The top life insurance providers pride themselves on maintaining robust finances and delivering excellent customer service. Depending on where you live, you could choose from several life insurance companies that provide various plans. Here are the pros and cons of the nation’s top life insurance companies.
Northwestern Mutual
Pros
Surety of the nation’s largest life insurance company
Choice of whole life, term life, and universal life cover
Customizable coverage and payments for specific policies
More than 160 years of industry experience
Pays dividends consistently
Cons
No specific information on the company’s website regarding term lengths and coverage
USAA
Pros
Ideal insurer for military families
Provides life insurance to non-military individuals
Comprehensive nationwide coverage
Includes coverage for war and acts of terrorism
Allowance for additional coverage for significant life events
Cons
Exclusion of certain policies for New York residents
Haven Life
Pros
Efficient use of technology and algorithms to determine eligibility
Ease of access with online applications
Backing of a reliable and established parent company
Access to coverage amounts of up to $3 million
No requirement for medical examination of certain applicants
Cons
Does not offer whole life policies
New York Life
Pros
Ownership lies with the policyholders
Choice of permanent life and term life policies
Option for variable universal life policies
High customer satisfaction ranking in J.D. Power’s 2020 study
Additional coverage against terminal illnesses and disabilities
Cons
Non-availability of online quotes
MassMutual
Pros
Wide range of policies offered
Policies come backed by an established and financially robust company
Coverage amounts from $100,000 to $3 million
Cons
Requirement for medical exams for all policies
AARP
Pros
Availability to all AARP members over 50 years of age
Precise underwriting with no medical exam requirements
Choice of whole life and term life insurance policies
Option to convert term policies to whole life
Cons
No price guarantees
Increase in term life premiums in five-year brackets
State Farm
Pros
Availability of instant term life insurance
Highest customer satisfaction ranking in J.D. Power’s 2020 customer satisfaction study
Fewer complaints to state life insurance regulators than competitors
Cons
Limited availability in some states
Using the information listed above, you can soon be on your way to purchasing life insurance that best suits your needs.