Buying a life insurance policy can help provide financial protection for your loved ones, but choosing the right policy can be confusing. There are several types of life insurance policies available. Some, like term life insurance, last for a set number of years. Others, like permanent life insurance policies, can provide coverage that lasts a lifetime while offering additional savings or investment components. There are policies that require you to fill out medical questionnaires and even some that guarantee acceptance. Here is a list of best life insurance companies of 2023
Bestow Life Insurance
Without a medical exam, Bestow offers term life insurance plans, but prospective customers must first complete a health assessment.
This is due to the fact that Bestow is an online life insurance company. The North American Co. for Life and Health Insurance is responsible for issuing and managing its policies.
Pros
Policies don’t require a medical exam
Online only procedure
Cons
No available riders
There are no permanent regulations.
Haven Life Insurance
With an online application process, Haven Life provides term life insurance plans. The only free add-on that Haven provides, in contrast to Bestow, is an expedited death benefit that is a part of both the Haven Term and Haven Simple policies. There are no add-ons you can purchase to tailor your coverage. Haven Life is regarded as an insurance provider. The insurance companies that issue the products it sells are MassMutual and C.M. Life Insurance Co., a division of MassMutual.
Pros
Ability to apply online
Haven Simple policy does not require a physical examination
Cons
Only provides term life insurance
Without add-on riders
State Farm Insurance
State farm insurance is one of the best life insurance companies of 2023, Additionally, it provides a number of optional riders, including a waiver of premium for disability and a rider for children’s terms. The Instant Answer Term and Guaranteed Issue Final Expense insurance are two more that don’t demand a medical exam. To acquire a policy, you will need to work with an agent.
Pros
There are permanent and term insurance options.
Available optional riders
Cons
To make a purchase, you’ll need to contact a State Farm agent.
USAA Insurance
All U.S. citizens and permanent residents may apply for USAA’s life insurance plans, however the majority of its coverage, such as vehicle or home insurance, are only available to active duty military, veterans, and members of their immediate families. Military personnel can take advantage of various benefits of USAA life insurance plans, such as expedited application processing if you’re about to deploy and coverage in the event of the insured person’s death in the course of hostilities or due to an act of terrorism.
The universal life insurance offered by USAA is not offered in New York and is supplied by John Hancock. Its guaranteed whole life insurance coverage is not offered in Montana and is underwritten by Mutual of Omaha.
Pros
Provides term and long-term insurance.
Unlike other USAA policies, it is accessible to the general public.
Cons
Some state availability restrictions
Nationwide insurance
Nationwide Nationwide offers a number of whole and universal life insurance policies in addition to term life insurance. Long-term care, accidental death benefit, expedited death benefit, and conditional return of premium are some of the riders that can be added to your plans to make them more unique. For its term insurance, you can acquire a price and apply online, but for its permanent policies, you’ll need to consult with a Nationwide agent.
Pros
Provides term and long-term insurance.
Available optional riders
Cons
Permanent insurance rates cannot be found online.
MassMutual Insurance
MassMutual offers a comprehensive range of insurance products. It can be changed to a permanent policy if you buy its term coverage from a MassMutual agent. Online term policy purchases are also an option, but they must be made via Haven Life, a MassMutual subsidiary, and they cannot be changed. Additionally, you can begin the claim submission procedure online.
Pros
Term and permanent policies available
Can start claims process online
Cons
Online permanent policy applications are not available.
Online-purchased term plans cannot be changed to permanent coverage.
