The best life insurance companies in 2019

Looking for the best life insurance? In life insurance, simplicity is better, and buying term insurance from a reputable company is as simple as possible.

In this article, we will examine the nature of term life insurance and the people who need it. We will also explain to the money experts of companies, Clark Howard, the purchase, as well as how to search and identify for yourself the best term life insurance companies.

Look at the best term life insurance companies

Do you have a family or other person who is financially dependent on you? Life insurance is supposed to replace your income after you leave.

Too often, people neglect this important financial safety net. Do not be one of them. We know that life insurance may sound dry and hard to understand, but we will do our best to explain it in a simple and usable way.

Fortunately, the cost of term life insurance has dropped for quite some time.

"Life insurance has become much cheaper over the years, in part because people are living longer," Clark says. "Add to that Internet, which made it extremely easy to compare prices when buying a life insurance. As a result, the costs of term life insurance have decreased by two-thirds over the past 15 years. It's a good thing!

Best Life Insurance Companies: Table of Contents

What is the term life insurance level?

Life insurance can seem complicated, but it is not necessary!

Let's describe some terms in the term "term life insurance", recommended by Clark.

The term "term" here means that you buy insurance for a number of years depending on your age and the needs of your family. This usually means that for periods of 20 or 30 years, you must protect your young children when you raise them to adulthood.

The "level" part means that the premium remains the same for this number of years.

Remember that the only purpose of life insurance is to replace your income (or that of your spouse) for your family if you die.

Pretty simple, no?

Who needs a life insurance?

Let's answer this question with some illustrations.

For example, suppose you have young children and want to provide them with financial security until they reach the age of majority. In this case, you may want to take out a 20-year contract.

Or, say, you are 35 years old and it's only you and your wife. You may want to insure the rest of your spouse's life in the event of death. In this case, you would probably want a 30 year policy.

You may not need a life insurance policy if there are no children in the picture.

"If you have no dependents, you do not need to buy life insurance," says Clark. And never buy insurance for children. A three-year-old child does not earn a salary, so there is no need to replace his income. "

Clark Howard chooses for term life insurance

Now that you know what Clark thinks about life insurance, you may be wondering who he bought it for.

Clark has long praised two particular insurers – USAA and Amica Mutual – in terms of term life insurance.

1. USAA

USAA is a diversified financial services company whose offerings include banking, investment and insurance.

Here's what you need to know about USAA: The services it offers are only available to the military or are affiliated with the military through direct family ties.

2. Amica Mutual

What can you do if you or a family member has never served in the military but still want a great term life insurance company? Clark recommends checking Amica Mutual, which is open to everyone. Amica is often recognized in the industry as an equal to the USAA.

In fact, Clark believes so firmly in USAA and Amica that he ranked them among the top picks on his list of the best auto insurance companies and the best home insurance companies.

3. Haven Life

Haven Life is one of the few insurers that issue term life insurance policies without a medical examination.

When you go through Haven, some qualified candidates (up to age 45) can finalize their coverage online without having to undergo a physical exam or a blood test, as you would with other insurers.

Some candidates, however, may still need to go through medical underwriting, depending on various factors.

Term life insurance companies clbadified by stability

It goes without saying that you must make wise choices when you buy insurance.

Clark recommends buying only companies rated A ++ or A + by AM Best – the best possible ratings from any of the best companies when it comes to measuring financial strength. in the long term of different insurers.

"Nothing less than an A + – even an A – is unacceptable. Do not be tempted by low premiums when shopping, "says Clark. "Stay with leading insurers, even if you have to pay more for it."

You can visit AMBest.com to start looking for the insurance company of your choice. A free registration is required to use the site.

We have listed below some of the ratings of the leading life insurers:

Understanding the financial strength of an insurance company is essential. all important. You want to make sure that a company with which you buy a policy from today will be in the long run when your family will need it.

Once you have determined the financial stability of the puzzle, you are looking for cost-based coverage. Clark says you should aim to buy 6 to 10 times your annual income on the cover.

"All things being equal, buy life insurance at cost," notes Consumer Reports. "Buy the lowest rates using an online broker with links to many insurers, not just a few."

Fortunately, the purchase of a term life insurance is easy on the Internet. You can make price comparisons on different sites, such as:

Final thought

Many people are reluctant to buy life insurance simply because they do not understand it. But buying a term life insurance can be simple and affordable.

Do not forget that if you have children or other dependents, you need a life insurance!

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