Best Life Insurance Companies Just as there are good surprises in life, unfortunately, bad things can also happen. In the hustle and bustle of life, we often forget this fact and neglect to prepare. However, the importance of life insurance emerges in these negative situations! Life insurance is perhaps the greatest favor we can do both for ourselves and for our loved ones, in order not to be caught unprepared in the face of unforeseen circumstances! Let’s take a closer look at life insurance!
What is Life Insurance?
Life insurance is an optional type of insurance that provides compensation to the family of the insured and other persons specified in the policy in case of any death within the scope of the death guarantee, which is its main guarantee. In addition, if you wish, you can expand the scope of the policy with additional coverages in order to include cases such as accidental treatment costs, illness and permanent disability as a result of an accident. When you take out life insurance, the insurance company pays the amount of coverage specified in the contract in case of undesirable conditions such as unemployment, full and permanent disability during the policy period. Anyone who wants to save money and to insure himself against possible risks can benefit from life insurance.
What Does Life Insurance Do? What are the Advantages of Life Insurance?
Best Life Insurance Companies Have you ever asked yourself this question? What if an unfortunate event happens to me one day and my family is deprived of my income? My family may lose the house we live in now, my children may have to drop out of private school and attend public school, and they may not have enough money to go to university in the future. My wife may have to work in a job she does not want, and most importantly, who will take care of my family if something happens to me?
If you have life insurance, you don’t have to worry about these issues. Because life insurance covers many risks that may happen to you in your daily life, and in the event of these risks, it provides financial security for both you and your loved ones. Here are 10 advantages of life insurance!
- Life insurance means you have financial support to leave to your family in case you die as a result of an accident or illness. You will help the family, which feels its absence spiritually, to relax financially.
- In case of disability and disability, you will not experience financial difficulties and your quality of life will not decrease. It offers financial security that allows you to live in the same way in case of full or partial illness.
- You can take advantage of the life insurance tax deduction. Up to 15% of the life insurance premiums you pay are tax deductible.
- Continuity of loan debt payments is ensured.
- If there are children who continue their education life, their education will not be interrupted.
- By covering important expenses such as rent, clothing and food, you prevent the family’s standard of living from falling. Because life insurance provides a lump sum opportunity to meet the needs of the family in case of death.
- You can pay the premiums of your life insurance in monthly installments. So you don’t strain your budget.
- If you become disabled due to illness and accidents specified in the coverage of your life insurance policy, your treatment expenses will be covered by your insurance company.
- Unexpected and high cost treatment expenses are paid with low premiums.
- In case of death, you will not be a burden to your family with debts such as inheritance tax.
Life Insurance Coverages
The most basic guarantee of life insurance is known as “death guarantee”. In the event of the death of the insured person, the beneficiary or his legal heirs are paid as much as the amount specified in the insurance policy. We can list other coverages that life insurance policies can cover as follows.
- It is paid in lump sum in case of accident, illness or natural death.
- Compensates for financial losses due to job loss in case of accident, illness or disability.
- In the event of an accident or illness, it covers the payment of some of the necessary medical expenses and the costs of treatment.
- In cases such as involuntary unemployment, it makes daily compensation payments.
If the possible risks are not realized at the end of the period specified in the policy, the savings are paid back in bulk.
- It provides temporary incapacity for work due to accident or illness for professionals.
Types of Life Insurance
- We can examine life insurances under different groups.
Mixed Life Insurance
Mixed life insurance, which is a type of long-term insurance, provides compensation to the people specified in the policy in case the insured dies. If you survive the coverage period, you can get your premiums back.
Cumulative Life Insurance
Best Life Insurance Companies Cumulative life insurance is one of the long-term insurances with a policy term of at least 10 years. The remaining amount after deducting general expenses, risk premiums and commission deductions from the premiums collected together with the ferry accident, disability and loss of life coverage is converted into investment.
Annual Life Insurance
Annuity life insurance offers death coverage only. The amount of coverage specified in the policy is paid to the persons (beneficiaries) you have previously determined in the event of your death for a period of one year. Annual life insurance, which can be renewed every year, covers all kinds of death situations specified in the General Conditions of Life Insurance. The most important feature of this type of insurance is that it offers many optional options. If you wish, you can expand the coverage area thanks to the guarantees you add to your policy. You must be between the ages of 18-65 to benefit from this product.
Long Term Life Insurance
This type of insurance, which can be arranged for a minimum of 2 years, insures you against fatal accidents and risks that may occur in a long time. Long-term life insurance, which provides flexibility in terms of compensation options, can be made for people between the ages of 18-64. However, the sum of the age of the insured and the validity date of the policy should not exceed 70. For example, if you are 65 years old and want to have a 4-year insurance policy, you can benefit from this insurance because the sum of your age and the policy period will be 69.
Group Life Insurance
Group life insurance covers 10 people working under the same legal entity. It provides compensation in cases such as death and permanent disability.
This type of life insurance ensures the continuity of the education of your child or children in case of accident or death. You can read our content to get detailed information about education insurance for children.
It ensures that you receive compensation over the insurance cost in case of any accident or permanent occurrence specified in the insurance policy.
