life insurance starts off as a blend of two types of coverage, death benefit and accidental. In order to change your coverage to all death benefit and no accidental, you must complete a medical exam within 6 months of your policy being issued.

If your health has worsened since the issue of your policy, then it will remain as blended life insurance. Passing the medical exam and showing that you are in good health is the only way to change the accidental death portion to full death benefit.

Lifefirst with Medical Exam

Minimum Death Benefit: $250,001 (ages 18-50) $150,001 (ages 56+)

Convertible to Permanent: Yes

Medical Exam Required: Yes

Minimum Death Benefit: $50,000

Maximum Death Benefit: $250,000 (ages 18-55) $150,000 (ages 56-65)

Convertible to Permanent: Yes

Medical Exam Required: No

Lifefirst is the name of Foresters basic level term life insurance coverage. Lifefirst is offered in term durations of 10, 20, 25 and 30 years.

Home insurance companies

If you’re looking for a no exam option, Lifefirst Non-Medical is available with death benefits from $50,000 to $250,000 in term durations of 20, 25 and 30 years.

When you purchase a Lifefirst policy, not only does it provide death benefit coverage, but it may also come with additional policy features and member benefits.

Two of the free policy features include the Common Carrier Accidental Death Benefit Rider that pays an additional death benefit if death occurs due to accidental injuries resulting while riding as a fare-paying passenger such as an airplane, bus or train.

Minimum Death Benefit: $25,000

Maximum Death Benefit: $150,000 (With Exam) $100,000 (Without Exam)

Issue Ages: 18-65 (With Exam) 18-50 (Without Exam)

Convertible to Permanent: Yes

For adults looking for term life insurance coverage, Gerber Term Life has a selection of term lengths from 10, 15, 20 or 30 years. You can purchase death benefit coverage from $25,000 to $150,000. Gerber also offers a no medical exam option if you fall between the ages of 18-50 years old and are applying for coverage less than $100,000.

When your term contract ends, Gerber has a conversion option that lets you exchange your policy for a permanent policy without any evidence of insurability. Rates will be adjusted based on age and the cost of a permanent coverage.

NOTE: Gerber Life Insurance is also known for their Guaranteed Acceptance Whole Life Insurance. This coverage is meant for individuals who have health conditions that would generally not qualify for life insurance coverage. Beware that this type of coverage is considered as graded death benefit, meaning it will only pay out the full death benefit after year 2.

Minimum Death Benefit: $250,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

If you are someone who lives a healthy lifestyle, are an active person and enjoys saving money, John Hancock’s Term with Vitality may be the life insurance coverage you are looking for. The Vitality program rewards you for living a healthy lifestyle.

Vitality is designed as a point based system. Points are earned by completing activities throughout the policy year. The great thing about the Vitality program is that the list of qualifying activities are super easy and you have an entire year to get as many of them done as you can. Some of the activities include things like working out, getting an annual health checkup, getting a dental check up, participating in watching online videos and many more.

Since the Vitality program is point based, you want to get as many points as you can. Your overall points will classify you into a status each year of bronze, silver, gold or platinum. The higher the status will result in lower insurance premiums and better rewards.

Every person that enrolls into the Vitality program will receive a free Fitbit device and personal login to track progress.

Brief history of MetLife Insurance

MetLife has been insuring lives for over 140 years. Often branded with the Peanuts character Snoopy, MetLife is well known insurance company to most people both in the U.S. and internationally.

Coming a long way from being a company that began offering only life and accident insurance, MetLife is a major insurer of coverage options such as home and auto insurance, dental and vision insurance and disability and employee benefits plans. Along with several insurance options, MetLife is also very large in the retirement planning market.

MetLife operates in nearly 50 countries providing insurance and financial options to 100 million customers. The company ranks 39th on the Fortune 500 list and has a total of $473.7 billion in assets under management.

