Guaranteed Life Insurance: Which Company Offers the Best Plan?

Guaranteed life insurance





When we are young, we never think about things like medical exams, looking for the best life insurance company offering the best life insurance policy since. Well, because we don’t need it then. However, we get older and start a family and grow older, we realize there are things that just have to be taken care of.

We realize the importance of stability and control, especially when you are the head of your family, so we start looking for options to ensure a safe life.It is then when life insurance becomes an important part of your life. This is an important step. We’re talking about insurance for your life (and your family), so obviously you will always look for the best, but, at the same time, you don’t want to overpay for the rest of your life (or for the biggest parts of it).

There are many companies to choose from but not all of them offer what you need. Your life insurance depends on these personal things:

Lifestyle

Income

Family

These are always taken into account by insurers when deciding whether they can offer you coverage or not. But which company offers the best plan?

Types Of Life Insurance

Types Of Life Insurance

There Are Two Types Of Life Insurance That We’ll Explain Here:

  • Term Life Insurance: it offers coverage for a limited period of time, this period can be up to 10–30 years and generally there’s no cash value at the end. This type of insurance is much cheaper than permanent life insurance. So, if you’re looking to get coverage but to save money at the same time, this could be your most obvious choice.
  • Permanent Life Insurance: this one is the main reason why you must choose a good company since it covers your whole life—as long as you continue paying the premiums. This type of insurance includes a cash payout at the end but the difference with the term insurance is the price. A permanent life insurance costs several times more, however, there are factors to deal with the increased price like tax-deferred savings accounts, adding a percent of the premium to your saving accounts, and the interests can help you pay your premium.

So, having that information in mind, we’ve listed two of the best life insurance companies for 2017. Each one is briefly reviewed so you can have your own opinions and decide the best for you and for your savings.




Northwestern Mutual

Average Rating: 4/5

This mutual life insurance company has a long history of customer satisfaction, offering top-notch life policy services and quality insurance coverage as a reliable insurer and being among the largest life insurers in the United States.

Types Of Insurance Offered:

  • Term life
  • While life
  • Universal life
  • Variable life

Among The Most Important Benefits This Company Offers Are:

Payments
  • Disability Insurance For Part-Time Workers: covering 15 to 29 hours with a possibility to expand the coverage if switched to full-time.
  • Disability Insurance For Stay-At-Home Spouses: intended for people under circumstances that force them to stay at home like taking care of a disabled family member, elderly people or children.
  • Possible Dividend Payments: its policyholders are eligible to receive dividend payments when the company is performing well. Although it’s not mandatory or fixed.
  • Reliability: with a persistency rate of 96% it’s almost guaranteed that your policy will stay standing through the whole period, so you can rest assured knowing you’re covered.

The company also offers other services like annuities, long-term care insurance, education funding plans, investment, and wealth management services.

Overall Customer Reviews

Take a look online and you will find that the line of satisfied customers is big. One of the most praised aspects of Northwestern Mutual is their customer service which people generally mention as being flexible and helpful depending on your income, giving you options to deal with the premiums and recommendations that can benefit you and your family.

New York Life

New York Life

Average Rating 4/5

This is one of the largest and oldest insurance companies in the United States. Customers who buy products like whole life insurance policies can become part owners of the company and gain the rights to annual dividends and voting in company decisions. This company has a superior financial strength which makes it reliable to contract.

Types Of Insurance Offered:

  • Term life
  • While life
  • Universal life
  • Variable life

Among The Most Important Benefits This Company Offers Are:

  • Family Protection Insurance: this is a joint term life insurance policy that can cover two adults. During the 10 years, the premiums stay the same and then they begin to increase annually. This is a great option for you and your partner.
  • NYL Secure Care: this is a long-term care insurance product which covers assisted living facilities, adult day care centers, nursing homes and home care, with the special perk of reimbursing family members for home care.
  • Dividends For Customers: like other big companies, New York Life’s policyholders are eligible to receive dividends for the company’s performance after completing 10 years with a long-term care policy. These, as usual, are not fixed or guaranteed but they are an important benefit.

Overall Customer Reviews

review

Most clients believe New York Life is quick to process claims and their customer service is warm and helpful. The option to vote on their officers every year also gives customers the ability to choose the company and improve the service.

Other Great Alternatives

Amica Mutual Insurance: not one of the biggest companies but it offers reliable term life insurance and permanent life products. They have a superior financial strength rating and there are not many complaints about their service. One of the downsides is that it doesn’t pay dividends to its policyholders like other big companies.

Guardian Life Insurance: this strong company offers term, whole, universal and variable universal life insurance. This is a mutual insurance company owned by its policyholders who also receive a dividend payment every year. Some additional products they offer are disability income insurance, annuities, wealth management and investments, individual dental insurance, workplace benefits, and 401(k) plans.

Final Thoughts

These are some superb options for you to get excellent coverage and be sure that what you’re paying is what you’re getting. As stated in the beginning of this article, life insurance is essential and it’s up to you to take this step and ensure that your family is covered for any event.

Never forget to do research on each company you consider and plan ahead for the financial commitment that a term or permanent life insurance represents.