What if I told you that at Simply Insurance we have taken all of the guessing work out and narrowed down the best life insurance companies that pay out in the United States.
In this post we will compare and review these top life insurance companies, explain why they are the best options in 2024 and go over some sample life insurance rates.
Let’s get started!
Our List Of The Best Life Insurance Companies In America
Ethos – Best Overall Life Insurance Company
Ethos Life launched in June of 2018, and offers what they call “modern, ethical life insurance,” to protect the life you’re building and the people you love. They do this in part by having a team that is salaried, allowing them to work with customers to figure out what coverage they need best. Ethos looks to treat you like family and won’t up sell you on a policy that doesn’t make sense for your budget or your families needs..
Bestow – Best Life Insurance For Young Families
Bestow is our #2 recommended life insurance company based on approval speed and price. They are one of the only products on the market that offers a true no exam experience from the application process all the way through to the approval. If you need affordable life insurance without a medical exam, there is no faster option in the life insurance space today.
Fabric By Gerber
Fabric has been putting a twist on life policies since it started and along with offering a no exam option for up to $1,000,000 in coverage, they also offer free Personal Wills and all sorts of neat tools to manage your policy. If you need more than $1,000,000, however, you will have to take an exam.
SBLI
Coming in at a close fourth to Fabric is SBLI, another one of the best places to buy term life insurance online. SBLI is the first insurance company to change how they issue life insurance policies and have a strong focus on the everyday person begin covered. They have some of the best rates for any type of medical situation as well as a no exam option available.
AIG Direct
AIG makes it in at 5th place for being another one of the best places to buy life insurance. What makes AIG stand out is the ability to have non-standard term lengths. For example, you can choose a term of 18 or 19 years instead of the usual 20 year term. You can also customize your policy with a wide range of riders.
Protective Life
Coming in at a strong sixth place to AIG is Protective Life, Protective is another great place you can purchase life insurance from. They offer a wide verity of insurance products and additional insurance riders. Even through their underwriting process is longer than average, they still have some of the most lenient underwriters in the industry for pre-existing conditions.
Mutual Of Omaha
Mutual Of Omaha takes the 10th spot as another one of the best places to get life insurance online. Mutual Of Omaha has been named one of the best companies in America to work for and they have some of the most affordable rates in the industry. They also have some of the best rates for someone with Sleep Apnea and strong customer service records.
Haven Life (Closed)
Before closing; Haven would have come in at a close third to Bestow and Ethos Life. They are no-longer accepting applications and the we recommend Ethos Life as the best replacement option.
Who Should Buy A Term Life Policy?
Everyone needs life insurance coverage, but especially if you are:
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A Single Parent
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Run A Small Business
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Trying to fund an SBA Loan fast
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You are a stay at home parent
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Dealing with life insurance and divorce
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The primary bread winner of the family.
Term life insurance is going to be the best way to protect the financial future of your family.
Bonus: It is recommended that you purchase at the least 10x(times) your annual income in life insurance coverage. However, I always like to recommend 15x to 20x(Times) if you can afford it.
How Much Does Term Life Insurance Cost?
Term life insurance averages around $631 per year, or roughly $53 per month, though your exact rate depends on your age, health, location, and the coverage amount you choose.
The average cost of life insurance premiums are $631 per year or about $53 per month, you need to do your due diligence before you decide on what life insurance options will work best for you.
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Age
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Gender
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Location
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Overall Health
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Height & Weight
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Smoker or non-smoker
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Pre-existing conditions
Of course, the policy and amount you select and the provider you choose to work with will also play parts in determining your price.
Is Life Expectancy An Insurance Cost Factor?
Individually, the average life expectancy in the united states does not factor in on your specific rate. However; life insurance companies use this data to help them determine base rates for policies and to have a better estimate on how much risk they can take on. In America, the average life expectancy for women is 81 years and for men 77 years.
Term Life Insurance Company Ratings
An A rating for financial standings are one of the most important factors mentioned when trying to determine which life insurance company to choose.
This is because their rating is determined based on their financial health and claims paying history and ability.
You want to be sure that you are with a company that will be able to pay their claims if you pass away.
Taking Action
So there you have it, the 10 best life insurance companies in 2024 we hope you enjoyed our review and are more educated on which company will work best.
Be sure to get covered as soon as it is possible and feel free to apply to more than one company if you can’t decide which one to choose, because it doesn’t cost anything to apply.