Minimum Death Benefit: $100,000 (No exam $100,000 – $249,999)

Convertible to Permanent: Yes

Medical Exam Required: Yes (No if less than $249,999 at Standard Class)

Advantage Elite Select is Minnesota Life’s level premium term life insurance coverage. Premiums are guaranteed to remain the same price depending on the term plan you select.

Minnesota Life is one of the very few life insurance companies to offer 5-year term length for those who need something shorter than the standard 10 year. The Advantage Elite Select has a conversion option that allows you to convert your policy to permanent coverage at the end of the term.

Looking for a no exam option? With Advantage Elite Select, if you require less than $249,999 of death benefit coverage you may qualify for express issue underwriting. Express issue is only available at the standard health classification and requires no physical exam or blood work. Coverage can be approved within 24 hours.

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

Term Life Answers is their basic and most affordable term life insurance coverage. Coverage is available in term lengths of 10, 15, 20 and 30 years and comes with the option to convert to permanent coverage at the end of the term contract.

In addition to some of the more common life insurance riders, Term Life Answers offers two riders that are unique.

The Other Insured Rider is an optional rider that allows for an additional insured to be added to the term coverage.

The second rider is the Waiver of Premium for Unemployment Rider, which waives premiums if the insured becomes unemployed and is receiving unemployment benefits.

Minimum Death Benefit: $25,000 (Ages 18-65)

Maximum Death Benefit: $300,000 (Ages 18-50) $250,000 (Ages 51-65)

Convertible to Permanent: Yes

Medical Exam Required: No

Term Life Express Return of Premium (ROP)

Convertible to Permanent: Yes

Medical Exam Required: No

If you’re looking for a no medical exam option, Mutual of Omaha offers it with their Term Life Express and Express Return of Premium coverage. With Term Express you can choose a 10, 15, 20 or 30-year policy with up to $300,000 in death benefit coverage without having to take a medical exam.

Term Life Express offers 9 different policy riders in which 5 of them come free with the term coverage. These riders include, Living Benefits Riders, Accelerated Death Benefit Rider, Residential Damage Waiver of Premium Rider, Waiver of Premium for Unemployment Provision and Common Carrier Death Benefit Rider. One of the optional riders that are available, at and additional cost, is the Disability Income Rider that pays out a monthly benefit in the event of a qualifying disability.

Term Express is also available in a return of premium option, also known as ROP. The return of premium coverage is available in term lengths of both 20 and 30 years.

NOTE:Best health classification is Standard for this coverage

Duration of Coverage: Age 120

Minimum Death Benefit: $50,000 (Ages 66-85) $100,000 (Ages 18-85)

Medical Exam Required: Yes

Duration of Coverage: Age 120

Minimum Death Benefit: $25,000 (Ages 18-65)

Maximum Death Benefit:$300,000 (Ages 18-50) $250,000 (Ages 51-65)

Medical Exam Required: No

Mutual of Omaha offers a permanent life insurance solution with their Guaranteed UL (GUL) coverage. GUL comes with a fixed premium and a guaranteed death benefit that will last to age 120.

One of the many perks of purchasing Mutual of Omaha’s GUL coverage, is that it comes with two free policy riders called the Accelerated Death Benefit Riders and Enhanced Surrender Value Rider.

The Accelerated Death Benefit Riders provides the opportunity to get cash from the death benefit for a qualifying terminal or chronic illness.

The Enhanced Surrender Value Rider is a return of premium rider that provides up to 50% of your premiums paid into life insurance coverage if you decide you no longer need the life insurance and cancel it at policy year 15. Up to 100% can be refunded if you decide to cancel the coverage at policy years 20-25.

GUL also comes in a no medical exam option if you require less than $300,000 in coverage. The best health classification is Standard for no medical exam underwriting.

Duration of Coverage: Age 120

Minimum Death Benefit: $100,000

Medical Exam Required: Yes

YourLife No-Lapse guaranteed universal life insurance is Nationwide’s permanent life insurance options. Coverage meets long-term needs as it’s designed to keep a fixed premium and guaranteed death benefit to age 120.

