Best life insurance companies
To help you make an informed choice, Budget Life has developed a ranking system to determine the best term life insurance companies with the most competitive rates. The list is based on two primary factors -- financial strength and the lowest life insurance rates. Budget Life periodically collects term life insurance quotes for $500,000 policies from the Compulife Software Inc. database, which has provided over 1.9 million term life insurance comparisons since 2002.
Budget Life's top 15 life insurance companies
|1||Cincinnati Life Insurance Company||607|
|2||Genworth Life and Annuity Insurance Co||556|
|3||Genworth Life Insurance Company||505|
|4||Banner Life Insurance Company||487|
|5||Ohio National Life Assurance Corporation||465|
|6||ReliaStar Life Insurance Company||452|
|7||Security Mutual Life Insurance Co of NY||404|
|8||Savings Bank Life Insurance Co of MA||358|
|9||Liberty Life Insurance Company||326|
|10||Minnesota Life Insurance Company||258|
|11||Transamerica Life Insurance Company||249|
|12||Ameritas Life Insurance Corporation||223|
|13||Northwestern Mutual Life Insurance||211|
|14||National Life Insurance Co of Vermont||205|
|15||Midland National Life Insurance Company||204|
Rates are gathered from 129 life insurance companies in five risk categories:
- Health Status: Preferred Plus and Standard Health
- Sex: Male and female
- Smoking: Non-smoker and smoker
- Age: 25, 35, 45 and 55 years old
- Duration: 10- and 20-year term
Once collected, the lowest life insurance rates in each risk category are assigned a score; the scores for each company are then totaled to produce the overall rankings.
Financial strength is an important consideration when buying term life insurance; therefore, only companies rated A- or better by A.M. Best Company, a credit rating organization, are included in the list.
Premium life insurance companies
If you need life insurance with a higher face value, such as a policy of $1 million or more, Budget Life also ranks the top premium life insurance companies with only the highest rating from A.M. Best.
Life insurance companies for smokers and nonsmokers
Among a number of factors, life insurance quotes are determined in part by your risk classification. In general, the three main underwriting classifications are preferred plus, preferred, standard and nonstandard – the better your rate class the lower your premiums will be. Risk is further measured by nicotine use and gender.
Budget Life provides a list of the life insurance companies with the most competitive rates for smokers and nonsmokers.
Life insurance companies for those with health conditions
For those who have health conditions, or who may have overcome a serious illness, it may seem as though life insurance is out of reach. However, some insurance agents offer services to help individuals with high-risk cases find life insurance coverage.
Often called impaired risk specialists, these agents connect individuals to the right life insurance company. You may benefit from working with an impaired risk specialist if you have a health condition or a health history that includes:
- Heart disease
Impaired risk specialists can also help find life insurance for those with hazardous occupations or hobbies.
® COMPULIFE is a registered mark of Compulife Software, Inc., Nicholasville, KY