Personal Accident Insurance
Best Life Insurance Companies By taking out personal accident insurance, you can insure yourself against unexpected and sudden accidents. Personal accident insurance, which covers death, accident and health-related situations, provides compensation at the rate determined in the policy.
When you have health insurance, you will be insured against the risks of illness you will encounter throughout your life. Best Life Insurance Companies The health insurance, which is valid in the health institutions with which the insurance company has a contract, covers the costs of outpatient or inpatient treatment.
Credit Life Insurance
Credit Life Insurance is an insurance contract that can be used for the duration of the loan and offers a death guarantee equal to the loan amount you have paid. The bank debt of the insured who dies during the validity of the policy is paid by the insurance. Best Life Insurance Companies The remaining insurance coverage, if any, is paid to the beneficiary or his legal heirs.
The premium you will pay in credit life insurance; It is determined according to your age, credit duration, cash or monthly premium payment model, credit amount and health status. You can pay the premium in cash or in monthly installments for the first year.
Loan Insurance with Reduced Balance
The premium amount of the diminishing balance credit insurance, where the guarantee amount decreases by the specified amount each year, is very low compared to other fixed balance products. You also get more coverage than personal accident insurance. The amount of the collateral decreases by the specified amount each year. You can have reducing balance credit insurance from 2 to 30 years.
Special Situation Insurance
Special circumstance insurance is an insurance product that is taken out for special cases that are not covered by any insurance.
Best Life Insurance Companies
|Sproutt Insurance||★★★★★★☆||Easiest process and fastest coverage|
|American General Life (AIG) Insurance Company||★★★☆☆☆☆||Offers the most flexibility in design|
|American National Life Insurance Company||★★★★★☆☆||Most built-in riders|
|Assurity Life Insurance Company||★★★☆☆☆☆||Most riders available for purchase|
|Banner Life Insurance Company||★★★★★☆☆||Offers longer-term policies fully online|
|Guardian Life Insurance Company||★★★★★☆☆||Great conversion options|
|Lincoln National Life Insurance Company||★★★★☆☆☆||Fully online or phone capabilities|
|Mass Mutual Life Insurance Company||★★★★★★☆||Fully online with excellent convertibility|
|Minnesota Life Insurance Company||★★☆☆☆☆☆||Accelerated underwriting up to $2MM|
|Mutual of Omaha Life Insurance Company||★★★★☆☆☆||Offers simplified underwriting|
|Nationwide Life Insurance Company||★★★☆☆☆☆||Very accepting accelerated underwriting program|
|Penn Mutual Life Insurance Company||★★★★☆☆☆||Up to $7.5MM with no medical exam fully online|
|Principal National Life Insurance Company||★★★★☆☆☆||Offers $3MM without an exam completely online|
|Protective Life Insurance Company||★★★★☆☆☆||Has 35 and 40 year term options|
|Prudential Life Insurance Company||★★★★☆☆☆||Offers expanded underwriting tables|
|Sagicor Life Insurance Company||★★★★☆☆☆||Fully online with as fast as instant decisions|
|Savings Bank Mutual Life Insurance of MA (SBLI)||★★☆☆☆☆☆||No exam guaranteed|
|Transamerica Life Insurance Company||★★★☆☆☆☆||Provides more options at older age|
Life Insurance Company
Pricing for a $500,000 20 year term policy
|Protective Life Insurance Company||$19.40|
|Banner Life Insurance Company||$19.43|
|American General Life (AIG) Insurance Company||$19.66|
|Penn Mutual Life Insurance Company||$19.78|
|Transamerica Life Insurance Company||$19.78|
|Principal National Life Insurance Company||$19.87|
|Savings Bank Mutual Life Insurance of MA (SBLI)||$19.87|
|Lincoln National Life Insurance Company||$20.22|
|American National Life Insurance Company||$20.74|
|Sagicor Life Insurance Company||$21.37|
|Minnesota Life Insurance Company||$22.42|
|Nationwide Life Insurance Company||$22.75|
|Guardian Life Insurance Company||$23.17|
|Mass Mutual Life Insurance Company||$23.50|
|Mutual of Omaha Life Insurance Company||$23.76|
|Assurity Life Insurance Company||$24.80|
|Prudential Life Insurance Company||$36.75|
Ratings / Score
Life Insurance Company
|Guardian Life Insurance Company||98|
|Mass Mutual Life Insurance Company||98|
|Minnesota Life Insurance Company||96|
|Banner Life Insurance Company||95|
|Prudential Life Insurance Company||95|
|Penn Mutual Life Insurance Company||93|
|Protective Life Insurance Company||92|
|Principal National Life Insurance Company||91|
|Lincoln National Life Insurance Company||91|
|Nationwide Life Insurance Company||90|
|Mutual of Omaha Life Insurance Company||90|
|Transamerica Life Insurance Company||85|
|American General Life (AIG) Insurance Company||83|
|American National Life Insurance Company||79|
|Savings Bank Mutual Life Insurance of MA (SBLI)||76|
|Assurity Life Insurance Company||Unrated by comdex, A- with A.M. Best|
|Sagicor Life Insurance Company||Unrated by comdex, A- with A.M. Best|