Along with a fixed premium and guaranteed death benefit, YourLife No-Lapse guaranteed universal life insurance coverage has an optional long-term care rider that can be added to the coverage.

The long-term care rider is available at an additional cost, but when purchased it provides the opportunity to accelerate the death benefit to help pay for long-term care expenses.

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

ADDvantage is the name of North American Company’s guaranteed level premium term life insurance coverage. Plans are available in fixed premium term lengths of 10, 15, 20 or 30 years.

ADDvantage term life insurance offers the optional policy riders of both waiver of premium and child term rider. Included with the term coverage is the Accelerated Death Benefit Rider that pays out a portion of the death benefit for a qualifying terminal illness.

If life insurance needs become more permanent, North American allows conversion to their permanent life insurance coverage as long as it’s done after the 5th policy year and before the age of 74.

Duration of Coverage: Age 120

Minimum Death Benefit: $25,000

Medical Exam Required: Yes

When permanent coverage is needed, North American offers their Custom Guarantee universal life insurance. Custom Guarantee is fixed premium life insurance to age 100, but the coverage and death benefit is guaranteed to age 120.

As an added bonus, Custom Guarantee comes with a free accelerated death benefit rider that advances a portion of the death benefit for a qualifying chronic or terminal illness.

A second bonus to Custom Guarantee life insurance coverage is the flexibility to switch the life insurance coverage, if insurance needs change. The main focus with Custom Guarantee coverage is to provide low cost permanent protection so the coverage will not build much cash value. With Custom Guarantee, you can exchange your policy for one of North American’s universal life insurance policies that are geared towards building up cash values.

North American is one of very few life insurance companies to offer a minimum death benefit of $25,000 on a universal life insurance policy. This is a great option for those who are looking to cover smaller insurance needs that don’t need $100,000 or more in coverage.

Minimum Death Benefit: $100,000

Issue Ages: 18-70 (18-60 Simplified Issue)

Convertible to Permanent: Yes

Zurich life insurance

Medical Exam Required: Yes (No if applying for less than $249,999)

Pacific Prime is term life insurance coverage offered by Pacific Life Insurance. Coverage comes in fixed term length of 10, 15, 20 and 30 years.

Prime Term is your basic term life insurance coverage. It is competitively priced at the preferred health classes making it a top choice based on overall price. Along with great prices, Prime Term provides extra protection with a terminal illness riders and conversion feature that lets you convert to cash value life insurance coverage.

A big benefit when applying for term life insurance coverage with Pacific Life is how easy they have made the entire process. Their application is short and quick. It can be done on paper or best of all electronically. Once the application is submitted you will be required to do a short telephone interview with a representative from the life insurance company.

For simplified underwriting that does not require a medical exam, Prime offers it when applying for coverage less than $249,999.

Pacific Prime also comes with a conversion option that allows for the term coverage to be switch to permanent coverage without the evidence of insurability. A conversion credit of one year’s worth of term premium will be applied to the new permanent coverage if coverage is converted within the first five years.

Minimum Death Benefit: $200,000

Convertible to Permanent: Yes

Some applicants will not be required to take an exam. Simply called “Principal Term Life Insurance”, policy’s come in available term lengths of 10, 15, 20 and 30 years. Included with the coverage is a terminal illness rider that allows for acceleration of the death benefit if qualification has been met.

Principal’s term life insurance coverage has a minimum death benefit amount that starts at $200,000. For those that need higher death benefits such as $1,000,000 or more, Principal will often rank within the top three for overall price as that is where they are most competitively priced.

In addition to having great rates at $1,000,000 or more in coverage, Principal is one of the very few companies in which you can apply for up to $1,000,000 of term life insurance without having to take a medical exam.

