There has never been a better time to buy term life insurance than now.
Term life insurance is already the cheapest form of life insurance available.
You are sure to get the best rates with over 115 life insurance companies competing for your business.
Is the lowest premium my best choice?
The answer is, not always. Some companies may offer you a lower premium, but may not be financially stable as a company.
Choosing the Best Insurance Companies
A good way to determine how good the company is, is to look at their A.M. Best ratings.A.M. Best provides a way for each company to see just where they rank with consumers and helps them know just what they have to do to correct their mistakes. Other ratings agencies include Moody’s, S&P and Weiss. While it doesn’t hurt to double check the ratings of each agency, A.M. is by far the most recognized of the bunch.
Note: Look here for a review of the best life insurance companies.
How Competitive are Life Insurance Companies?
Most larger life insurance companies offer very competitive rates. This is due to in part because of their mortality tables. Mortality tables are used to determine how long the average person is going to live, based off of age, weight, height, medical conditions, and habits they may have.
Larger companies have an advantage over smaller companies, because they insure more people. This allows them to have a more accurate mortality table.
Don’t count the smaller companies out!
Some of the smaller companies are also well run and have rates worth viewing. While many have heard of ING, MetLife, and American General, there are smaller insurance companies like Banner Life that offer very competitive prices on their term life quotes.
I actually was able to save on my 30 year term life policy by going through Banner Life. And my previous policies were with much larger recognized with insurance such as MetLife, ING Reliastar, and TransAmerica.
Always research the company you are thinking about taking a policy from. Be sure that they have a good A.M. Best rating as well as good customer reviews. Some companies may have a lower premium but are hard to deal with when a policy comes due.
Don’t forget to check out our FREE Term Life Insurance Quoter to make sure you can get the best rates available. If you have any questions make sure to give us a call where one of our agents will be able to assist you.
Article by Jeff Rose
Jeff Rose+ is a Certified Financial Planner™ in Illinois and the CEO/Founder of Alliance Wealth Management, LLC. He's seen first hand the importance of having life insurance and encourages everyone to get a free term life insurance quote today.
Jeff has written 254 awesome articles for us.
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