10 Best Life Insurance Consumer Reports 2019 – Top Rated

Just as word of mouth works as a recommendation in any sector, on the internet it is possible to find all kinds of opinions about insurers and it is very difficult to find a unified report from which to extract all the information to determine in general terms, what is the best insurance company in Spain.

Top 10 Life Insurance

Bestseller No. 1
Money. Wealth. Life Insurance.: How the Wealthy Use Life Insurance as a Tax-Free Personal Bank to...
270 Reviews
Bestseller No. 3
Confessions of a CPA: The Truth About Life Insurance
58 Reviews
Bestseller No. 4
Busting the Life Insurance Lies: 38 Myths And Misconceptions That Sabotage Your Wealth
39 Reviews
Busting the Life Insurance Lies: 38 Myths And Misconceptions That Sabotage Your Wealth
  • Kim D. H. Butler, Jack Burns
  • CreateSpace Independent Publishing Platform
Bestseller No. 5
Questions and Answers on Life Insurance: The Life Insurance Toolbook
38 Reviews
Bestseller No. 7
Life & Health Exam Secrets Study Guide: Life & Health Test Review for the Life & Health Insurance...
135 Reviews
Bestseller No. 8
Life Insurance, 15th Ed.
  • Jr. Kenneth Black, Harold D. Skipper, III Kenneth Black
  • Lucretian, LLC
Bestseller No. 9
Life and Health Insurance License Exam Cram
106 Reviews
Life and Health Insurance License Exam Cram
  • Bisys Educational Services
  • Pearson IT Certification
Bestseller No. 10
Live Your Life Insurance
77 Reviews
Live Your Life Insurance
  • Kim D. H. Butler
  • CreateSpace Independent Publishing Platform

The Best Life Insurance Companies

Most insurance covers the material elements of our lives. But when it comes to life insurance, the stakes are on another level entirely. Life insurance is about more than just mitigating the hassle of material damage to your home or car. It’s about taking care of family and loved ones in the event of the unthinkable. So it’s important to do your homework, to make sure you’re getting the right coverage at the right cost.

How We Chose the Best Life Insurance Companies

Accessibility

Before considering policy options or pricing, you have to find a provider that will actually cover you. As a preliminary step, we cleared our initial provider list of any companies that limit their customer base.

That meant nixing providers that only write employer-sponsored group policies (like MetLife) and those with special eligibility requirements (like USAA). We also made sure each company writes policies in at least 40 states, so you won’t have trouble finding coverage in your area.

Financial strength

Financial security is the backbone of insurance — after all, a provider is only as good as its ability to pay out on a claim if need be. Luckily, there are a number of independent agencies that do the work of evaluating insurers’ financial health for you.

We checked the three most prominent rating agencies to make sure all our top four picks had reliable financial backing. These providers earned “Superior” scores from A.M. Best, which focuses solely on insurance, as well as top ratings from both S&P Global and Moody’s. Each one is guaranteed to have the funds to pay out on your death benefit, should it come to that.

Coverage options

After vetting each company for availability and financial strength, it was time for a deep-dive into coverage details. We looked for providers with plenty of add-ons or “riders.” When tacked onto your insurance, these can bolster your coverage against unforeseen circumstances like accidental death or disability. Some even make all or part of the death benefit available during your lifetime in the case of a critical illness – this is called a “living benefit” and can help ease the financial burden of long-term medical costs.

The most important riders for you depends on the type of policy you’re considering. For instance: Long-term care coverage can be an important add-on for lifelong insurance but might not make sense for a term policy that will expire while you’re still young. Keeping this in mind, we favored providers with a wide range of riders to accommodate different needs.

How does life insurance work?

Life insurance is just like any other insurance: You pay a premium to your provider, and in return, your provider promises to pay a much larger sum if something happens. In the case of life insurance, that lump sum is called a “death benefit” and is generally paid out when the insured passes away. (There are a few situations where the death benefit can be used during life; we’ll cover those in the next question.)

There are two main kinds of life insurance that each work a little differently.

  • Term life insurance offers coverage for a specific time period (or “term”), usually between 10 and 30 years, and only pays a death benefit if the insured passes away during that span. Term coverage is generally very affordable.
  • Permanent life insurance covers you for your entire life, meaning the death benefit payout is guaranteed. The flip side is it’s a much pricier form of insurance, often up to 10 times as expensive as term life.

What life insurance should I buy?

The majority of people will be best served by a term life insurance policy. Term life covers you during the most critical years; say, while you have a mortgage out or while you’re financing your kids’ education. This type of policy only pays out if you pass away during the insured term, but coverage is incredibly affordable — often between $10 and $20 per month.

The alternative to term life is permanent life insurance. Permanent coverage guarantees a death benefit payout, no matter when the insured passes away. The tradeoff? Both types of permanent insurance — whole life and universal life — are pricier than a term coverage. Whole life is the most expensive, often ringing in around $200 to $300 per month.

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