Principals “Accelerated Underwriting” program is designed to provide a quick and easy way to apply for coverage without any need of an exam or lab testing. If you meet their Accelerated Underwriting guidelines approval can be made in as little as 48 hours. It should be noted that only 50-60% of applicant will qualify for no exam underwriting and there may be a chance that you are required to take a medical exam for approval.

Duration of Coverage: Age 121

Minimum Death Benefit: $25,000

Medical Exam Required: Some applicants will not be required to take an exam.

Protector IV is Principals flexible premium universal life insurance coverage. Protector IV is designed with a Lapse Protection rider (LPR) that guarantees the policy death benefit to age 121 regardless of changes in interest rates, policy charges or increases in the cost of insurance.

Protective IV also uses the same accelerated underwriting process as their term coverage. Medical exams and lab testing will not be required for those who pass the application pre-screening. Another similarity as the term coverage is the competitive pricing for death benefits of $1,000,000 or more.

Protective IV comes with many optional policy riders such as the Cost of Living Increase Rider. The Cost of Living Increase Rider allows for an opportunity for the death benefit to be increased without evidence of insurability.

Brief history of Protective Life

William Dorsey Jelks a former governor of Alabama founded Protective Life in 1907. The company offered life insurance coverage to residents of Alabama. By 1909 Protective Life had paid out its first death claim.

Protective Life would continue to see significant growth for many years to come. The company would expand its services of providing families with life insurance across the entire U.S. By 1932, the company had recorded $65 million of in force life insurance coverage. Not long after that, they hit the $1 billion mark of in force coverage.

With over a century of continued success, and acquiring a total of 47 companies such as West Coast Life and Mony Life Insurance, Protective Life has proved that they are a top choice for life insurance coverage.

Protective Life is an A+ rated company with a reported $68.5 billion in assets under management. The company provides service to a total of 7.8 million policies and contracts that total $767.3 billion.

Term Lengths: 10, 15, 20, 25, 30 Years and Lifetime

Minimum Death Benefit: $100,000

Issue Ages: 18-75 (85 for Lifetime plan)

Convertible to Permanent: Yes

Medical Exam Required: No

Protective Life offers a very unique type of term life insurance coverage. Their term insurance is actually considered to be a universal life insurance policy. Custom Choice UL is designed to be a flexible premium universal life insurance policy with the features of a term life insurance policy.

Custom Choice UL works by selecting a coverage length just the same as a term policy. Coverage comes in contract lengths of 10, 15, 20, 25 or 30 years and even lifetime. Premium payments will remain the same price until the selected contract length is over.

What makes Custom Choice UL different from a traditional term life insurance policy is that when the initial contract length is over the policy turns into a decreasing term policy. The premium payment will remain level but the death benefit will decrease year after year until it reaches $10,000. When the coverage hits $10,000 the premium will then increase year after year.

Custom Choice UL also comes with the option to convert your coverage to without evidence of insurability to several of Protective Life’s permanent plans.

Duration of Coverage: Age 121

Minimum Death Benefit: $50,000

Medical Exam Required: Yes

If you’re looking for something more permanent, Protective Life offers their Advantage Choice UL. Advantage Choice is universal life insurance that comes in a fixed premium plan and has a death benefit that is guaranteed to last to age 121.

Riders such as accidental death, children’s term insurance and disability benefit can all be added to the life insurance coverage at an additional cost.

The ExtendCare Rider: The ExtendCare rider is an optional rider that can be added to the Advantage Choice Universal Life Insurance coverage. When ExtendCare is added to the life insurance coverage it will allow for up to 100% of the death benefit to be accelerated for cash if diagnosed with a qualifying chronic illness.

With the ExtendCare rider you have the option to choose either a 3 or 12 month elimination period before benefits will start paying out. The monthly benefit amount that may be selected is $1,000 to $9,900 and has no requirements on how you spend the proceeds.

Term Lengths: 10, 15, 20, 30 Years

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

Prudential offers two types of traditional term life insurance coverage called Term Elite and Term Essential. The two available term options are nearly identical, as they both offer the same term lengths, policy riders and ability to convert to permanent life insurance.

