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With a significant decision like buying life insurance, it’s vital you have all the necessary information about the companies and their policies. We considered a wide range of factors when choosing the top life insurance companies. When making your decision, you should always investigate:
Stability of the company: Because life insurance is such an important and long-term decision, stability is the most crucial factor in choosing a company. We looked at ratings from AM Best, S&P 500 and Weiss and Moody’s. We also examined their review history and the overall financial history of the company.
Policies offered: Five common life insurance types are term life, universal, whole life, variable life and survivorship life insurance. Having more options is generally better; however, focusing on just a few policies while optimizing those benefits could be more beneficial for some.
Customer experience: We looked to see which life insurance companies had the best and easiest online experience. Reliable, readily available customer service was also a factor.
Online tools: The best life insurance companies share as much information online as possible. These companies clarify your options and help illuminate the ins and outs of life insurance. Some online tools include insurance calculators, learning centers and online policy management.
Life insurance provides an agreed sum of money to your loved one in the case of your death. When you sign up for life insurance, you will designate a beneficiary, a term length for the insurance (which can include the rest of your life), and the amount of the payout. Life insurance can help provide stability to those who depend on your income.How does life insurance work?A life insurance policy requires you to pay a small monthly premium. If you die, the life insurance coverage will deliver a payout to your designated beneficiary. If you buy term life insurance, you will pay a premium for a set number of years, usually from 5 to 30. If you purchase whole life insurance, you will need to pay premiums for the rest of your life in order to receive a payout.
Life insurance probably isn’t as expensive as you think. Several surveys have shown that Americans overestimate a given life insurance price by up to 200%. However, a 30-year-old woman purchasing a $250,000, 20-year term policy can expect to pay just $135 a year. A man of the same age with the same policy would pay about $150. Life insurance cost varies based on your age, gender, health and lifestyle. After the age of 40, you can expect life insurance costs to increase by about 10% each year. Life insurance for women is often 15% to 40% cheaper than life insurance for men.
Technically, the best time to buy life insurance is the day you are born because life insurance gets more and more expensive as you go through life. If you’re worried about the cost, always remember that today is the youngest you’ll ever be. Fortunately, if you are over the age of 35, it’s not too late to buy life insurance. If you are 50 or over, you can still get life insurance, but the options will be limited, and it will cost more.
Once you’ve asked, "What is life insurance?" the next question is, "Is life insurance worth it?" For many people, it is — especially if you have a dependent, spouse or relative who is heavily reliant on your income and support. Then, if you pass away, your loved one can be supported by the life insurance payout. No one likes preparing for their death, but it’s good to have a safety net for your loved ones in case something happens.
Whole life insurance provides coverage for the rest of your life. While whole life policies usually cost more than short-term life policies, they also have more benefits. If you’re interested in a long-term life insurance policy that could accrue a substantial cash value, a whole life policy could be for you.