As we know, purchasing a life insurance policy can assist in providing financial security for your family members. However, selecting the best one can be a difficult and complex process. This is because there are several distinct options to choose from when purchasing life insurance. Hence, we have listed all of the important details of the best life insurance companies for the year 2022, so that you can get started right now.
List of Contents
Nationwide
Maximum issue age for 10-year term life: 70
AM Best Financial Strength Rating: A+ (Superior)
Life insurance riders available: Children’s term insurance, Premium waiver
Accepts Credit Cards: Yes
Why We Selected It
The most outstanding feature of Nationwide is that the company has had very few customer complaints over the past three years. Moreover, it was ranked second out of 21 life insurers in J.D. Power’s U.S. Individual Life Insurance, study of customer satisfaction data. These recognitions put Nationwide in an excellent position. In addition to this, it provides a broad selection of policy types and huge living benefits.
Nationwide has been in business for almost a century. It provides customers with the option to purchase terms, including whole life, universal life, and variable universal life policies. The interesting point is that there is a possibility that some of these policies can be obtained without the need for a medical exam. Therefore, the approval time is very fast. Additionally, the majority of the company’s policies come standard with no additional charge for three urgent death benefit riders. In the event that a policyholder is diagnosed with a chronic, critical, or fatal disease, this provision permits them to obtain a portion of their death benefit while they are still alive. Due to the high number of outstanding features it has, Nationwide has earned in our list of the best life insurance companies.
Pros
✔ $5 million in life insurance with no medical examination
✔ Credit card payments are available
✔ Excellent client satisfaction
✔ Various types of policies
✔ Three different living benefits provided
Cons
✘ Only existing policyholders can get simplified whole life insurance
✘ Live chat is not available
USAA (The United Services Automobile Association)
Maximum issue age for 10-year term life: 70
AM Best Financial Strength Rating: A++ (Superior)
Life insurance riders available: Children’s term life, Accidental death, Premium Waiver, Income provider option support
Accepts Credit Cards: No
Why We Selected It
USAA, which was founded as the United States Automobile Association, will celebrate its 100th anniversary in 2022. It has AM Best’s highest financial strength grade of A++ (Superior). Particularly, USAA is the insurance for the military. It provides members of the military with a set of benefits that are designed to match the requirements. The military-oriented riders offered by USAA are one of the reasons why this company is a perfect choice. A serious injury rider is included in Level Term V insurance. Additionally, it has a payout maximum of $25,000 for injuries that were sustained while serving in the military. Moreover, it has high customer satisfaction as measured by the NAIC’s complaint index.
Finally, these benefits are in addition to those that are special to the military. The most important thing is that to qualify for USAA life insurance, it is not necessary to be a member of the military or have any other connection to the armed forces.
Pros
✔ Excellent AM score of A++
✔ Benefits for severe injuries
✔ Guaranteed insurability offered at no extra cost
✔ Term conversion included
Cons
✘ Lacking no-medical-exam policies
✘ Few insurance types offered
Protective
Maximum issue age for 10-year term life: 80 (75 for tobacco users)
AM Best Financial Strength Rating: A+ (Superior)
Life insurance riders available: Children’s term life, Accidental death, Premium Waiver, Income provider option support
Accepts Credit Cards: Yes
Why We Selected It
Protective is another excellent option for the top-term life insurance provider. This is due to the fact that it shares the lowest term prices among the other companies. Moreover, it is one of just a few that provide 40-year term life insurance. Moreover, it also provides a variety of additional insurance types. Thus, there is a high chance you will discover one that suits your needs. However, the company ranked badly in customer satisfaction. Additionally, it does not provide as many no-cost living benefit riders as other insurers.
Pros
✔ Life insurance with no medical exam up to $1 million
✔ Variety of insurance types offered
✔ 40 years term life insurance provided
✔ Very affordable term life insurance
Cons
✘ No coverage for fatal disease
✘ Terrible customer satisfaction
Transamerica
Maximum issue age for 10-year term life: 80 (age 60 for face amounts below $100,000)
AM Best Financial Strength Rating: A (Excellent)
Life insurance riders available: Accidental death, Children’s insurance rider, Monthly disability income rider, Disability waiver of premium rider
Accepts Credit Cards: Yes
Why We Selected It
Transamerica entered service in 1906. It provides a nice number of insurance types and a broad selection of possible riders. Particularly, the company provides three free-living benefit riders for acute, chronic, and terminal conditions with certain policies. In addition, it provides a disability income rider, which is unique among the other insurers. Moreover, Transamerica also provides numerous alternatives for policies that do not need a medical exam. Besides, Transamerica provides insurance to smokers. Nevertheless, they may be required to pay a higher premium.
Pros
✔ An interactive tool for selecting a life insurance policy provided
✔ Online quotes for certain policies available
✔ Without examination, up to $50,000
Cons
✘ Not all insurance offers online
✘ Financial professionals unavailable
Lincoln Financial
Maximum issue age for 10-year term life: 60
AM Best Financial Strength Rating: A+ (Superior)
Life insurance riders available: Premium waiver, Children’s level term insurance
Accepts Credit Cards: No
Why We Selected It
Lincoln Financial Group provides a variety of term and permanent life insurance choices. Importantly, a variety of riders is also provided, including a number of living benefit riders. Importantly, some of them are offered at no initial cost. Moreover, the company’s financial stability obtains high scores. It receives significantly fewer complaints than would be anticipated for a company of its size. Besides, it also provides no-medical-exam coverage for up to $1 million and extremely reasonably priced term insurance. However, quotations are not accessible on the internet; to apply, you must contact an agent.
Pros
✔ Low-cost term policies
✔ Superior financial stability
✔ A medical exam is not required in some people
✔ Extremely few complaints
Cons
✘ No whole life insurance
✘ No websites or apps
✘ Non-same-day decisions
Conclusion
To summarize, the companies that had the greatest financial stability, the fewest complaints, the lowest cost, and the most generous no-medical-exam options received the highest scores across all groupings. This is because we believe that these companies are best positioned to assist customers in acquiring the life insurance coverage they require and maintaining it over the long term. However, you can read more in-depth information about each company in the next articles.
FAQs
Consider the financial stability and ratings of the company, their product offerings and premiums, customer service and claims processing, and any additional features or benefits that may be important to you.
The amount of life insurance coverage you need depends on various factors, including your income, debts, dependents, and long-term financial goals. A general rule of thumb is to aim for coverage that is 10-12 times your annual income.
Yes, it is possible to change your life insurance policy after purchasing it. You may be able to adjust your coverage amount, change the beneficiary, or switch to a different policy type or provider.
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Read more: Popular life insurance
Source: Investopedia, Forbes