How they are different is in the way you can convert the life insurance, should you decide to do so. Term Elite comes with a conversion credit of 12 months of paid premium payments that will credit towards anyone of Prudential’s permanent life insurance if converted within the first five years. The second difference is overall cost. Term Essential is priced cheaper than Term Elite as it does not offer a conversion credit if coverage is converted to permanent life insurance.

In addition to Term Elite and Term Essential, Prudential also offers a return of premium option as well as the term life insurance coverage called Work Life 65.

When you purchase traditional term coverage you generally chose a term length. With Work Life 65 the coverage is guaranteed to have a fixed premium to last to age 65. Work Life 65 is designed specifically to be term life insurance for your working years.

Work Life 65 has a built in premium payment waiver that will waive any premium payments if you become unemployed anytime after the first policy year and as long as you’re unemployed for 60 days receiving unemployment.

One of the best features that come free with all Prudential term life policies is the Living Needs Benefit rider . This rider advances a portion of the death benefit if you become terminally ill or are permanently confined to a nursing home.

Duration of Coverage: Age 121

Minimum Death Benefit: $100,000

Medical Exam Required: Yes

PruLife Universal Protector is Prudential’s fixed premium universal life insurance coverage. Protector has a lifetime no-lapse feature that protects the life insurance coverage from lapsing and guarantees the death benefit to age 121.

The Living Needs Benefit rider also comes free with the Universal Protector. In addition to having the Living Needs Benefit rider, you can enhance the life insurance coverage further by adding Prudential’s BenefitAccess rider.

The BenefitAccess Rider is an optional policy rider that can be added to Universal Protector to provide an advancement of up to 100% of the death benefit due to a qualifying chronic or terminal illness. The money drawn from the policy’s death benefit can be used in anyway you want and can be useful for paying bills, long term care, home modifications, in home skilled nursing, prescriptions etc.

Note:The BenefitAccess Rider supersedes The Living Needs Benefit Rider as they are not compatible together.

Minimum Death Benefit: $50,000

Issue Ages: 18-65 (No Medical) 66-75 (Full Underwriting)

Convertible to Permanent: Yes

Medical Exam Required: No (Ages 18-65) Yes (Ages 66-75)

Sage Term is the name of Sagicor’s affordable term life insurance coverage that is available in term lengths of 10, 15 and 20 years. What sets Sagicor’s Sage Term apart from the most term coverage is their no medical exam underwriting. Sage Term offers simplified underwriting when applying for coverage less than $500,000. In addition to being able to get up to $500,000 without an exam, you can qualify for Preferred rates.

Sage Term also comes with a free accelerated benefit rider that can provide a portion of the policy death benefit if diagnosed with a terminal illness or permanently confined to a nursing home.

Another benefit when applying for Sage Term life insurance is Sagicor’s quick application and underwriting process. The entire application can be done over the phone with an agent using Sagicor’s eApplication process. Once the eApplication has been completed, approval can be made in as little as 15 minutes.

Duration of Coverage: Age 120

Minimum Death Benefit: $25,000

Issue Ages: 18-65 (No Medical) 66-85 (Full Underwriting)

Sage No Lapse Universal Life Insurance (NLUL) is Sagicor’s permanent life insurance coverage. Sage NLUL offers a guaranteed fixed premium and death benefit to age 120.

Sage NLUL does not require a medical exam if applying for coverage less than $400,000 which is a feature not often seen on permanent life insurance coverage. In addition to non-medical underwriting, the application is the same as the term coverage making the entire application process very quick.

Sage NLUL comes free with accelerated benefit rider that advances a portion of the death benefit if you are diagnosed with a qualifying terminal or chronic illness.

Duration of Coverage: Lifetime or Customizable

Minimum Death Benefit: $50,000

Medical Exam Required: Yes

Symetra offers flexible premium universal life insurance coverage by the name of UL-G. This coverage is designed to be permanent fixed premium life insurance coverage, but can also be customizable to last for a specific duration.

