Companies that offer life insurance. Best Life Insurance Companies, ConsumerAffairs

Expert note

Expert grades are awarded based on the following criteria: availability of a wide variety of life insurance products, company focus on life insurance, and length of history offering life insurance products. We also take note of consumer reviews, when available. Best life insurance companies.

The higher the grade, the more likely it is that this life insurance company will compete well for your life insurance needs. This is not to say that you should restrict your life insurance research to companies with higher grades or eliminate those companies with poor marks. Also, marks awarded here are no indication of financial strength and/or stability. Readers should perform their own due diligence prior to making any life insurance decision.

Life insurance is very situation-specific. Consumers should be absolutely sure about which type of life insurance they need before making a decision. A trusted advisor such as a tax planner, attorney, or financial planner should be consulted before purchasing a policy. There are a number of different types of life insurance policies, but each varies greatly in terms of cost and benefits. It’s critical to become familiar with these differences so you have the best opportunity to choose the right life insurance provider and buy the policy that matches your unique needs.

Be cautious when asking insurance companies for advice because they may try to convince customers to buy products just for the sake of a sale. When you are certain about which type of life insurance you need, you should seek out multiple quotes. Remember life insurance agents who work as captive agents for one company can only sell that company’s products.

Nearly everyone (85% of consumers) agrees that they need life insurance. Yet, only 62% of consumers say they have life insurance, and of those who do, more than 40% think they don’t have enough.

What’s more, there is a sizable gender gap in life insurance coverage. Only 40% of women in the U.S. have life insurance, and women average smaller amounts of individual life insurance coverage than men. On average, women have $129,800 of individual life insurance to men’s $187,100. Here are three reasons women, especially women with children, should own life insurance.

Income protection insurance

1. To protect their families from loss of income

Most (70%) U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die. That could be bad news for the 40% of homes where mothers are the primary breadwinner in their family, and the more than 60% where the mother brings home at least 25% of the family’s earnings.

2. To replace the services they provide

In 2014, there were 5.2 million stay-at-home moms nationwide. And while no amount of money can replace the love and caring the moms provide their families, recent surveys show that stay-at-home moms would earn, conservatively, $117,000 per year for the tangible services they provide (activities like cooking, cleaning, and caring for their children). The same survey showed working moms render $71,860 per year worth of services on top of their annual salaries.

3. To care for their children

83% of single parents are single mothers. For them, life insurance will provide their children with the financial resources they will need to avoid additional hardships in their lives. Yet, 70% of single parents don’t have life insurance.

Although nobody wants to think about it, 800,000 people are widowed each year in the U.S. Life insurance gives moms peace of mind knowing that, should the worst happen, their families will be protected. For more helpful tips and user reviews to help you choose the right insurance provider for you, check out the rest of our guide.

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