Buying life insurance is a lot like buying a car. There are tons of “makes and models” of life insurance plans.
You wouldn’t buy a car without looking at benefits, price, and safety features (protection). You shouldn't buy insurance before dedicated the same amount of time.
The important decisions you need to make are: which type of plan did you need and where are you going to buy it from? This article could help you answer both of those questions.
Term - Banner Life
Why is Banner the best for term life insurance - because of the price. The goal of term life insurance is to be affordable.
Banner makes term insurance cheaper than the rest.
Banner is an attractive option for people who are in less than great health. If you have heart problems, diabetes, high cholesterol, or any other health problem which would qualify you for a standard plan, then Banner should be your go-to company.
You’ll be able to customize your plan as you see fit. Maybe you don’t want 30 years of life insurance. That’s okay, and you can buy a smaller 15-year policy.
If you want simple coverage for a low price, go with term insurance.
If you want a quality plan with competitive rates, go with Banner Life.
Whole - MassMutual
When it comes to whole life insurance, MassMutual has more options than any other carrier. Some of the choices are:
Whole Life Legacy 10 Pay - these policies will last for your whole life, but the premiums will be paid within 10 years.
Whole Life Legacy 20 Pay - exactly the same as the policy above, except the plan is paid in 20 years.
Whole Life Legacy 65 - plan lasts until you turn 65.
Whole Life Legacy 100 - coverage until the ripe old age of 100.
As with most whole life policies, MassMutual plans build cash value. The longer you have the plan, the more they are worth.
Because whole life plans offer longer coverage, they won’t be as cost-effective as a term plan. If you want cheap life insurance, see above.
No Exam - Haven Life
Haven Life has revolutionized the way people buy no exam life insurance.
Instead of having to sit down with an agent in an office, you can complete the whole thing over the phone.
In fact, depending on your age and health, you might be able to get coverage immediately.
Haven Life has an advanced algorithm to comb through your application without the need for a real person to do it.
Haven Life offers no exam coverage for up to $1,000,000. Compared to other no exam companies, this is much higher.
There is a chance, depending on your health, that it might take a little longer to get coverage. If you’re over their age threshold, then they might require you take the medical exam.
Important note: no exam life insurance will be more expensive. Haven Life has lower prices compared to other no exam plans, but they will still cost you more than a traditional policy.
Guaranteed - Mutual of Omaha
Mutual of Omaha has a guaranteed issue senior life insurance plan. The requirements are simple:
Be between the ages of 45 - 85
Live in one of the eligible states
Pay monthly premiums
As long as you can check off these three boxes, then you’ll get life insurance. You can get up to $25,000 in protection. In fact, you can get approved in minutes.
That’s the downfall of guaranteed issue plans - the coverage limit.
These are the quickest way to get coverage, but they are also the least efficient. You will pay more for every $1,000 of coverage than you would with any other plan.
In most cases, companies are going to have low restrictions on how much insurance they offer through guaranteed acceptance.
Banner caps their plans at $25,000.
Best Life Insurance Companies
Here’s the thing - if one of these companies we’ve listed doesn’t work for you, that’s fine! There are plenty of other company fish in the insurance sea.
In fact, there are over 6,000 company fish. Chances are, at least one of them will be the perfect one for you. Regardless of the carrier you choose or the type of plan, you need a policy which will cover all of your loved ones.
Before you decide on any policy, discuss with your family their needs and how much coverage they would need in the future.
Buying life insurance is like investing in a car with the best possible safety features for your loved ones.