Symetra takes a unique approach on underwriting with their GoodLife Rewards program. The GoodLife Rewards program is a great feature for anyone with minor health issues that would normally disqualify them for qualifying for a better health classification that can result in lower premiums. The program gives credits to possibly bump you up to the next health classification for living a healthy lifestyle and staying in good health.

Included with the UL-G life insurance coverage is a Chronic and Terminal Illness rider that can advance a portion of the policy’s death benefit. An optional rider available at an additional cost is the Chronic Illness Plus rider. The basic free chronic illness rider can advance up to 50% of the death benefit whereas the Chronic Plus can advance up to 100% of the death benefit.

UL-G also features the Return of Premium (ROP) Rider that will refund 100% of the premiums paid for the life insurance coverage if the policy is surrendered at policy year 20 or policy year 25. The Return of Premium Rider is an optional rider that is available at an additional cost.

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

Symetra offers a basic term life insurance that comes in plans of 10, 15, 20 or 30 years. Their coverage is competitively priced amongst the other life insurance companies.

Good term life insurance

Symetra’s term life insurance coverage comes with a free accelerated death benefit rider that will advance up to 75% of the death benefit if diagnosed with a terminal illness.

Optional riders include, children term rider, waiver of premium rider, accidental death benefit rider and additional term rider.

Symetra offers a conversion option that allows the term policy to be converted into permanent coverage at the end of the term length.

Brief History of Transamerica Life Insurance Company

Transamerica dates back to 1904 when Amadeo Giannini founded the company Bank of Italy in San Francisco California. Giannini’s goal was to make financial services available to not just the wealthy but to everyone regardless of their financial status. In 1906 after the San Francisco earthquake Giannini would make his goal a reality but providing residents with funds to help rebuild after the disaster caused by the earthquake.

By 1928 Giannini’s Bank of Italy merged with Bank of America which acquired Occidental Life Insurance through Transamerica Corporation just two years later in 1930. By 1956 the banking and life insurance sides split taking on the Transamerica name.

Throughout 1960 to 1980 Transamerica would have creativity and acquisitions in life insurance, financial services, airline, motion picture and even transportation?

During the 1980’s Transamerica turned its main focus to the core of their business, which was their financial and insurance products. This ultimately led to Transamerica becoming part of Aegon, one of the largest financial companies in the world.

As of today Transamerica and its parent company operates in over 20 markets worldwide. The life insurance side of the business has a total of over $126 million in assets with $1,068 billion of life insurance in force.

Minimum Death Benefit: $25,000

Convertible to Permanent: Yes

Medical Exam Required: Yes (No if applying for $99,999 or less ages 18-60)

Minimum Death Benefit: $25,000

Maximum Death Benefit: $2,000,000

Convertible to Permanent: Yes

Medical Exam Required: Yes (No if applying for $249,999 or less ages 18-60)

Transamerica offers two types of term life insurance coverage with their Trendsetter product line. Trendsetter Super is their traditional term coverage that is available in term lengths of 10, 15, 20, 25 and 30 year. Trendsetter Super is convertible to permanent coverage be needed after the term contract expires.

Trendsetter Living Benefits is Transamerica’s second term life insurance coverage. Trendsetter Living Benefits offers all the same features as Trendsetter Super but much more.

Trendsetter Living Benefit has three built in accelerated death benefit riders know as living benefits. These living benefits provide the ability to advance the death benefit for cash in the event of a qualifying terminal, chronic or critical illness.

Trendsetter Living Benefits comes in a no medical exam option if you require less than $249,999. It also has a low minimum death benefit of $25,000, which is not commonly available with most term coverage. The maximum death benefit available with Trendsetter Living Benefits is $2,000,000.

In addition to the living benefits that come free with the life insurance coverage, you also have the option to purchase the monthly disability income rider. The monthly disability income rider can provide a monthly payout for a qualifying disability.

