Best Life Insurance Companies in 2021
No one likes to think about death, but death is the only certainty in life. This is the reason that you need to be practical about death, just like all other things. In case of your untimely death, your family will be burdened with a sense of personal loss. In this situation, if they have to worry about their day to day expenses, the burden can become overwhelming. This is especially true if you are the breadwinner or one of the breadwinners of the family. Life will go on for the survivors of your family even after you are gone, and to make sure that they are at least financially looked after you should get sufficient life insurance coverage. There are many life insurance companies in the US, and you need to make a thorough survey of these companies before you decide to buy insurance from them.
Not only should the company be financially sound, but it should also provide comprehensive life coverage at affordable premiums. Let us look at some of the best life insurance companies in the US market.
Penn Mutual Life Insurance
Penn Mutual Life insurance company which is owned by its policyholders. This means that if you buy life insurance from the company, you are entitled to get a share in the dividends if the company does well. The company is confident of paying out a dividend of $ 100 million in the year 2020. Penn Mutual Life Insurance Company was founded in the year 1847 and is still going strong. The company sells insurance through a network of agents throughout the country and does not offer online quotes.
Term life insurance offered by this company provides 10, 15, 20, or 30 years. In some cases, you can convert a portion or all of the insurance into permanent insurance. If you opt for the continuous coverage, the price of the premium goes higher.
Universal life insurance offered by this company is of three types, including indexed insurance in which you can link your cash value with an index like S&P 500. There are also cases where you can receive part of the death benefit if you develop a terminal or chronic ailment.
The company also offers variable universal life, whole life and survivorship insurance. There are many variants of these different necessary insurance policies. You can talk to one of their agents and understand which policy will suit you better.
New York Life Insurance
New York life is the oldest mutual life insurance companies in the US, and this company too, is owned by its policyholders. Customers who buy some products like whole life insurance also get to vote in board elections and also have a share in the dividend. New York Life insurance expects tom pay 1.9 billion dollars as dividends in the year 2020. New York life insurance provides two types of term policies and permanent life insurance policies. The term policies can be converted to permanent policies within a specific period. New York Life insurance company provides its customers with the option of customizing their payment schedule. This gives the customers the flexibility to pay off the coverage early so that they don’t have to pay any premium in the later years. There are many add on features provided by the company, such as protection if you become disabled or terminally ill.
Lincoln Financial Group
This company got permission to use the name of President Abraham Lincoln from his son Robert Todd Lincoln in 1905. Lincoln Financial Group offers annuities, workplace benefits, retirement plan services and life insurance. For its term life insurance policy, you can go through a phone interview to buy a policy. Some people who apply young get coverage without a medical examination. The company offers a wide variety of universal, variable insurance and indexed comprehensive life insurance policies. There is also a survivorship variable policy. With the money guard, universal life insurance offers long term care benefits. You can also give up the death benefits in turn for the partial or full return of premiums paid if you have not used any long term care benefits.
There are many other insurance companies in the country, and you should make your pick after studying the companies and the policies offered by them thoroughly. Some online research, as well as a discussion with their advisors, can give you an idea of the right choice of company and policy.
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