Brief History of Voya Financial

Although Voya itself has only been around since 2013, it is associated with companies dating as far back as the mid 1800’s. VOYA is the rebranded name of the life insurance company many have come to know as ING.

ING in itself started in 1991 and was formed by a merger of between Nationale-Nederlanden and NMB Postbank Group two very large insures based out of the Netherlands. After the merger and official naming of ING, came several large acquisitions of insurance companies both international and in the U.S.

ING continued to grow as one of the largest insurance and financial companies offering their services worldwide. In 2013, ING had gone through the initial stages of rebranding the company as Voya Financial. Voya Financial is an American financial, retirement and investment company. Voya Financial would initially begin as ING until 2014 when the entire ING brand was changed to Voya Financial.

Voya Financial is currently ranked #252 on the 2016 Fortune 500 list. They currently serve 13 million customers with a reported $466 billion in assets under management.

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

Minimum Death Benefit: $100,000

Convertible to Permanent: Yes

Medical Exam Required: Yes

TermSmart is the name of Voya Financial’s term life insurance coverage. TermSmart is available in competitive fixed premium contract lengths of 10, 15 or 20 years. Coverage is fully convertible to Voya’s cash value universal life insurance coverage if insurance needs change at a later time.

In addition to the basic term life insurance coverage, Voya also offers a return of premium coverage called Voya ROP Endowment Term. This is a term life insurance policy that builds up cash value that you can borrow from if needed. At the end of the contract length of 20, 25 or 30 years, 100% of the premiums paid into the life insurance will be returned to you tax free. This is what many would call “get your money back life insurance”.

What is term life insurance?

Term life insurance is temporary coverage that offers protection in fixed premium lengths of 10, 15, 20, 25 or 30 years.

Once approved, the life insurance rate will remain the same price until the end of the term length. After the term length you may have the option to continue coverage but at higher rates.

Term life insurance is the most affordable life insurance coverage compared to universal life insurance and whole life insurance.

What is universal life insurance?

Universal life insurance, also known as guaranteed universal life (GUL) is permanent life insurance coverage. Once approved, the life insurance rate will remain the same price to age 121, guaranteed never to change. Compared to whole life insurance, universal life insurance is the cheaper of the two.

For more information on guaranteed universal life please refer to our permanent life insurance page.

What is return of premium life insurance?

Return of premium life insurance, short for (ROP) is the same as regular term life insurance policy but at the end of the contract the life insurance company will write a check for a full refund of all premiums paid into the policy.

ROP life insurance generally only comes in term lengths of only 15, 20 or 30 years and will cost more than a regular term policy.

Please be sure to refer to our Return of Premium Term Life Insurance page for additional information.

Should I go with a no medical exam life insurance policy?

No medical exam life insurance is designed to be a quick and convenient way to apply for life insurance coverage. Approval is generally made within a few days and in some cases as little as 15 minutes!

The life insurance coverage is no different from that of a applying for a traditional life insurance policy other than the fact you are bypassing the entire exam portion.

With that said you might be thinking why should I even take the medical exam then?

Non-medical exam life insurance policies have their drawbacks. Coverage is often more expensive then if you were to take a medical exam.

Underwriting tends to be a bit stricter and it’s easier to be declined for medical conditions that may have been accepted if you were to take a medical exam.

Death benefits are usually limited to $500,000 with a few companies offering up to $1,000,000.

No medical exam life insurance can be great life insurance coverage for people who live busy lives, have a fear of needles, need coverage quickly or simply wish not have to take a medical exam.

Which term length should I choose?

As we touched on earlier in this article, term life insurance comes in contract lengths of 10, 15, 20, 25 and 30 years. When choosing on a term length you need to consider why you are purchasing the coverage in the first place.

Are you buying coverage to provide income to your family? Do you have young children? How about a mortgage or other debts?

When picking a term length you want to make sure that the life insurance coverage will last long enough to meet its objective for purchasing it in the first place.

One thing we at Top Quote Life Insurance can’t stress enough is to not buy based on price!

A shorter-term length will always cost less than a longer-term length so it’s easy to get caught up in buying price over need. Buying a shorter-term policy because it was the cheaper option can lead to problems when it’s time to renew.

Purchase a term length based on need not price.

How much life insurance coverage should I purchase?

Purchasing a coverage amount is very similar to choosing a term length. The main objective of the death benefit is to provide income to the beneficiary.

When determining the right amount of death benefit protection, think of your annual salary, recurring bills, debts, medical expenses, education expenses for children, available retirement funds and burial costs.

What’s the best life insurance coverage, term insurance or permanent insurance?

The best life insurance coverage is the life insurance coverage that is active when you pass away. Choosing between a term and permanent life insurance policy will depend on how long your overall life insurance needs will last.

The great thing about permanent life insurance is that it will always be there. Once your purchase it, the price will never change and you will never find yourself ever having to go through the renewal process again.

The downside is that permanent life insurance can cost 5-7 times the cost of term insurance.

Term insurance on the other hand is very affordable, much cheaper than permanent life insurance and meets most people’s life insurance needs. The majority of people that buy life insurance coverage buy it for family protection.

Coverage is usually only needed during the family’s working years while income needs are much higher. This is why term life insurance often makes the most sense when it boils down to what coverage is better.

Another great option is a combination of both. Term insurance can provide coverage for needs that are temporary but large. A smaller permanent policy can provide coverage for final expenses that may be present when the term coverage runs out.

Does life insurance pay if I die within the first 2 years?

Yes, most life insurance coverage will pay from day one in the uneventful event of a sudden passing. However, all life insurance coverage has what’s called a 2 year contestability period.

What this means is that if you were to pass away during the first 2 years of purchasing the life insurance converge, the life insurance company can re-open your file and investigate your claim to make sure you didn’t lie about anything on the application.

It’s not often that a life insurance company will need to contest a claim, but it can happen. If a claim is contested, it’s generally due to a sudden death shortly after receiving a policy.

Most contested claims are due to deaths resulting from a medical issue during the first two years of receiving the life insurance policy. Even then, you will have had to of lied on your application or medical exam about your health in order for the life insurance claim to be denied.

If a life insurance claim is contested in the first 2 policy years, the life insurance company can request to review your medical records, request an autopsy report and ask for statements from both the agent, friends or family members to help aid in their investigation.

The 2 year contestability period should not frighten you when purchasing life insurance coverage, even if you were to pass away due to medical reasons. As long as you’re honest and disclose all information about your health and any other activities that can pose a risk, the life insurance company will underwrite you accordingly so there is not an issue when and if a claim arises.

NOTE: Be aware of life insurance called guaranteed issue or guaranteed acceptance. These types of policies will only pay the full death benefit after policy year 2. If death happens during the first two years, generally the only money received is a refund of what you paid into the coverage.

SUICIDE: Almost every life insurance company will have a two year suicide clause meaning they will not pay out a death benefit claim if death was a result of suicide within the first 2 years.

Should I pick the cheapest life insurance company from the online quoter?

If you received your life insurance quote online from Top Quote Life Insurance and do not have any medical issues and are simply looking for cheapest life insurance company then yes go for it.

The quoter located on our website will provide you with results from the best life insurance rates from only the top life insurance companies so there is no bad choice.

However, if you’re looking for coverage that offers more than just death benefit protection such as a policy with living benefits or non medical underwriting, the cheapest company may not always be the best company as that type of coverage is not offered by all companies.

If you have medical issues or any other underwriting concern, then picking the cheapest life insurance company may not be the best choice as well. Life insurance that requires special attention due to medical conditions or other underwriting concerns will require the assistance of an experience life insurance agent.

This is when we highly advise you to call us so we can work with you on getting the best rate based on your situation.